1271 Gray Hwy - Drug Store FOR SALE


Macon-Bibb, GA 31211
$4,801,000 USD
917-741-1525
1271 Gray Hwy, Macon-Bibb, GA for Sale
$4,801,000 USD
Drug Store - FOR SALE
1/2
null | 5% Cap Rate

1271 Gray Hwy
Macon-Bibb, GA 31211


HIGHLIGHTS

  • Top 92nd percent for the CVS chain in the state of GA and 83% nationally
  • Combined traffic counts of 60,600 vehicles per day
  • Two large pylon signs on a hard corner with excellent visibility
  • Tenant just exercised their second of six 5-year options with a 5% rent escalation
  • Rent is very low at $21 PSF
  • Store and Pharmacy are open 24 hours a day

OVERVIEW

This is a rare opportunity to acquire a 24-hour CVS which ranks in the top 90+ percent of all CVS locations in Georgia. It has a 27-year operating history and CVS just exercised its second of six 5-year option, each with a 5% rent increase. Because it is an old lease the current rent is only $21 psf. These factors combine to give the property a high likelihood of continuous renewal. This is a strong alternative to buying a CVS with a flat rent in its 20-yr base term. Combined traffic counts are 60,600 vpd. The property is located just north of a rebuilt Interstate Highway 16 and Interstate Highway 75 intersection and south of a Walmart Supercenter. This provides ease of access for highway customers traveling from outside the immediate area as demonstrated on the property trade area map. This CVS has customers from Atlanta to Savannah. Macon-Bibb County is recognized as a "Top 10 Metro City" by Site Selection Magazine with over $1 billion in private investment in 2024 with an anticipated 3.5% increase over the next five years and 7.6% over the next ten years. Area retailers include AutoZone, Ross Dress for Less, Walmart Supercenter, Papa John's, Waffle House, Captain D's, Burger King, Crystal Dairy Queen, Wendy's, Arby's, Taco Bell, Dunkin' Donuts, and O'Reilly Auto Parts.

FOR SALE DETAILS

PRICE

$4,801,000 USD

PRICE/SF

$468 USD /SF

CAP RATE

5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

24-Hr CVS 27 Year Operating History

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

ADD'L SUBTYPES

Freestanding, Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1998

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.28 AC

LAND SF

55,757 SF

ZONING

C-4

APN/PARCEL ID

R064-0148

ASK ABOUT THIS PROPERTY

Rob JamesHMX Realty AdvisorsMore Info
917-741-1525

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Rob JamesHMX Realty AdvisorsMore Info
917-741-1525

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