CVS-BBB Credit-LT Abs NNN Lse-Affluent Demos | 2105 Cleary Ave
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
CVS-BBB Credit-LT Abs NNN Lse-Affluent Demos 2105 Cleary Ave
13,225 SF Retail Building Metairie, LA 70001 £3,673,546 (£278/SF) 5.72% Net Initial Yield
Investment Highlights
- Investment-Grade Tenant: CVS, BBB-rated, $72B market cap.
- Long-Term Lease: 12 years left, with 5 extensions.
- Prime Location: Hard corner, drive-thru, high visibility.
- Triple Net Lease: CVS covers all expenses.
- Growing Income: 10% rent increases every 5 years.
- Affluent Area: Located in wealthy Metairie, LA. | Strong Demographics: 284K+ people within 5 miles.
Executive Summary
LOUISIANA BROKER OF RECORD: STEVEN R. REISIG, CCIM - Partner (SRSA) - LA License No. 14916-A
Faris Lee Investments is pleased to offer a STNL freestanding, corporate-guaranteed CVS Pharmacy on an absolute triple net ground lease (land ownership) in Metairie, LA - a populous and affluent suburb just 6 miles northwest of downtown New Orleans. CVS is an investment grade credit tenant with an S&P Credit Rating of BBB. The lease has over 12 years remaining and includes 10% increases every 5 years, offering an investor a growing income stream and a hedge against inflation. CVS has been operating at this location since 2010 (14 years), proving the company’s continued commitment to the site. This completely passive investment also boasts a drive-thru, further providing intrinsic real estate value and consumer convenience.
CVS Pharmacy, established in 1963, has grown into one of the most trusted pharmacy brands in the U.S., operating over 9,100 locations nationwide. In 2023, CVS recorded total company revenue exceeding $358 billion, supported by a market capitalization of $75 billion (September 2024). CVS continues to maintain an investment grade credit rating of BBB (S&P rating) and operates with over 300,000 employees.
The subject property sits at the signalized hard corner intersection of Clearview Pkwy and W Napoleon Ave, which boasts a traffic count of 22,000 VPD. The subject CVS location is ranked in the 92nd percentile (8th out of 111 stores in Louisiana per Placer.ai), reflecting strong market demand and consistent performance in the area. Metairie is the 4th most populous community in Louisiana with over 143,000 residents, and the area is supported by an affluent population with an average household income of $102,015 within a 5-mile radius. The property is also located within close proximity to the corporate headquarters and training facilities of both the New Orleans Saints and New Orleans Pelicans. The property’s prime location and strong tenant fundamentals make it an exceptional investment opportunity.
Faris Lee Investments is pleased to offer a STNL freestanding, corporate-guaranteed CVS Pharmacy on an absolute triple net ground lease (land ownership) in Metairie, LA - a populous and affluent suburb just 6 miles northwest of downtown New Orleans. CVS is an investment grade credit tenant with an S&P Credit Rating of BBB. The lease has over 12 years remaining and includes 10% increases every 5 years, offering an investor a growing income stream and a hedge against inflation. CVS has been operating at this location since 2010 (14 years), proving the company’s continued commitment to the site. This completely passive investment also boasts a drive-thru, further providing intrinsic real estate value and consumer convenience.
CVS Pharmacy, established in 1963, has grown into one of the most trusted pharmacy brands in the U.S., operating over 9,100 locations nationwide. In 2023, CVS recorded total company revenue exceeding $358 billion, supported by a market capitalization of $75 billion (September 2024). CVS continues to maintain an investment grade credit rating of BBB (S&P rating) and operates with over 300,000 employees.
The subject property sits at the signalized hard corner intersection of Clearview Pkwy and W Napoleon Ave, which boasts a traffic count of 22,000 VPD. The subject CVS location is ranked in the 92nd percentile (8th out of 111 stores in Louisiana per Placer.ai), reflecting strong market demand and consistent performance in the area. Metairie is the 4th most populous community in Louisiana with over 143,000 residents, and the area is supported by an affluent population with an average household income of $102,015 within a 5-mile radius. The property is also located within close proximity to the corporate headquarters and training facilities of both the New Orleans Saints and New Orleans Pelicans. The property’s prime location and strong tenant fundamentals make it an exceptional investment opportunity.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
13,225 SF
Building Class
C
Year Built
2010
Price
£3,673,546
Price Per SF
£278
Net Initial Yield
5.72%
NOI
£210,301
Tenancy
Single
Number of Floors
1
Building FAR
0.26
Land Acres
1.19 AC
Zoning
NRC
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 0820038746 | Improvements Assessment | £280,695 (2023) |
| Land Assessment | £75,468 (2023) | Total Assessment | £356,162 (2023) |
PROPERTY TAXES
Parcel Number
0820038746
Land Assessment
£75,468 (2023)
Improvements Assessment
£280,695 (2023)
Total Assessment
£356,162 (2023)
-
Scott DeYoung -
Jeff Conover -
Greg Lukosky -
Faris Lee Investments
1 of 5
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
CVS-BBB Credit-LT Abs NNN Lse-Affluent Demos | 2105 Cleary Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.