CVS Pharmacy Sarasota,Florida

$4,743,000
Available
Property type:Single-Tenant Net Lease

The space

  • Price: $4,743,000
  • Cap Rate: 6.00%
  • Annual Rent: $284,590
  • Land Area: 1.61 Acres
  • Rentable Square Feet: 10,378
  • Price PSF: $457.02
  • Year Built: 1999
  • Lease Type: Double Net (NN)
  • Lease Expiration: January 27, 2024

Description

8546 S Tamiami Trail
Sarasota, Florida 34238

Investment Highlights

  • Long-Term Tenant, In Place for More Than 20 Years
  • Exceptional Store Sales (See OM for Sales Figures)
  • Three, Five-Year Tenant Renewal Options With Two Percent Rent Increases Every Five Years in Options
  • Located on Tamiami Trail / US Hwy 41 Which Has More Than 42,000 Vehicles Daily
  • Average Household Income of $103,375 in One Mile of Property, and $117,381 in Three Miles
  • Major Retail Corridor One Mile from Sarasota Square Mall Anchored by Costco Wholesale, JCPenney and AMC Theater
  • High Traffic Intersection With Other Surrounding National Tenants Including Lowe’s, Target, Publix, Kohl’s, Starbucks, Dunkin, Chick-fil-A, Wendy’s, First Watch and Others!
  • Close Proximity to Sarasota Memorial Hospital, an 839-Bed Regional Medical Center With 8,500 Physicians and Staff

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a CVS Pharmacy located in Sarasota, FL. This is a long-term Tenant; they have been in place for more than 20 years. The lease offers three, five-year tenant renewal options with two percent rent increases every five years. This CVS has exceptional store sales (see OM for sales figures).

This CVS is part of a 4-property pharmacy portfolio. All locations are available separately as well. OM provides pricing for all locations. Contact listing agents for more information.

The Subject Property is located in a high traffic, busy retail corridor on Tamiami Trail which has more than 42,000 vehicles daily. Tamiami Trail is a major roadway that runs through the area and connects Sarasota to other major cities along the west coast of Florida. This CVS is one mile from Sarasota Square Mall, with anchor tenants including Costco Wholesale, JCPenney and AMC Theater. Other surrounding national retailers include Lowe’s, Target, Publix, Sprouts Farmers Market, Burlington, Kohl’s, Haverty’s Furniture, and many more! The Property is 7.5 miles from Sarasota Memorial Hospital, an 839-bed regional medical center with 8,500 physicians and staff.

Known for small-town living, beaches and resorts, the Sarasota Metro is a major draw for tourists and retirees and welcomes approximately 3 million of visitors annually. Sarasota is 60 miles south of Tampa.

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