Address: 66 South Main Street, Sharon, Massachusetts, United States 02067
Type: Drug Store
Cap Rate: 5.75%
Lease Type: Triple-Net (NNN)
Annual Rent: $208,855
Net Operating Income: $208,855
Lease Term Remaining: 5.5 Years
Rental Increases: Rare 3% Increases at the Start of Each Option
Options: Five (5), Five (5)-Year Options
Year Built: 1998
Rentable Sq/Ft: 6,344 SF
Rent Sq/Ft: $32.92
Price Sq/Ft: $573
Lot Size: 0.65 Acres
Marcus & Millichap is pleased the exclusive listing for the CVS located 66 S Main Street in Sharon, MA. The property was built in 1998 and consists of approximately 6,344 rentable square feet on 0.65 acres of land.
The subject property has been a CVS since it opened for business in 1998. The original 20-year triple-net lease was recently extended by five years when the tenant exercised their first of six, five-year tenant renewal options. The rent is set to increase by three percent to $208,855 on February 1, 2020 and is scheduled to continue to increase by three percent at the start of each remaining five option periods.
This CVS Pharmacy investment property is strategically located at 66 S Main St in the heart of downtown Sharon. Main Street is a very busy road with an average daily traffic count exceeding 17,785 vehicles. Additionally, within a short drive of this property is Interstate-95 which brings an additional 105,205 vehicles into the immediate area on a daily basis. Furthermore, the subject property is in a heavily populated area. There are more than 32,833 individuals residing within a three-mile radius of the property and 108,662 within a five-mile radius with an average household income of $157,000 in a one-mile radius.
This CVS Pharmacy property benefits from being well-positioned in a highly dense downtown area consisting of many local and national tenants, as well as its proximity to many first and secondary schools. Downtown Sharon is filled with many striving and successful locally owned restaurants and shops including: Todd’s Deli, Sharon Market, Hefez & Sons Jewelers, Coriander Bistro, The Square Bar, Dedham Savings, Alice’s Mandarin Taste, Community Education, and many others. The downtown area also is home to many national/regional tenants including: Bank of America, Eastern Bank, and 7-Eleven, Dedham Savings, and Sharon Credit Union. This CVS Pharmacy property also benefits greatly being in an area with many well respected first and secondary schools including: Cottage Street School, Striar Hebrew Academy, Heights Elementary School, and Sharon High School all with a total enrollment exceeding 2,225 students.
Sharon is a town in Norfolk County, Massachusetts, about 27 miles southwest of downtown Boston. Sharon is a typical affluent New England town – it’s central Post Office Square marked by three tall white church spires. Sharon comes to life as busy commuter town of professionals, academics, civil servants, and business people as well as local enterprises, restaurants, artists, and active participants in a network of civic organizations. The city and its residence have convenient access to Boston and Providence via MBTA commuter trains stopping at the Sharon station, and to New York and Washington D.C. via Amtrak trains at nearby stations, making Sharon an excellent town to live and raise a family.
Broker of Record: John Horowitz License #1000303