2600 W Michigan Ave - Drug Store FOR SALE


Kalamazoo, MI 49006
$4,123,592 USD
303-623-0200
2600 W Michigan Ave, Kalamazoo, MI for Sale
$4,123,592 USD
Drug Store - FOR SALE
1/5
null | 5.15% Cap Rate

2600 W Michigan Ave
Kalamazoo, MI 49006


HIGHLIGHTS

  • Approximately 17 years left on an ABSOLUTE NET GROUND LEASE with CVS
  • Primary Term thru January 31, 2042 with ten (10) five (5) year options to extend - No increases in the rent during primary term
  • 10% rental increases at the beginning of each five year option
  • Investment Grade Tenant - Moody's rating: Baa2
  • Three points of ingress/egress into overall shopping center
  • Single lane "drive thru" access

OVERVIEW

CVS is the largest drug store chain with the Top Pharmacy as ranked by prescription drug market share as of 2023 totaling approximately 25.17%. As of March 2024, global revenue totaled $357,776,000,000.00. CVS is ranked 6th on the Fortune 500 and 11th on the Fortune Global 500. In 2024, Fortune also ranked CVS the 50th most admired company worldwide. Investment Grade Tenant - Moody's rating: Baa2. S & P - stable as of March 31, 2024. Primary Term thru January 31, 2042 with ten (10) five (5) year options to extend. 10% rental increases at the beginning of each five year option. Building renovated by CVS for their use i n 2016. 39,583 sf lot with cross easement rights to adjacent shopping center - Campus Pointe Mall. Parking lot as re-paved and re-striped in 2019. Three points of ingress/egress into overall shopping center. Single lane "drive thru" access. Traffic counts at this lighted intersection are close to 40k cpd. Extended store hours from 7:00 am to 12:00 am, Monday through Sunday. CVS acquired Aetna, the nation's 3rd largest health insurer in terms of memberships in 2018/2019.

FOR SALE DETAILS

PRICE

$4,123,592 USD

PRICE/SF

$312 USD /SF

CAP RATE

5.15%

% 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

2016

SPRINKLERS

-

PARKING SPACES

100

LAND DETAILS

LAND ACRES

0.93 AC

LAND SF

40,511 SF

ZONING

CN-1

APN/PARCEL ID

06-20-196-050

ASK ABOUT THIS PROPERTY

Jeffrey HirschfeldAntonoff & Company Brokerage, Inc.More Info
303-623-0200

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Jeffrey HirschfeldAntonoff & Company Brokerage, Inc.More Info
303-623-0200

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