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CVS Pharmacy (Brand New 20-Year Lease Extension) 976 Main Street, Yarmouth, Massachusetts 02664

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CVS Pharmacy (Brand New 20-Year Lease Extension) 976 Main Street, Yarmouth, Massachusetts 02664 CVS Pharmacy (Brand New 20-Year Lease Extension) 976 Main Street, Yarmouth, Massachusetts 02664 Click Here to Play Aerial Video OFFERING MEMORANDUM EXCLUSIVE NET - LEASE OFFERING 976 Main Street, Yarmouth, MA 02664 FINANCIAL OVERVIEW PRICE: $5,971,961 | 5.15% CAP | NOI: $307,556 PROPERTY DESCRIPTION HIGHLIGHTS Property CVS Pharmacy Property Address 976 Main Street ➢ Brand New 20-Year Lease Extension | 20+ Years Remaining on City, State, ZIP Yarmouth, MA 02664 the Lease Building Size (SF) 9,975 ➢ Long Term Commitment to the Site | CVS has Operated this Lot Size (Acres) +/- 2.04 THE OFFERING Location Since 1998 Rent $307,556 ➢ CVS Corporate Guaranty | Investment Grade Credit | “BBB+” CAP Rate 5.15% S&P Credit Rating Purchase Price $5,971,961 ➢ Ideally Located Just Minutes from the Famous Cape Cod Price / SF $598.69 Rent / SF $30.83 Beaches with Nearly Six Million Visitors Each Year LEASE SUMMARY Property Name CVS Pharmacy Property Type Net-Leased Pharmacy Tenant / Guarantor CVS Corporation Lease Term 20 Years Rent Commencement January 1, 1998 Lease Expiration January 31, 2039 Lease Term Remaining 20.5 Years Lease Type Double-Net (NN) Roof & Structure Landlord Responsible Option Period One, 10 Year Renewal Option Rent Increases Rare 10% Increase in Option This information has Thisbeen securedinformationfrom sourceshas beenwesecuredbelieve tofrombe reliable,sourcesbutwewebelievemake notorepresentationsbe reliable, butor warranties,we make noexpressedrepresentationsor implied, asortowarranties,the accuracyexpressedof the informationor implied,. Referencesas to theto squareaccuracyfootageof theor ageinformationare approximate. References. Buyer mustto squareverify thefootageinformationor age are and bears all risk forapproximateany inaccuracies. Buyer. Any projections,must verifyopinions,the informationassumptionsandorbearsestimatesall riskusedforhereinanyareinaccuraciesfor example. Anypurposesprojections,only and opinions,do not representassumptionsthe currentor estimatesor future performanceused hereinofarethe forpropertyexample. Marcuspurposes& MillichaponlyRealandEstatedo notInvestmentrepresentServicesthe currentis a or 2 service mark of Marcusfuture& MillichapperformanceReal Estateof theInvestmentpropertyServices,. MarcusInc.&©Millichap2013 MarcusReal& MillichapEstate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap Y0331740 2 INVESTMENT SUMMARY FINANCIAL OVERVIEW The subject investment is a CVS Pharmacy located at 976 Main Street in Yarmouth, MA. This site was a built to suit for CVS in 1998 and they have ANNUALIZED OPERATING DATA operated at this location ever since. The location is compromised of Annual Rent $307,556 approximately 9,975 square feet of building space and sits on roughly 2.04 acres of land. RENT SCHEDULE CVS recently extended their lease early, showing their commitment to this Lease Year Annual Rent Monthly Rent site. As a result, there are more than 20 years remaining on the double net lease where the landlord is responsible for the roof and structure, as well as 8/1/2019 – 1/31/2039 $307,556 $25,630 parking lot maintenance. The tenant is responsible for non-structural Tenant Renewal Option repairs, utilities, HVAC system, CAM expenses, plus a 10% administration fee. Following the base term, the tenant shall have one, ten year renewal 2/1/2039 – 1/31/2049 $338,312 $28,193 option where the rent will increase by 10%. TENANT SUMMARY Rent $307,556 CVS/Pharmacy is one of the nation's largest retail pharmacy chains, with CAP Rate 5.15% 7,700 stores located in 42 states, the District of Columbia, and Puerto Rico. With more than 40 years in the retail pharmacy industry, CVS/pharmacy Purchase Price $5,971,961 generates over 68 percent of its revenue from the pharmacy business. CVS/pharmacy fills more than one of every seven retail prescriptions in America and one of every five in their own markets. Their ExtraCare program boasts over 70 million cardholders, making it the largest retail loyalty program in the country. Representative Photo This information has Thisbeen securedinformationfrom sourceshas beenwesecuredbelieve tofrombe reliable,sourcesbutwewebelievemake notorepresentationsbe reliable, butor warranties,we make noexpressedrepresentationsor implied, asortowarranties,the accuracyexpressedof the informationor implied,. Referencesas to theto squareaccuracyfootageof theor ageinformationare approximate. References. Buyer mustto squareverify thefootageinformationor age are and bears all risk forapproximateany inaccuracies. Buyer. Any projections,must verifyopinions,the informationassumptionsandorbearsestimatesall riskusedforhereinanyareinaccuraciesfor example. Anypurposesprojections,only and opinions,do not representassumptionsthe currentor estimatesor future performanceused hereinofarethe forpropertyexample. Marcuspurposes& MillichaponlyRealandEstatedo notInvestmentrepresentServicesthe currentis a or 3 service mark of Marcusfuture& MillichapperformanceReal Estateof theInvestmentpropertyServices,. MarcusInc.&©Millichap2013 MarcusReal& MillichapEstate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap Y0331740 3 TENANT OVERVIEW CVS sells prescription drugs and a wide assortment of general merchandise, including over-the-counter drugs, beauty products and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods through their CVS/pharmacy and Long Drugs retail stores and online through CVS.com. It also provides healthcare services through its more than 1,100 MinuteClinic medical clinics as CVS Pharmacy is a subsidiary of the American retail and Health care well as their Diabetes Care Centers. Most of these clinics are company CVS Health, headquartered in Woonsocket, Rhode Island. It located within CVS stores. was also known as, and originally named the Consumer Value Store and was founded in Lowell, Massachusetts, in 1963. The chain was owned by its original holding company Melville Corporation since its inception until its current parent company CVS Health was spun off into its own company in 1996. CVS Pharmacy is currently the largest pharmacy chain in the United States by number of locations (over 9,600 as of 2016) and total prescription revenue. As the retail pharmacy division of CVS Health, it ranks as the 7th largest U.S. corporation according to Fortune 500 in 2016. CVS/pharmacy's leading competitor Walgreens Boots Alliance is ranked 37th. Representative Photo MinuteClinics are staffed by nurse practitioners and physician assistants who specialize in family health care, and are trained to diagnose, treat, and write prescriptions for minor acute illnesses such as strep throat and ear, eye, sinus, bladder, skin, Representative Photo Representative Photo and lung infections. Vaccinations, such as influenza, tetanus- pertussis, pneumovax, and Hepatitis A & B are available at all locations. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or 4 future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap Y0331740 976 Main Street, Yarmouth, MA AERIAL This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or 5 future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap Y0331740 LOCATION OVERVIEW This CVS property is located at 976 Main Street in Yarmouth, Massachusetts. Yarmouth is located in Barnstable County on Cape Cod and possesses the comforts and tranquility of a small New England beach town and the vibrant fabric of a diverse community with HIGHLIGHTS great access to all other Cape Cod Destinations. The town is made up of three major ➢ Dense Retail Corridor with Stop & Shop, Shaw’s, Walgreens, Planet villages: South Yarmouth, West Yarmouth, and Yarmouth Port. Fitness, McDonald’s, Dunkin’ Donuts, Dollar Tree, AutoZone, Santander Bank, Dairy Queen and many more Surrounding Retail and Points of Interest ➢ Situated in a Dense Residential Area with Strong Traffic Counts | The subject property is well-positioned in the heart of South Yarmouth and benefits Nearly 25,000 Vehicles Drive by this Property Everyday from its close proximity to various national and local tenants. Surrounding retailers include: Stop & Shop Shaw’s, Ocean State Job Lot, Walgreens, Planet Fitness, ➢ Unparalleled Location| Just Minutes away from some of the Beautiful McDonald’s, Dunkin’ Donuts, Dollar Tree, AutoZone, Santander Bank, and Dairy Queen & Well-known Cape Cod Beaches. among various others. Seagull beach and Park River Beach are
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