806 Hoke St - Drug Store FOR SALE


Gadsden, AL 35903
$2,975,652 USD
760-438-8950
806 Hoke St, Gadsden, AL for Sale
$2,975,652 USD
Drug Store - FOR SALE
1/13
null | 5.75% Cap Rate

806 Hoke St
Gadsden, AL 35903


HIGHLIGHTS

  • The property has a long term absolute NNN Lease, with approximately 14.5 years of primary term remaining. No Rent Holiday.
  • The tenant is responsible for all operating expenses, taxes, insurance, and repairs and maintenance resulting in zero Landlord obligations.
  • The lease is 100% guaranteed by CVS Health Corporation which holds an S&P: BBB credit rating.
  • The corporate guarantee provides an investor with added income security

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 Gadsden, AL. The property was built in 2000 for CVS. In 2019, CVS agreed to a rare 20-year lease extension confirming CVS’s commitment to this trade area and building location. Attractively located in the low income tax, southern state of Alabama, CVS is paying a modest annual rent of $171,100. The $2,975,652 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. No Rent Holiday. The owner is currently offering for sale similar CVS properties in Paducah, KY and Black Mountain, NC. Both with 20-year extensions in 2019, absolute NNN leases, no-rent holidays and low price points ranging from $3,880,000 and $3,306,000. The three (3) properties can be purchased individually or as a portfolio.

FOR SALE DETAILS

PRICE

$2,975,652 USD

PRICE/SF

$286 USD /SF

CAP RATE

5.75%

% 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

2000

SPRINKLERS

-

PARKING SPACES

56

LAND DETAILS

LAND ACRES

2.52 AC

LAND SF

109,771 SF

ZONING

B-1

APN/PARCEL ID

15-01-11-1-000-174.000,15-01-11-1-000-175.000,15-01-11-1-000-176.000

ASK ABOUT THIS PROPERTY

Jon BusseColliersMore Info
760-438-8950

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

Jon BusseColliersMore Info
760-438-8950

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