1200 State Route 35 - Drug Store FOR SALE


Middletown, NJ 07748
$10,900,000 USD
617-584-5454
1200 State Route 35, Middletown, NJ for Sale
$10,900,000 USD
Drug Store - FOR SALE
1/8
null | 5.4% Cap Rate

1200 State Route 35
Middletown, NJ 07748


OVERVIEW

Boston Real Estate Advisors is pleased to present this exclusive opportunity to purchase a net-leased CVS property located at 1200 Highway 35 South in Middletown, New Jersey (the “Property”). There is 20 years remaining on the initial 25-year lease term with 8, five year renewal options. The option periods include a 10% rent increase at the start of each option period. The property is located at a highly visible, 1.9 acre corner parcel at the intersection of Route 35 and New Monmouth Road in a strong retail area. Middletown is located in northern New Jersey and is a part of the New York Metropolitan area. INVESTMENT HIGHLIGHTS: *INITIAL 25-YEAR TERM: There are 21 years remaining on the initial 25-year lease term with 8, five-year renewal options that include a 10% rent increase at the start of each option period. *BUILDING CONSTRUCTION DATE: The building was constructed in 2019. *INVESTMENT GRADE CREDIT: The lease Guarantor is CVS Health Corporation (NYSE: CVS). CVS has a credit rating at BBB+ (S&P) and Baal (Moody’s) *LOCATION: The property is located at a signalized corner parcel at the intersection of Route 35 and New Monmouth Road. *HIGH TRAFFIC COUNTS: Route 35 has an average daily traffic count of over 30,000 vehicles and New Monmouth Road has an average daily traffic count of over 11,000 vehicles. *DEMOGRAPHICS: There are over 50,000 people living within a 3-mile radius to the property with an average household income of over $130,000.

FOR SALE DETAILS

PRICE

$10,900,000 USD

PRICE/SF

$803 USD /SF

CAP RATE

5.4%

% 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

2019

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.91 AC

LAND SF

83,200 SF

ZONING

B-3

APN/PARCEL ID

32-00807-0000-00001-01-C0002

ASK ABOUT THIS PROPERTY

Craig BarkerBoston Real Estate/Coastline Real Estate AdvisorsMore Info
617-584-5454

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Craig BarkerBoston Real Estate/Coastline Real Estate AdvisorsMore Info
617-584-5454

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