CVS Poulsbo, Washington

$8,895,000
Cap Rate: 5.00%
Available
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 5.00%
Price: $8,895,000
Rentable Square Feet: 14,500
Annual Rent: $444,682
Rent PSF: $30.67
Land Area: 1.29 Acres
Year Built: 2015
Lease Type: NNN
Lease Term: 25 Years
Option Periods: 10, 5-Year Options
Rental Increases: Fair Market Rent in Final 8 Renewal Periods
Lease Expiration: 1/31/2040

18820 State Highway 305 NE
Poulsbo, WA 98370

Investment Highlights

  • 25-Year, NNN Lease with 22 Years Remaining on Base Term
  • Attractive Assumable Debt
  • 10, Five-Year Renewal Options
  • Part of the Seattle-Tacoma MSA
  • Located Only 21 Miles Outside of Seattle
  • Nearest CVS Location is Nine Miles Away from Subject Property
  • Surrounding National Retailers Include Safeway, Dollar Tree, O’Reilly Auto Parts, Taco Bell, Burger King, Bank of America and Many More

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a CVS located in Poulsbo, WA (Seattle MSA). CVS offers a triple net (NNN) lease with 22 years remaining on the base term and ten, five-year renewal options with fair market rent in final 8 renewal periods. The subject property consists of a 14,500-square foot free-standing building, situated on a 1.29-acre parcel. CVS Health Corporation (NYSE: CVS) is currently the largest pharmacy chain in the United States with over 9,900+ locations and revenue of approximately $185 Billion. In 2016, it ranked as the 7th largest U.S. Corporation according to Fortune 500.

Surrounding national retailers in the area include Safeway, Dollar Tree, Sherwin Williams, Taco Bell, Burger King and many more. Located in the Seattle-Tacoma MSA, which has a population of 3.8 million and is just 20 miles outside Seattle.

 

Broker of Record

Joel Deis
License:  25469

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