CVS Pharmacy
Smithtown, NY
Key Details
| Price: | $4,766,000 |
|---|---|
| Cap Rate: | 5.15% |
| Annual Rent: | $245,470 |
| Address: | 111 Terry Road, Smithtown, New York 11787 |
| Property Type: | Retail |
| Lease Type: | Modified Triple Net |
Property Data
| Original Lease Term: | 31 Years |
|---|---|
| Lease Commencement: | 7/17/1997 |
| Lease Expiration: | 1/31/2029 |
| Lease Term Remaining: | 3.9 Years |
| Rental Increases: | In Options |
| Lot Size: | 1.40 Acres |
| Building Size: | 10,125 SF |
| Year Built: | 1997 |
NNN Pro is pleased to present the exclusive listing for a CVS Pharmacy located at 111 Terry Road, Smithtown, New York 11787. The site consists of roughly 10125 rentable square feet of building space on an estimated 1.4-acre parcel of land. This CVS Pharmacy is subject to a 31-year Modified Triple Net lease, which commenced 7/17/1997. The current annual rent is $245,470 and has scheduled increases of In Options.
About the Investment
- Corporate Lease with Strong Credit | CVS Pharmacy operates under a corporate-guaranteed lease, backed by CVS Health (NYSE: CVS), a Fortune 500 company with a stable financial outlook.
- Minimal Landlord Responsibilities | The property has a modified NNN lease with minimal landlord responsibilities, limited to the roof, which was replaced in 2013 and comes with a transferable warranty.
- Rent Increases In Options | Built-in rental escalations of 8% in 2029 (Option 1) and 2034 (Option 2) provide steady income growth for investors.
- Established Location with Strong Performance | CVS has been operating at this site for over 25 years, demonstrating a longstanding investment in this location with an established customer base.
- Immediate Customer Base from High-Income 312- Unit Avalon Commons | Positioned at the entrance of Avalon Commons, a 312-unit luxury apartment community, CVS benefits from a built-in customer base of high-income residents.
- Essential Retail with Defensive Stability | As a leading healthcare and pharmacy provider, CVS benefits from consistent consumer demand, making it a recession-resistant investment.
Key Details
| Price: | $4,766,000 |
|---|---|
| Cap Rate: | 5.15% |
| Annual Rent: | $245,470 |
| Address: | 111 Terry Road, Smithtown, New York 11787 |
| Property Type: | Retail |
| Lease Type: | Modified Triple Net |
Property Data
| Original Lease Term: | 31 Years |
|---|---|
| Lease Commencement: | 7/17/1997 |
| Lease Expiration: | 1/31/2029 |
| Lease Term Remaining: | 3.9 Years |
| Rental Increases: | In Options |
| Lot Size: | 1.40 Acres |
| Building Size: | 10,125 SF |
| Year Built: | 1997 |
Talk to the Pros
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Armond Aivazyan
aaivazyan@nnnpro.com
License: CA: 01954384 | NY: 10401387457 | NV: S.0201843
Broker of Record
Glen Kunofsky
NNN Properties, LLC
License: 49KU1129178
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This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.