The subject property is a CVS Pharmacy drive-thru located in Charleston, West Virginia. There are 16-years remaining on the 25-year absolute NNN lease with zero landlord responsibilities, giving the new landlord $269,989.56 of guaranteed annual income for the next 16-years.
The lease is guaranteed by CVS Health Corporation (NYSE: CVS) which has an investment grade credit rating from S&P of BBB. Located in a high-traffic retail corridor 1-mile from downtown Charleston, this CVS Pharmacy benefits from significant visibility and accessibility, with daily traffic counts of exceeding 43,000 vehicles per day on Highway 119 and Oakwood Drive.
The surrounding area is densely populated with over 71,000 residents in a 5-mile radius and an average household income exceeding $86,000. National retailers in the immediate area include Outback Steakhouse, Wendy’s, Starbucks, Chase Bank, Truist Bank, First Watch, Walgreens, Kroger, Dunkin’ Donuts, and many more.