Address: 875 Enfield Street, Enfield, Connecticut, United States 06082
Type: Drug Store
Cap Rate: 5.15%
Lease Type: Double-Net (NN) Lease
Annual Rent: $245,994
Net Operating Income: $245,994
Lease Term Remaining: 20.25 Years
Rental Increases: 3% Increases at the Start of Each Option
Options: Three (3), Five (5)-Year Options
Year Built: 1999
Rentable Sq/Ft: 10,152 SF
Rent Sq/Ft: $24.23
Price Sq/Ft: $471
Lot Size: 1.35 Acres
Marcus & Millichap is pleased to present the exclusive listing for the CVS located 875 Enfield Street, Enfield, CT. The property was built in 1999 and consists of approximately 10,152 rentable square feet on 1.35 acres of land.
The subject property has been a CVS since it opened for business in 1999. The original 20-year double-net (NN) lease was set to expire in January 2020, however the tenant recently extended the lease by 20-years, showing their commitment to this site! Starting on February 1, 2020, the tenant will pay an annual rent of$245,994 that is scheduled to increase by 3% during each of the remaining three, five-year option periods. As per the lease, the landlord is responsible for the roof, structure, and parking lot replacement while the tenant is responsible for non-structural repairs. Additionally, the tenant reimburses the landlord for all outside maintenance expenses plus a 5% administrative fee.
This CVS Pharmacy investment property is strategically located at 875 Enfield Street which is intersected by Elm Street. Elm Streets benefits from average daily traffic counts of 14,566 while Enfield Street has over 16,332 vehicles per day. Additionally, within a short drive of this property is I-91, which brings an additional 86,083 vehicles into the immediate area on a daily basis. Furthermore, the subject property is in a heavily populated area. There are nearly 9,000 individuals residing within a one-mile radius of the property and 83,308 within a five-mile radius with an average household income of $106,560.
This CVS Pharmacy property benefits from being well-positioned in a highly dense downtown area consisting of many local and national tenants, which include Costco, Home Depot, Stop & Shop, Target, Bank of America, Marshalls, Kohl’s, Wendy’s, McDonald’s, Panera, Chick-Fil-A and many more. Enfield High School is located less than two-miles away and has over 1,500 students enrolled. This CVS Pharmacy property also benefits greatly from being located within six-miles of Bradley International Airport (BDL) which served 3,330,734 passengers in 2018.
Enfield is a town in Hartford County, Connecticut, United States. Enfield is home to the U.S. headquarters of Danish plastic building toy manufacturer Lego, which was also the town’s largest employer. Enfield is located only 17-miles from downtown Hartford which is the capital city of Connecticut. The city is nicknamed the “Insurance Capital of the World”, as it hosts many insurance company headquarters and is the region’s major industry. Hartford is a center for medical care, research, and education. Within Hartford itself the city includes Hartford Hospital, The Institute of Living, Connecticut Children’s Medical Center, and Saint Francis Hospital & Medical Center. Hartford is also the historic international center of the insurance industry, with companies like Aetna, Conning & Company, The Hartford, Harvard Pilgrim Health Care, The Phoenix Companies, and Hartford Steam Boiler based in the city, and companies such as Prudential Financial, Lincoln National Corporation, Travelers, United Healthcare and Axa XL. A significant number of cultural events and performances take place every year at Mortensen Plaza by the banks of the Connecticut River. These events are held outdoors and include live music, festivals, dance, arts and crafts.
Broker of Record: JD Parker License # REB.0788985