CVS 7.5 CAP 10.5 Yr No Rent Holiday $2.8M | 2035 N Sharon Amity Rd
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CVS 7.5 CAP 10.5 Yr No Rent Holiday $2.8M 2035 N Sharon Amity Rd
10,151 SF Retail Building Charlotte, NC 28205 £2,215,133 (£218/SF) 7.50% Net Initial Yield
Investment Highlights
- CVS recently extended the lease an additional 10 years showing commitment to this location.
- Monroe Road is one of the major thoroughfares heading south from Charlotte towards Matthews and connects commuters heading into Downtown Charlotte.
- Signalized corner with heavy combined traffic count on N Sharon Amity and Monroe Road of over 43,000 vehicles per day.
- CVS closed a nearby store (3.9 Mi S) and transferred prescriptions to this location adding to customer base.
- Infill Charlotte area demographics include almost 300,000 residents with an average household income of $100,609 within a 5-mile radius.
- Near major regional hospitals Novant Health Presbyterian Medical Center, Atrium Health Carolinas Medical Center and Atrium Health Mercy.
Executive Summary
Pharma Property Group is pleased to market for sale the CVS store located at 2035 North Sharon Amity Road in Charlotte, North Carolina (the "Property"). CVS has had a long successful operating history at this site (±25 years) and recently agreed to a 10 year extension showing their commitment to this location.
CVS recently closed down their location 3.5 miles to the south located at 2324 Village Lake Drive and transferred their prescription files to the Property's pharmacy. This store on North Sharon Amity Road is now the prominent CVS location in southern Charlotte and benefits from its position on Monroe Road which is a main thoroughfare heading south to Matthews.
The Property allows for an investor to achieve a higher yield for a CVS asset in the tax friendly state of North Carolina. This property has minimal lease renewal risk considering with the long operating history, recent lease renewal, and assumed uptick in sales revenue from its growing prescription base. Additionally, there is only one other competing CVS property within a 3-mile radius located to the northeast and no other CVS for over 5.5 miles to the south.
This signalized hard corner location benefits from traffic counts of over 43,000 vehicles per day which is expected to grow exponentially as Southern Charlotte continues on its upward growth trajectory. There are also several major hospitals located in the surrounding area which combined account for over 1,650 beds with plans for additional 450 beds to be completed in the next few years.
Listed in conjunction with Brian Brockman, Bang Realty, 513.898.1551, wg@bangrealty.com, NC DRE Lic #298998.
CVS recently closed down their location 3.5 miles to the south located at 2324 Village Lake Drive and transferred their prescription files to the Property's pharmacy. This store on North Sharon Amity Road is now the prominent CVS location in southern Charlotte and benefits from its position on Monroe Road which is a main thoroughfare heading south to Matthews.
The Property allows for an investor to achieve a higher yield for a CVS asset in the tax friendly state of North Carolina. This property has minimal lease renewal risk considering with the long operating history, recent lease renewal, and assumed uptick in sales revenue from its growing prescription base. Additionally, there is only one other competing CVS property within a 3-mile radius located to the northeast and no other CVS for over 5.5 miles to the south.
This signalized hard corner location benefits from traffic counts of over 43,000 vehicles per day which is expected to grow exponentially as Southern Charlotte continues on its upward growth trajectory. There are also several major hospitals located in the surrounding area which combined account for over 1,650 beds with plans for additional 450 beds to be completed in the next few years.
Listed in conjunction with Brian Brockman, Bang Realty, 513.898.1551, wg@bangrealty.com, NC DRE Lic #298998.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
10,151 SF
Building Class
B
Year Built
1999
Price
£2,215,133
Price Per SF
£218
Net Initial Yield
7.50%
NOI
£166,135
Tenancy
Single
Number of Floors
1
Building FAR
0.34
Land Acres
0.69 AC
Zoning
B1
Parking
54 Spaces (5.32 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Signalised Intersection
- Drive Thru
PROPERTY TAXES
| Parcel Number | 161-107-12 | Improvements Assessment | £1,852,809 |
| Land Assessment | £656,053 | Total Assessment | £2,508,862 |
PROPERTY TAXES
Parcel Number
161-107-12
Land Assessment
£656,053
Improvements Assessment
£1,852,809
Total Assessment
£2,508,862
-
Jason Pongsrikul -
Chris Barry -
Pharma Property Group- Drugstore Specialists
(619) 297-0055
x302
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CVS 7.5 CAP 10.5 Yr No Rent Holiday $2.8M | 2035 N Sharon Amity Rd
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