INVESTMENT OPPORTUNITY CVS/PHARMACY ZERO CASH FLOW INVESTMENT Effort, PA
OFFERED AT: $6,267,195 REQUIRED EQUITY: $956,012 (18% Over the Debt)
* Actual Property EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
TABLE OF CONTENTS
EXECUTIVE SUMMARY 4 Offering Summary 5 Investment Highlights 6 Lease Information & Loan Summary 7 Zero Cash Flow Explained 8 Lease Abstract
PROPERTY INFORMATION 10 Location Maps 11 Site Plan 12 Property Photos 13 Aerials
TENANT OVERVIEW 19 About CVS Health
AREA OVERVIEW
21 Effort & Monroe County Overview 22 Demographics
Confidentiality Agreement & Disclosures
EXCLUSIVELY REPRESENTED BY
RYAN BARR RYAN BENNETT Principal Principal 760.448.2446 760.448.2449 [email protected] [email protected] Lic#01338994 Lic#01826517
Color Scheme
RGB R:145 / G:0 / B:40 CMYK C:0 / M:100 / Y:65 / K:47
RGB R:119 / G:120 / B:123 CMYK C:0 / M:0 / Y:0 / K65
Fonts GOTHAM/ BLACK GOTHAM/ MEDIUM GOTHAM/ LIGHT
Listed in conjuntion with Lee & Associates of Eastern Pennsylvania, LLC for out of state licensing purposes.
CVS | Effort, PA | 2 EXECUTIVE SUMMARY CVS ZERO CASH FLOW INVESTMENT | EFFORT, PA EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
• Offering Summary • Investment Highlights Lease Information & Loan Summary Zero Cash Flow Explained Lease Abstract
-- OFFERING SUMMARY --
INVESTMENT HIGHLIGHTS PROPERTY OVERVIEW Offering Price: $6,267,195 Address: 3192 PA Route 115 Percentage Over Debt: 18% Effort, PA 18330 (Monroe County) Debt Amount: $5,311,183 Store: #3062 (As of January 2018) Property Size: Approx 13,225 Sq. Ft. Equity Requirement: $956,012 Land Size: 2.45 Acres Price/SF: $473 Ownership: Fee Simple Year Built: 2011
Lee & Associates is pleased to exclusively offer for sale to qualified investors the opportunity to purchase a CVS standalone single tenant zero cash flow retail investment property located at 3192 State Route 115, in Effort, Pennsylvania, in Monroe County (the “Property”). Built in 2011, the property consists of a 13,225-square foot building that sits on an approximately 2.45 acre parcel. The property is leased to CVS on a long-term triple-net (NNN) lease. CVS has nearly 20 years remaining on their initial 25-year lease term which also features ten (10) 5-year renewal option periods. The bondable absolute triple-net (NNN) lease offers the Landlord zero management responsibilities. Together with its subsidiaries, CVS Health Corp. has an investment grade credit rating of BBB+/Stable by Standard & Poor’s. CVS is currently the largest pharmacy chain in the United States with over 9,700 locations and a reported revenue of $177.5 billion. The subject property is located on the signalized hard corner intersection of PA State Route 115 & State Rd, offering excellent visibility and signage with multiple access points into the property. There is an adjacent pad site that features national tenants Dunkin’ Donuts and Domino’s Pizza. Surrounding retailers also include Sonoco, Exxon, Dollar General, Subway, and Wayne Bank. The subject property is located across from Mt. Effort Plaza, a multi-tenant strip center and the future home to the Martz Bus Trailways Park & Ride, where hundreds of daily commuters headed to NYC will park their vehicles. Mt Effort Plaza has been approved for a 15-acre, 110,000 square foot redevelopment which will be developed over two phases. The project will be anchored by a 45,000-square foot Gerrity’s grocery store as well as additional retail buildings including a standalone restaurant, a daycare center, the Martz Bus park and ride location, and a Monroe County Transit Authority bus shelter. The subject property is located in the town of Effort, which is located in Monroe County in eastern Pennsylvania. Situated 90 miles north of Philadelphia, 75 miles west of New York City and 116 miles east of Harrisburg, Monroe County is one of the fastest-growing counties in the state of Pennsylvania. Not only has the population increased by over 70% since 1990, but the commercial and retail sectors have also grown significantly. Effort, Pennsylvania is located in the growing Pocono Mountain resort area of Northeastern Pennsylvania. The Pocono Mountains are a popular recreational destination for local and regional visitors. The Pocono Mountains Visitors Bureau reports that this four season resort region receives more than 25 million visitors each year, representing more than $3 billion of commerce and supporting over 35% of the region’s workforce.
CVS | Effort, PA | 4 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
Offering Summary • Investment Highlights • Lease Information & Loan Summary Zero Cash Flow Explained Lease Abstract
-- INVESTMENT HIGHLIGHTS --
INVESTMENT GRADE CREDIT TENANT: CVS HEALTH CORP (S&P: BBB+/Stable; NYSE: CVS) • CORPORATE LEASE GUARANTY • LARGEST PHARMACY CHAIN IN THE U.S. The property is leased to CVS, which is part of the CVS Health Corporation which, together with its subsidiaries, has an investment grade credit rating of BBB+/Stable by Standard & Poor’s. CVS is currently the largest pharmacy chain in the United States with over 9,700 locations and a reported revenue of $177.5 billion. LONG TERM BONDABLE ABSOLUTE TRIPLE-NET (NNN) LEASE • ZERO LANDLORD RESPONSIBILITIES CVS has nearly 20 years remaining on their initial 25-year lease term and features ten (10) 5-year renewal option periods. The bondable absolute triple-net (NNN) lease offers the Landlord zero management responsibilities. ZERO-CASH FLOW LOAN STRUCTURE • DESIRABLE PAYDOWN/RE-ADVANCE FEATURE • PASSIVE LOSS ALLOWS INVESTOR TO OFFSET INCOME Zero-cash flow structure with readily assumable, non-recourse loan currently in place. This structure is ideal for tax deferred 1031/1033 exchange buyers or traditional investors seeking passive losses that might be used to offset income from other real estate investments. The paydown/re-advance feature is available in the current assumable loan allowing a 1031 investor to easily match their debt & equity requirement with an option to extract additional equity through re-finance. LOCATED ON HARD CORNER SIGNALIZED INTERSECTION • ACROSS FROM FUTURE MARTZ BUS TRAILWAYS PARK & RIDE WHERE HUNDREDS OF COMMUTERS WILL PARK The subject property is located on the signalized hard corner intersection of PA State Route 115 & State Rd, offering excellent visibility and signage with multiple access points into the property. There is an adjacent pad site featuring Dunkin’ Donuts and Domino’s Pizza. Surrounding retailers also include Sonoco, Exxon, Dollar General, Subway, and Wayne Bank. The CVS property ideally sits across from the future Martz Bus Trailways Park & Ride, where hundreds of daily commuters heading to NYC will park their vehicles. FUTURE TOWN CENTER LOCATION • ACROSS FROM MOUNT EFFORT PLAZA: PLANNED 15-ACRE, 110,000 SQUARE FOOT RETAIL/COMMERCIAL REDEVELOPMENT PROJECT The subject property is located across from Mount Effort Plaza, a multi-tenant strip center. Mount Effort Plaza has been approved for a 15- acre, 110,000 square foot redevelopment which will be developed over two phases. The project will be anchored by a 45,000-square foot Gerrity’s grocery store as well as additional commercial and retail buildings including a standalone restaurant, a daycare center, a Martz Bus park and ride location, and a Monroe County Transit Authority bus shelter. GATEWAY TO POCONO MOUNTAINS (“POCONOS”) • MAJOR TOURISM DESTINATION • 25 MILLION ANNUAL VISITORS PER YEAR • $3 BILLION TOURIST INDUSTRY Effort, Pennsylvania is located in the growing Pocono Mountain resort area of Northeastern Pennsylvania. The Pocono Mountains are a popular recreational destination for local and regional visitors. The Pocono Mountains Visitors Bureau reports that this four-season resort region receives more than 25 million visitors each year, representing more than $3 billion of commerce and supporting over 35% of the region’s workforce. The Poconos have been a tourist draw for more than a century and now feature numerous resorts, camping, casinos, horse racing, auto racing at Pocono Raceway, snow skiing, and fishing in the lakes that dot the area.
CVS | Effort, PA | 5 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
Offering Summary Investment Highlights • Lease Information & Loan Summary • Zero Cash Flow Explained Lease Abstract
-- LEASE SUMMARY --
LEASE INFORMATION LOAN SUMMARY
TENANT: CVS Caremark Corp. ORIGINAL LOAN BALANCE: $5,679,340.05
BUILDING SIZE: 13,225 Sq. Ft. LOAN COMMENCEMENT: January 10, 2012
LOT SIZE: 2.45 Acres LENDER: Wells Fargo
RENT COMMENCEMENT: January 10, 2012 CURRENT LOAN BALANCE: $5,311,183 (As of January 2018; including Section 467 loan)
LEASE EXPIRATION: January 31, 2037 INTEREST RATE: 5.926%
BASE LEASE TERM: 25 Years ANNUAL PAYMENT: $462,554
BASE TERM REMAINING: 19+ Years LOAN MATURITY DATE: January 10, 2034
LEASE TYPE: Absolute NNN RECOURSE: Financing is non-recourse to the Borrower Borrower has the ability to utilize the paydown/re-advance feature LANDLORD RESPONSIBILITIES: None PAYDOWN RE-ADVANCE: as provided in the existing debt. (10) 5-Year Options - RENEWAL OPTIONS: (2) Options at Fixed Rate; (8) Options @ FMV ANNUAL RENT: $462,554
-- RENT OVERVIEW --
PRIMARY TERM START DATE END DATE NOI/YR NOI/MO NOI/SF/YR
Years 1 - 22 1/10/2012 1/31/2034 $462,554.00 $38,546.16 $34.97
Years 23 - 25 2/1/2034 1/31/2037 $0.00 Rent Holiday
OPTION PERIODS - (5) 5-YEAR OPTIONS
Options 1 & 2 2/1/2037 1/31/2042 $416,298.00 $34,691.54 $31.48
Options 3 - 10 3/1/2027 2/28/2032 FAIR MARKET VALUE
CVS | Effort, PA | 6 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
Offering Summary Investment Highlights Lease Information & Loan Summary • Zero Cash Flow Explained • Lease Abstract
-- ZERO CASH FLOW EXPLAINED --
Definition A highly leveraged property backed by a long-term, bond quality lease that is guaranteed by an investment grade tenant (S&P BBB or better) whereas the property’s rental stream (net operating income) goes to service the underlying loan and thus, provides the investor with “zero” cash flow.
Allows an investor the opportunity to buy an absolute net leased property with a minimal amount of equity.
The fixed rate financing is assumable, non-recourse, and often times fully amortizing.
At the end of the loan term the property is owned free and clear of debt.
Popular with 1031/1033 exchange investors as the loan is already in place and allows for the investor to easily match the loan to meet their individual debt & equity requirement.
Once the tax deferred exchange is completed, the investor can often take advantage of the loan’s paydown/re-advance feature. This allows the investor extract additional equity through refinance to be deployed to other cash flowing assets with full depreciable basis outside of the confines of the 1031/1033 tax differed exchange.
Zero cash flow investments also generate net taxable losses that an investor can use to offset like-kind income elsewhere in an owner’s portfolio.
CVS | Effort, PA | 7 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
Offering Summary Investment Highlights Lease Information & Loan Summary Zero Cash Flow Explained • Lease Abstract •
-- LEASE ABSTRACT --
Property Taxes Tenant shall be responsible for paying all taxes, charges, assessments, ground rents, levies and other items against the Premises.
Insurance Tenant shall maintain All-Risk, General Liability and any other insurance coverage required to be maintained on the Property.
Utilities Tenant agrees to timely pay for all utilities consumed by Lessee in the Premises.
Landlord Repairs/Maintenance None
Tenant shall keep, maintain and repair, at its sole cost and expense, the entire Premises, including, without limitation, the roof, walls, footings, foundations, HVAC, mechanical and electrical equipment and systems in or serving the Premises and structural and nonstructural components and systems of the Premises, parking areas, sidewalks, roadways and landscaping in good Tenant Repairs/Maintenance repair and appearance, and shall make all repairs and replacements of every kind and nature, whether foreseen or unforeseen, which may be required to be made in order to keep and maintain the Premises in as good repair and appearance as they were when originally constructed, except for ordinary wear and tear.
Termination of Lease N/A
If at any time during any Extension Period, Landlord shall desire to sell the Premises, Landlord shall obtain a written offer, acceptable to Landlord, to purchase all or such portion of the Premises; and Landlord shall submit a written copy of the Offer to Tenant and shall give Tenant twenty (20) days within which to elect to purchase the Premises on the precise terms and Right of First Offer / Right of First Refusal conditions of the Offer. If Tenant elects to so purchase the Subject Premises, Tenant shall give to Landlord written notice thereof, and closing shall be held within sixty (60) days after the date of the Acceptance Notice, whereupon Landlord shall convey the Subject Premises to Tenant.
Tenant shall have the right to assign this Lease, or to sublet the whole or any portion of the Premises, provided Tenant and Guarantor shall remain liable for the obligations of Tenant hereunder, which liability of Tenant shall be and remain that of a primary obligor and not a guarantor or surety. Tenant agrees that in the case of an assignment of this Lease, Tenant shall, within fifteen (15) days after the execution and delivery of any such assignment, deliver to Landlord a duplicated original of such assignment in recordable form and an agreement executed Sublease / Assignment and acknowledged by the assignee in recordable form wherein the assignee shall agree to assume and agree to observe and perform all of the terms and provisions of this Lease.
In the case of a sublease, Tenant shall, within fifteen 915) days after the execution and delivery of such sublease, deliver to Landlord a duplicate original of such sublease.
Landlord and Tenant agree to deliver to each other, from time to time as reasonably requested in writing, and within a reasonable period of time after receipt of such request, an estoppel certificate certifying that this Lease is unmodified and in full force and effect (or if there have been any modifications, that this Lease is in full force and effect as modified and stating the Estoppel Agreement modifications), the dates to which any Fixed Rent due hereunder has been paid in advance, if any and that to the knowledge of the signer of such certificate, no default hereunder by either Landlord or Tenant exists hereunder, together with such other information as Landlord or Tenant may reasonably require with respect to the status of this Lease and Tenant’s use and occupancy of the Premises.
CVS | Effort, PA | 8 PROPERTY INFORMATION CVS ZERO CASH FLOW INVESTMENT | EFFORT, PA EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
• Location Maps • Site Plan Property Photos Aerials
-- LOCATION MAPS --
PORTLAND Lake Ontario
ROCHESTER SYRACUSE
BUFFALO ALBANY
Lake Erie BOSTON SPRINGFIELD
HARTFORD PROVIDENCE
SCRANTON NEW HAVEN
NEW YORK
PITTSBURGH SR 115
LANCASTER PHILADELPHIA
ATLANTIC CITY BALTIMORE State Rd WASHINGTON Atlantic Ocean
Jonas Rd
CVS | Effort, PA | 10 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
Location Maps • Site Plan • Property Photos Aerials
-- SITE PLAN --
Drive-Thru (Dunkin)
Drive-Thru Pharmacy
LOADING
STATE ROUTE 115
STATE RD
JONAS RD
CVS | Effort, PA | 11 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
Location Maps Site Plan • Property Photos • Aerials
-- PROPERTY PHOTOS --
CVS | Effort, PA | 12 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
Location Maps Site Plan Property Photos • Aerials •
-- OVERHEAD VIEW -- BRODHEADSVILLE 7 MILES DOWNTOWN EFFORT 4 MILES
MOUNT EFFORT PLAZA Planned 15-Acre, 110,000 SF Retail/Commercial Redevelopment with Gerrity’s Grocery Store, Restaurant & Martz Trailways Park & Ride Location
SR 115 (10,000 CPD) CAR & TRUCK WASH
ACCESS STATE RD
ACCESS
CVS | Effort, PA | 13 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
Location Maps Site Plan Property Photos • Aerials •
-- LOOKING NORTH -- BLAKESLEE 12 MILES
6.5 MILES
MT CREST PLAZA MIKE’S PIZZERIA BEST NAIL CARE MT CREST TOBACCO OUTLET PRIME DELI
MOUNTAIN TIRE & AUTO
SR 115 (10,000 CPD)
JONAS RD STATE RD
CVS | Effort, PA | 14 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
Location Maps Site Plan Property Photos • Aerials •
-- LOOKING EAST --
STROUDSBURG 17 MILES
STATE RD
MOUNT EFFORT PLAZA Planned 15-Acre, 110,000 SF Retail/Commercial Redevelopment with Gerrity’s Grocery Store, Restaurant & Martz Trailways Park & Ride Location
CVS | Effort, PA | 15 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
Location Maps Site Plan Property Photos • Aerials •
-- LOOKING SOUTH --
BRODHEADSVILLE 7 MILES DOWNTOWN EFFORT 4 MILES
MOUNT EFFORT PLAZA Planned 15-Acre, 110,000 SF Retail/Commercial Redevelopment with Gerrity’s Grocery Store, Restaurant & Martz Trailways Park & Ride Location
CAR & TRUCK WASH STATE RD JONAS RD
SR 115 (10,000 CPD)
CVS | Effort, PA | 16 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
Location Maps Site Plan Property Photos • Aerials •
JONAS -- LOOKING WEST -- 5 MILES
CAR & TRUCK WASH
JONAS RD SR 115 (10,000 CPD) SR 115 (10,000 CPD)
MOUNT EFFORT PLAZA Planned 15-Acre, 110,000 SF Retail/ Commercial Redevelopment with Gerrity’s Grocery Store, Restaurant & Martz Trailways Park & Ride Location
STATE RD
CVS | Effort, PA | 17 TENANT OVERVIEW CVS ZERO CASH FLOW INVESTMENT | EFFORT, PA EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
• About CVS Health •
-- ABOUT CVS HEALTH --
CVS Health (previously CVS Corporation and CVS Caremark Corporation) is COMPANY OVERVIEW an American retail pharmacy and health care company headquartered in Company: CVS Health Woonsocket, Rhode Island. The company began in 1964 with three partners who grew the venture from a parent company, Mark Steven, Inc., that helped Founded: 1996 retailers manage their health and beauty aid product lines. The business Credit Rating: BBB+ began as a chain of health and beauty aid stores, but within several years, pharmacies were added. Revenue: $177.5 Billion To facilitate growth and expansion, the company joined The Melville Corporation, which managed Net Income: $5.317 Billion a string of retail businesses. Following a period of growth in the 1980s and 1990s, CVS Corporation Total Assets: $94.46 Billion spun off from Melville in 1996, becoming a standalone company trading on the New York Stock Locations: Exchange as NYSE: CVS. Employees: 158,000 It later completed a merger with the pharmacy benefit management company Caremark Rx in 2007 Headquarters: Woonsocket, Rhode Island and was consequently renamed CVS Caremark Corporation. The company was renamed CVS Health Website: www.cvshealth.com in 2014 following its decision to remove tobacco products from CVS Pharmacy store shelves. CVS Health’s assets include CVS Pharmacy, CVS Caremark, CVS Specialty, and the retail clinic MinuteClinic. In 2016, it ranked seventh on the Fortune 500 and 18th on the Fortune Global 500 list.
SUBSIDIARIES OF CVS HEALTH
CVS Pharmacy is one of the largest retail pharmacy chains in the United States, with 9,600 stores located in 49 states, the District of Columbia, and Puerto Rico, operating primarily under the CVS Pharmacy, CVS, Longs Drugs, Navarro Discount Pharmacy and Drogaria Onofre names. CVS Pharmacy fills more than one of every five prescriptions in the United States, and 76% of the U.S. population now lives within 5 miles of a CVS Pharmacy.
MinuteClinic retail medical clinics operate inside CVS Pharmacy locations within the United States. It is the largest walk-in medical clinic in the United States, with over 1,100 locations in 33 states and the District of Columbia. More than 50 percent of the U.S. population now lives within 10 miles of a MinuteClinic. CVS Caremark provides comprehensive prescription benefit management services including mail order pharmacy services, specialty pharmacy and infusion services, plan design and administration, formulary management and claims processing. The company’s clients are primarily employers, insurance companies, unions, government employee groups, health plans, Managed Medicaid plans and other sponsors of health benefit plans and individuals throughout the United States. CVS Specialty is the specialty pharmacy division that provides specialty pharmacy services for individuals with chronic or genetic diseases who require com- plex and expensive drug therapies. CVS Health operate 24 retail specialty pharmacy stores and 11 specialty mail order pharmacies, making them the largest specialty pharmacy in the United States.
Drogaria Onofre is a Brazilian drug chain acquired by CVS Health in February 2013. It has 47 stores in five states in the country and operates branches in the cities of São Paulo, Rio de Janeiro, Belo Horizonte, São José do Rio Preto, Sao Jose dos Campos and Santos. Longs Drugs is a retail pharmacy chain with approximately 40 drug stores throughout the state of Hawaii. The company was acquired by CVS Health in October 2008 and is operated as a separate brand. Navarro Discount Pharmacies is a pharmacy chain, photo service, and pharmacy benefit manager in the United States. The company was acquired by CVS Health in September, 2014 and is operated as a separate brand of CVS Health. The company mainly operates in Miami-Dade and Broward Counties and cur- rently has 33 stores. Accordant provides rare disease case management and care management services for patients with rare, chronic diseases and their caregivers. Clients are primarily health plans, employers, and third party administrators (TPAs). The company is operated as a wholly owned subsidiary of CVS Health Corporation. Coram is one of the nation’s largest providers of infusion services, clinical and compliance monitoring and individual patient counseling and education. Coram cares for 140,000 patients annually through a national network of more than 85 locations as well as the largest home infusion network in the United States. The company was acquired by CVS Health in August 2015 and is operated as a wholly owned subsidiary of CVS Health Corporation. Omnicare is a provider of pharmacy services to the long-term care market for patients in skilled nursing and assisted living facilities throughout North America. The company was acquired by CVS Health in August 2015 and is operated as a wholly owned subsidiary of CVS Health Corporation.
CVS | Effort, PA | 19 AREA OVERVIEW CVS ZERO CASH FLOW INVESTMENT | EFFORT, PA EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW
• Effort & Monroe County Overview • Demographics
-- EFFORT OVERVIEW --
Less than two hours from Times Square, Effort, Pennsylvania is located in the growing Pocono Mountain resort area of Northeastern Pennsylvania. The Pocono Mountains are a popular recreational destination for local and regional visitors. The Pocono Mountains Visitors Bureau reports that this four season resort region receives more than 25 million visitors each year, representing more than $3 billion of commerce and supporting over 35% of the region’s workforce. The Poconos have been a tourist draw for more than a century and now feature numerous resorts, camping, casinos, horse racing, auto racing and snow skiing, as well as hunting, boating andfi shing in the abundant forests and on the lakes that dot the area.
While the area has long been a popular tourist destination, many communities have seen a rise in population, especially in Coolbaugh Township and other communities within Monroe County. The region has a population of about 340,300, which is growing at a rapid pace, largely attributable to vacationers from New York and New Jersey turning vacation homes into permanent residences. The region lacks a major population center, although there are municipalities such as Stroudsburg, East Stroudsburg, Mount Pocono, and the townships around them which are all in Monroe County where the population is 165,058, which is about half of the total population in the Poconos.
-- MONROE COUNTY OVERVIEW -- Kayaking on the Lehigh River, Poconos
Monroe County is located in eastern Pennsylvania, situated 90 miles north of Philadelphia, 75 miles west of New York and 116 miles east of Harrisburg. Today, the County stretches across 611 square miles of rural terrain, rolling hills, and farmlands to the more populated boroughs. Monroe County is comprised of 16-second class townships and 4 incorporated boroughs with a combined population of approximately 175,000 residents.
Monroe County is known as the “Honeymoon Capital of the World”. Because of the natural appeal, this area has given rise to some of the finest and most elaborate hotels, resorts and recreational areas/facilities in all of Northeastern Pennsylvania. It is also widely recognized as a place for vacationing and romantic weekend “getaways” because of the fiery beauty of the surrounding wooded peaks and valleys. Monroe County has built an industry of service that boasts the finest in personal accommodation anywhere. Visitors and vacationers can find an abundance of activities and places to visit that are guaranteed to be rewarding in any season of the year.
Monroe County is one of the fastest-growing counties in the state of Pennsylvania. Not only has the population increased by over 70% since 1990, but the commercial and retail sectors have grown significantly, as well. There are many new shopping centers, and even more are being constructed and are currently being planned at this time.
-- POCONO RACEWAY --
Pocono Raceway, also known as the Tricky Triangle, is a superspeedway located in the Pocono Mountains of Pennsylvania at Long Pond. It is the site of two annual Monster Energy NASCAR Cup Series races held just weeks apart in early June and late July/ Skiing at Big Boulder Resort early August, one NASCAR Xfinity Series event in early June, one NASCAR Camping World Truck Series event in late July/early August, and two ARCA Racing Series races in early June and late July/early August. From 1971 to 1989, and again since 2013, -- POCONO MOUNTAINS -- the track has also hosted an Indy Car race, currently sanctioned by the IndyCar Series and run in August. With 2,400 square miles encompassing northeast Pennsylvania’s Carbon, Designed by 3-time Indy 500 winner Roger Ward, Pocono Raceway has aunique Monroe, Pike and Wayne counties, the Pocono Mountains region is home to design. Turn One (14 degree banking) was modeled after the now defunct Trenton rolling mountain terrain, breathtakingly beautiful waterfalls, thriving woodlands Speedway, Turn Two (also known as “The Tunnel Turn”) is like Indianapolis Motor and 170 miles of winding rivers. There are seven state parks in the region as Speedway (9 degree banking), and Turn 3 (6 degree banking) is similar to The well as one national park, the Delaware Water Gap National Recreation Area. Milwaukee Mile. It could be said to be a tri-oval, but the turns are much more severe than those of a more typical tri-oval such as Daytona and the track is really nearly a Winters offer guests the opportunity to ski, snowboard, snow tube and even triangle. snowshoe their way through snowy wonderlands encompassing over 163 ski trails, while summers also cater to the active traveler allowing exploration of Pocono Raceway Pocono is one of a very few NASCAR tracks not owned by either Speedway Motorsports, 261 miles of hiking and biking trails, over 35 golf courses, whitewater rafting, Inc. or International Speedway Corporation, the dominant track owners in NASCAR. boating, fishing and open access to nine state and two national parks.
CVS | Effort, PA | 21 SUMMARY PROFILE 2000-2010 Census, 2017 Estimates with 2022 Projections Calculated using Weighted Block Centroid from Block Groups
Lat/Lon: 40.9774/-75.4447 RS1 3192 PA-115 3 mi radius 5 mi radius 7 mi radius SEfUfoMrt, MPAA 1R8Y33 0PREXECUTIVEOFILE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW 2000-20120170 Ce Estimatednsus, 2017 Population Estimates with 2022 Projections 14,048 29,442 44,121 Calculated using Weighted Block Centroid from Block Groups Effort & Monroe County Overview • Demographics • 2022 Projected Population 13,545 28,352 42,461 N O
I 2010 Census Population 14,598 30,446 45,649 T
--La DEMOGRAPHICSt/LA on: 200040.97 Census74/-75.4 Population447 -- 11,708 23,974 36,733 L RS1 U
P Projected Annual Growth 2017 to 2022 -0.7% -0.7% -0.8% 319O 2 PA-115 P Historical Annual Growth 2000 to 2017 3 mi rad1.2%ius 5 mi rad 1.3%ius 7 mi rad1.2%ius Effort, PA 18330 3 Miles 5 Miles 7 Miles 2017 Median Age 41.2 42.4 43 2017 Estimated Population 14,048 29,442 44,121 2017 Estimated Households 5,063 10,930 16,559 2022 Projected Population 13,545 28,352 42,461 S N
D 2022 Projected Households 5,138 11,082 16,781 O L
I 2010 Census Population 14,598 30,446 45,649 O T 2010 Census Households 4,965 10,689 16,204 A H 2000 Census Population 11,708 23,974 36,733 L E U
S 2000 Census Households 3,915 8,223 12,712 P U Projected Annual Growth 2017 to 2022 -0.7% -0.7% -0.8% O O
P Projected Annual Growth 2017 to 2022 0.3% 0.3% 0.3% H
POPULATION Historical Annual Growth 2000 to 2017 1.2% 1.3% 1.2% Historical Annual Growth 2000 to 2017 1.7% 1.9% 1.8% 2017 Median Age 41.2 42.4 43 2017 Estimated White 77.1% 79.7% 81.5% 2017 Estimated Households 5,063 10,930 16,559 2017 Estimated Black or African American 14.2% 12.3% 11.1% D S Y N T D 2022 Projected Households 5,138 11,082 16,781 I
L 2017 Estimated Asian or Pacific Islander 1.7% 1.7% 1.7% A C I O E 2010 Census Households 4,965 10,689 16,204 N H C 2017 Estimated American Indian or Native Alaskan 0.2% 0.3% 0.3% H E A T
S 2000 Census Households 3,915 8,223 12,712 R
E 2017 Estimated Other Races 6.8% 6.0% 5.5% U
O Projected Annual Growth 2017 to 2022 0.3% 0.3% 0.3% H 2017 Estimated Hispanic 13.9% 12.2% 11.2% HOUSEHOLDS Historical Annual Growth 2000 to 2017 1.7% 1.9% 1.8%
E 2017 Estimated Average Household Income $78,247 $73,936 $75,933 M 2017 Estimated White 77.1% 79.7% 81.5% O 2017 Estimated Median Household Income $70,450 $64,945 $67,334 C
N 2017 Estimated Black or African American 14.2% 12.3% 11.1% D I Y 2017 Estimated Per Capita Income $28,203 $27,476 $28,533 N T I 2017 Estimated Asian or Pacific Islander 1.7% 1.7% 1.7% A C I E
N 2017 Estimated Elementary (Grade Level 0 to 8) 1.8% 2.4% 2.3% C 2017 Estimated American Indian or Native Alaskan 0.2% 0.3% 0.3% H A
T 2017 Estimated Some High School (Grade Level 9 to 11) 5.0% 7.3% 7.2% R
E 2017 Estimated Other Races 6.8% 6.0% 5.5% N ) This report was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty. representation herein is provided without information The be reliable. sources deemed to and government private from was produced using data report This + O
I 2017 Estimated High School Graduate 40.8% 40.8% 40.5% 5 T
RACE & ETHNICITYRACE 2017 Estimated Hispanic 13.9% 12.2% 11.2% 2 A
E 2017 Estimated Some College 21.7% 20.8% 20.1% C G U E
A 2017 Estimated Average Household Income $78,247 $73,936 $75,933
D 2017 Estimated Associates Degree Only 8.8% 8.5% 8.7% ( M E O 2017 Estimated BachelorsMedian Household Degree Only Income $70,45012.7% $64,945 13.0% $67,33414.1% C N I 2017 Estimated GraduatePer Capita Degree Income $28,2039.3% $27,476 7.4% $28,5337.2% INCOME
S 2017 Estimated TotalElementary Businesses (Grade Level 0 to 8) 1.8%130 2.4% 509 2.3%687 S
E 2017 Estimated TotalSome Employees High School (Grade Level 9 to 11) 5.0%515 4,076 7.3% 5,3297.2% N N ) I This report was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty. representation herein is provided without information The be reliable. sources deemed to and government private from was produced using data report This + O S I 2017 Estimated High School Graduate 40.8% 40.8% 40.5% 5 2017 Estimated Employee Population per Business 4.0 8.0 7.8 U T 2 B A BUSINESS E 2017 Estimated Some College 21.7% 20.8% 20.1%
C 2017 Estimated Residential Population per Business 107.8 57.9 64.2 G U A
D 2017 Estimated Associates Degree Only 8.8% 8.5% 8.7% ( E 2017 Estimated Bachelors Degree Only 12.7% 13.0% 14.1% ©2017, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 04/2017, TIGER Geography 2017 Estimated Graduate Degree 9.3% 7.4% 7.2%
S 2017 Estimated Total Businesses 130 509 687 CVS | Effort, PA | 22 S
E 2017 Estimated Total Employees 515 4,076 5,329 N I
S 2017 Estimated Employee Population per Business 4.0 8.0 7.8 U B 2017 Estimated Residential Population per Business 107.8 57.9 64.2
©2017, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 04/2017, TIGER Geography Exclusively Listed By:
Ryan Barr Ryan Bennett BARR&BENNETT 760.448.2446 760.448.2449 NETLEASEDINVESTMENTS A Lee & Associates Team [email protected] [email protected]
Listed in conjuntion with Lee & Associates of Eastern Pennsylvania, LLC for out of state licensing purposes.
Lee & Associates hereby advises all prospective purchasers of Net-Leased Invesment property as follows:
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Lee & Associates has not and will not verify any of this information, nor has Lee & Associates conducted any investigation regarding these matters. Lee & Associates makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.
As the Buyer of an investment property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase.This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Lee & Associates expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of an investment property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any investment property to determine to your satisfaction with the suitability of the property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly- acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.
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No warranty or representation is made as to the accuracy of the foregoing information. Terms of sale, lease, and availability are subject to change or withdrawal without notice.