|Price/Rent PSF||$ 4,780,000.00|
|SQ. FT. Available||10,908|
The offered CVS Drug Store is approximately 10,908 s.f on 1.458 acres . Ideally positioned on a hard corner at the signalized intersection of S.Valley Mills Drive and Speight Avenue,the property provides easy access, excellent signage and great exposure on one of Waco's major highways just one block from the I-35 and surrounded by a strong residential base. Close to Baylor University Stadium, local retailers include Walgreen's, Papa John's ,Family Dollar, Advanced Auto and Walmart.
The City of Waco MSA is located in the heart of the Texas manufacturing and technology corridor half way between Dallas and Austin and currently ranked as the 22nd . largest city in Texas with population of approximately 263,000. Waco is the county seat of McLennan County brimming with Texas history, economic opportunity, cultural experiences and is also a major seat of higher learning with 3 major colleges including Baylor University, Texas State Technical and McLennan Community College.
CVS Pharmacy (NYSE:CVS) , the retail division of CVS Health Corp. is America's leading retail pharmacy with more than 8000 stores. Headquartered in Woonsocket, Rhode Island, it is the largest pharmacy health care provider in the nation. As the retail pharmacy division of CVS Health Corporation, it was ranked 10th according to Fortune 500 for 2015. CVS also manages more than 900 minute clinics as well as their Diabetes Care Centers around the country with 1,400 additional locations to be added as a result of their recent acquisition of Target stores Pharmacy. The company produced more than $149 billion in 2015 revenue.
This offering provides an investor with an absolute NNN investment with No Landlord obligations. The initial 20 year lease expires in July 2, 2019 offering an investor an opportunity to increase income and value in the near future.
The lease provides for 4, five year options at stipulated increases. Additionally, there is a percentage rent increase clause in the lease.
Strong store sales, which have increased regularly, provide for strong probability of renewal
Current NOI through 7/2/19 $331,705
First Option: $337,159.72
Second Option: $342,613.72
Third Option: $348,067.72
Fourth Option: $353,521.72