8765 Highway 52 - Drug Store FOR SALE


Rockwell, NC 28138
$2,845,528 USD
847-664-9557
8765 Highway 52, Rockwell, NC for Sale
$2,845,528 USD
Drug Store - FOR SALE
1/3
null | 6.15% Cap Rate

8765 Highway 52
Rockwell, NC 28138


HIGHLIGHTS

  • Positioned within the Charlotte MSA – Ranked #21 in the United States for population size
  • Investment-grade tenant rated BBB by S&P
  • Corporate guaranty from CVS Health Corporation
  • Long-term 15-year lease extension signed in 2022
  • Low absolute rent for a national pharmacy location ($175,000)
  • Frontage along US Highway 52, with traffic counts exceeding 12,500 vehicles per day

OVERVIEW

The Boulder Group is pleased to exclusively market for sale a single tenant net leased CVS Pharmacy property located within the Charlotte MSA in Rockwell, North Carolina. Successfully operating at this location since its 2008 construction, CVS committed to a long-term lease in 2022 extending through December 2037. The absolute triple-net structure carries zero landlord responsibilities and includes 5% rental escalations in each of the eight 5-year renewal options. The lease is backed by a corporate guaranty from CVS Health Corporation, an investment-grade tenant rated “BBB” by Standard & Poor’s. CVS pays a low absolute rent of $175,000 annually, well below comparable national pharmacy locations. The 13,573 square-foot building is positioned along US Highway 52, benefiting from traffic counts exceeding 12,500 vehicles per day. The surrounding area supports an average household income exceeding $97,000 within a five-mile radius. Neighboring tenants include Food Lion, McDonald’s, AutoZone, Sonic Drive-In, Ace Hardware, O’Reilly Auto Parts, Dollar General, and several others, providing consistent consumer traffic to the immediate area. Furthermore, Rowan County continues to attract significant economic investment, with recent commitments including Macy’s 1.4-million-square-foot fulfillment center in China Grove (up to 2,800 jobs), a Chewy fulfillment center (1,200 jobs), and Jabil Inc.’s $500+ million manufacturing facility (1,181 new jobs). CVS Health is an American healthcare company headquartered in Woonsocket, Rhode Island, operating as one of the largest integrated healthcare providers in the United States. Founded in 1963 by brothers Stanley and Sidney Goldstein along with partner Ralph Hoagland in Lowell, Massachusetts, the company began as a chain of health and beauty aid stores before expanding into pharmacy services. Today, CVS Health operates more than 9,000 retail pharmacy locations across the country and provides services through several key business segments, including CVS Pharmacy (retail), Caremark (pharmacy benefits management), and Aetna (health insurance), which it acquired in 2018 for approximately $69 billion. The company employs over 300,000 people and serves millions of customers daily through its retail stores, MinuteClinic walk-in medical clinics, mail-order pharmacy services, and digital health platforms.

FOR SALE DETAILS

PRICE

$2,845,528 USD

PRICE/SF

$211 USD /SF

CAP RATE

6.15%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

CVS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2007

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.96 AC

LAND SF

85,378 SF

ZONING

B3:GENERAL BUSINESS

APN/PARCEL ID

357-320

ASK ABOUT THIS PROPERTY

John FeeneyThe Boulder GroupMore Info
847-664-9557

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John FeeneyThe Boulder GroupMore Info
847-664-9557

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.