Address: 1130 W Sunset Drive,, Waukesha, Wisconsin, United States 53189
Type: Gas & Conv. Store
Cap Rate: 6.80%
Lease Type: Triple-Net (NNN)
Annual Rent: $341,920
Net Operating Income: $341,920
Lease Term Remaining: 14.5 Years
Options: Ten (10), Five (5)-Year Options
Rentable Sq/Ft: 14,000 SF
Rent Sq/Ft: $24.42
Price Sq/Ft: $359
Lot Size: 1.58 Acres
Marcus & Millichap is pleased to present the exclusive listing for the zero cash flow CVS Pharmacy located at 1130 W Sunset Drive in Waukesha, WI. Built in 2009, this CVS property is compromised of 14,000 square feet of building space and sits on roughly 1.58 acres of land.
This CVS is subject to an absolute triple-net (NNN) lease with zero landlord obligations. There are roughly 14.5 years remaining on the base term of the lease. The current annual rent is $341,919, which is offset by the zero cash flow nature of the investment. The lease calls for a three-year rent holiday to occur during the final three years of the base term. In addition, there are ten, five-year tenant renewal option periods with fair market value rent increases.
This CVS Pharmacy property is located at 1130 W Sunset Drive in Waukesha, Wisconsin. Waukesha is a city in and the county seat of Waukesha County.
The subject property is strategically positioned in a dense retail corridor benefiting from its proximity to major national, local and industrial tenants. Major national tenants in the area include: Walmart, Meijer, Hobby Lobby, Target, Kohl’s, Petco, McDonald’s, KFC, Taco Bell, Chili’s, Panera Bread, as well as many others. This CVS Pharmacy property also benefits from its close proximity to academic institutions. Waukesha School District, located within a 2.5-Mile Radius, serves 13,494 students and is the seventh-largest school district in the state of Wisconsin. ProHealth Waukesha Memorial Hospital, a 300-bed, general medical and surgical facility is located less than 2.5 miles from the subject property.
There are approximately 62,817 individuals residing within a three-mile radius of the property and just over 94,027 individuals within a five-mile radius. This CVS Pharmacy property is located on Sunset Drive, which experiences average daily traffic counts exceeding 26,500 vehicles. Intersecting with Sunset Drive is Saint Paul Avenue, which brings an additional 24,800 vehicles to the immediate area daily. Additionally, the average household income within a five-mile radius is more than $114,000.
Waukesha is a part of the Milwaukee Metropolitan Area, which is the 39th largest MSA in the United States. The Milwaukee metropolitan area ranks fifth in the United States in terms of the number of Fortune 500 company headquarters as a share of the population. Milwaukee is the home to the international headquarters of six Fortune 500 companies: Johnson Controls, Northwestern Mutual, Manpower, Rockwell Automation, Harley-Davidson and Jay Global. Known for its brewing traditions, major new additions to the city include the Milwaukee Riverwalk, the Wisconsin Center, Miller Park, an internationally renowned addition to the Milwaukee Art Museum, Milwaukee Repertory Theater, and Pier Wisconsin, as well as major renovations to the UW-Milwaukee Panther Arena. In addition, education and health services are the largest provider of jobs in the Milwaukee Metro.
B.O.R Todd Lindblom License: 56163-90