425 W State St - Drug Store FOR SALE


Black Mountain, NC 28711
$3,306,000 USD
760-438-8950
425 W State St, Black Mountain, NC for Sale
$3,306,000 USD
Drug Store - FOR SALE
1/17
null | 5.75% Cap Rate

425 W State St
Black Mountain, NC 28711


HIGHLIGHTS

  • no rent holiday
  • CVS

OVERVIEW

Colliers is pleased to present the opportunity to acquire an absolute NNN leased CVS Pharmacy with 14 years of remaining term and no rent holiday in Black Mountain, NC. The property was built in 1999 for CVS. In 2019, CVS agreed to a rare 20year lease extension confirming CVS’s commitment to this trade area and building location. Attractively located in the low income tax, southern state of North Carolina, CVS is paying a modest annual rent of $190,100. The $3,306,000 price offers an investor a very high-credit corporate guarantee at a low price point rarely found in the market. The property is available debt free. The owner is currently offering for sale similar CVS properties in Padukah, KY and Gadsden, AL. Both with 20-year extensions in 2019, absolute NNN leases, no rent holidays and low-price points ranging from $2,975,652 and $3,880,000. The 3 properties can be purchased individually or as a portfolio.

FOR SALE DETAILS

PRICE

$3,306,000 USD

PRICE/SF

$324 USD /SF

CAP RATE

5.75%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

CVS Pharmacy

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1999

SPRINKLERS

-

PARKING SPACES

8

LAND DETAILS

LAND ACRES

1.67 AC

LAND SF

72,745 SF

ZONING

C-2

APN/PARCEL ID

0619-14-3781-00000,0619-14-5748-00000

ASK ABOUT THIS PROPERTY

Jon BusseColliersMore Info
760-438-8950

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Jon BusseColliersMore Info
760-438-8950

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