Woburn: Cape Rate 9% - CVS Pharmacy Store

Description

We are pleased to present the sale of a CVS Pharmacy located at 415-421 Main Street in Woburn, Massachusetts. The 7,316 square foot building was built in 1985. The property has very strong demographics with over 260,000 people within a 5 mile radius with an average household income of approximately $104,000. CVS signed an original ten year, NN, corporate guaranteed lease, with (3) five year options. CVS recently signed an amendment to remain at this location.
There are currently over three years remaining on the base term of the amendment. CVS has (1) Five Year option to renew with a 12% rental increase. The landlord is responsible for the roof and structure of the property.

The CVS is located in a high income, extremely dense area. Due to the lack of available land for development there are very high barriers to entry in this location. The property offers investors the rare opportunity to purchase a single tenant retail property within the Route 128 Corridor.

Price: $2,276,000
Building Size: 7,316 SF
Price/SF: $311.10
Property Type: Retail
Property Sub-type: Free Standing Bldg
Property Use Type: Net Lease Investment with 3 years left on lease
Cap Rate: 9%
Occupancy: 100%
Tenancy: Single