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CVS Pharmacy & Zwanger-Pesiri Radiology OFFICE DEPOT | ANNAPOLIS, MD TABLE OF CONTENTS CVS Pharmacy & Zwanger-Pesiri Radiology Fee Simple Modified Gross | Harlem, NY Offering Memorandum Table Of Contents Executive Summary 3 Tenant Summary 4 Floor Plans 6 Location Overview 9 Surrounding Retail 10 Geographic Location 11 Retail Map 12 Demographics 13 Executive Summary Avison Young, engaged as the exclusive agent for Ownership, is pleased to offer for sale 324 West 125th Street in Manhattan’s Harlem neighborhood (“Property.”) The property consists of a newly constructed two-story retail building located on the southeast corner of St. Nicholas Avenue and Investment Highlights West 125th Street. The Property offers 100 feet of frontage along West 125th Street and is fully occupied with two • Located at one of Manhattan’s busiest intersections in-place tenants, CVS and Zwanger Pesiri. CVS and Zwanger both signed 20-year leases in 2018, and • Newly opened CVS branch under long term lease have 18 years remaining on their respective leases. • Outstanding location in Harlem one block east of the 125th Street Subway Station, 125th Street is the epicenter of Harlem’s incredible retail transformation. Home to major institutions, such as the Apollo Theater, this corridor has welcomed major national brands including Whole which services the A C B D trains Foods, H&M, American Eagle, Burlington, and Bath & Body works, with other brands expecting to • Direct proximity to the West 125th Street / Frederick Douglas Boulevard bus stop, soon arrive and increase the cache of retail in the area. which services the Bx 60 102 101 buses 15 SBS Asset Summary • Moody’s Baa2 rated tenant NOI (With Abated Taxes) $1,907,686 • Recently constructed building with minimal landlord responsibilities Real Estate Taxes (Abated) $169,661 • Generational quality asset Real Estate Taxes (Unabated) $413,858 • Generous rent escalations every five years NPV of Remaining ICAP $3,108,003 • Below market in-place rents Rent / Month $173,833 Blended Rent / SF $93 Rentable Square Feet 22,535 Gross Square Feet 26,918 Property Level Income & Expenses Zoning C4-4D, 125th Land Area 8,983 Rental Revenue Size (SF) $ / SF Total Tenant(s) CVS & Zwanger Pesiri CVS - Base Rent 11,895 $97 1,150,000 Credit Rating Baa2 Zwanger Pesiri - Base Rent 10,640 $88 936,000 Stock Symbol CVS Reimbursement Income 4,705 Ownership Type Fee Simple Effective Gross Revenue 2,090,705 Guarantor CVS Caremark Corporation & Zwanger-Pesiri Radiology Group, LLP Lease Type Modified Gross Operating Expenses Landlord Responsibilities Roof & Structure Insurance Client Provided $7,725 Year Built 2017 Lease Term Remaining 18 Years Real Estate Taxes (2020/2021) ICAP Abatement $169,661 Lease Expiration CVS - April 2038; Zwanger Pesiri - February 2038 Capital Reserves Pro-Forma $5,634 Options CVS - One (1), Five (5) Year; Zwanger - One (1), Ten (10) Year Total Operating Expenses $183,019 OpEx % of EGI 8.8% Asking Price: $40,500,000 | 4.71% Cap Rate Net Operating Income $1,907,686 CVS PHARMACY & ZWANGER-PESIRI RADIOLOGY | 3 Tenant Summary About CVS Pharmacy CVS is a U.S. retail and healthcare company owned by CVS Health (NYSE: CVS). This company was originally founded in Lowell, Massachusetts, in 1963. CVS offers more than 9,900 branches nationwide and has 203,000 employees (as of 2017). CVS Pharmacy had a revenue of $134 billion and net income of $6.0 billion in 2018 and 2017, respectively. According to Drug Channels, CVS Health Corporation is the largest US pharmacy based on total prescription revenues, as of 2019. CVS provides prescription drugs, over-the-counter medication, and various cosmetics, along with many other goods, such as food and beverages. This retail chain also has over 1,100 MinuteClinics and Diabetes Care Centers, which provide various healthcare and retail clinic Rent Schedule - CVS services. Although the majority of these centers are located within the company’s pharmacies, Term Increases Annual Rent Rent / SF some are situated at other external locations. Sept. 30, 2018—May 31, 2023 - $1,150,000 $97 CVS also has a strong online presence. According to Compete.com, CVS.com collected up to 26 June 1, 2023—May 31, 2028 10.0% $1,265,000 $106 million online visitors in 2008. June 1, 2028—May 31, 2033 10.0% $1,391,500 $117 June 1, 2033—April 30, 2038 10.0% $1,530,650 $129 May 1, 2038—May 31, 2038 10.0% $1,683,715 $142 1963 $134 B 203,000 9,967 Founded Revenue (2018) Employees (2017) Locations (2018) CVS PHARMACY & ZWANGER-PESIRI RADIOLOGY | 4 Tenant Summary About Zwanger-Pesiri Radiology The Harlem office joins Zwanger-Pesiri’s other borough offices, to offer city residents the best radiological care available. In addition to the new Harlem location, Zwanger-Pesiri Radiology has one facility in Cobble Hill, Brooklyn, one facility in Parkchester, Bronx, four offices throughout Queens, and 25 offices across Long Island. The Harlem office provides 3T MRI, Low-Dose CT, Rent Schedule - Zwanger Pesiri Ultrasound, X-ray, 3D Mammography and Bone Density (DEXA) scans. Term Increases Annual Rent Rent / SF Zwanger-Pesiri Radiology prides itself on being a patient-centric practice. In 1953, Dr. Jerome 3/1/18 – 2/28/23 - $936,000 $88 Zwanger sought to change the patient experience. He founded a radiology practice with 3/1/23 – 2/29/28 10.0% $1,029,600 $97 the goal of providing patients and physicians modern medical diagnostics in a caring and 3/1/28 – 2/28/29 10.0% $1,132,560 $106 compassionate environment. He began the practice out of his house, which became our current 3/1/29 – 2/28/30 2.5% $1,160,874 $109 Massapequa office. He began a partnership with Dr. E.J. Pesiri in 1958, which continued until July of 2001, when Dr. Pesiri retired. Dr. Zwanger continued to practice part-time until he retired in 3/1/30 – 2/28/31 2.5% $1,189,896 $112 June 2008. 3/1/31 – 2/29/32 2.5% $1,219,643 $115 3/1/32 – 2/28/33 2.5% $1,250,134 $117 Now, for over 65 years, Zwanger-Pesiri has been establishing the gold standard in radiology with an unmatched level of patient-centered care, research, education, and commitment to the 3/1/33 – 2/28/34 2.5% $1,281,388 $120 community. ZP has surpassed every hospital, every health system, every multi-specialty practice, 3/1/34 – 2/28/35 2.5% $1,313,422 $123 and every outpatient radiology facility in virtually every facet of radiology. 3/1/35 – 2/29/36 2.5% $1,346,258 $127 3/1/36 – 2/28/37 2.5% $1,379,914 $130 3/1/37 – 2/28/38 2.5% $1,414,412 $133 1953 $25-50 M 1,001-5,000 25 Founded Revenue(1) Employees(1) Locations (1) Information gathered from Glassdoor.com CVS PHARMACY & ZWANGER-PESIRI RADIOLOGY | 5 Floor Plans Cellar 4 M M 0 O 3 A C . 0 O H T 1 C R Y A R - C N L G , . @ D O O I N D H A U P T L S S : I L I C A A N M L E E R I T 6 A 9 T 1 + A 1 S . 7 6 D - 6 . A 8 1 O O 7 L : R X Area Calculations A N F D I G I N 2 8 O B 6 . 6 . M 7 H 6 6 W . M C 8 I Common Areas / BOH = 3,832 SF 1 R 7 : E A W 8 N 9 O 2 H W P 1 ARCHITECTURE, D.P.C. G Tenant Area B Tenant Area A = 4,258 SF 789 SF Tenant Area B = 893 SF Total Floor Area = 8,983 SF Tenant Area A DESCRIPTION 4,258 SF DATE REV NO. REVISIONS: 95 SF CLIENT: PROJECT TITLE: DRAWING TITLE: SCALE: S E A L A N D S I G N A T U R E S T E V E N G A M B I N O , R A THIS DRAWING AND ALL INFORMATION CONTAINED HEREIN IS AUTHORIZED FOR USE ONLY BY THE PARTY FOR WHOM THE WORK WAS CONTRACTED OR TO WHOM IT IS CERTIFIED. THIS DRAWING MAY NOT BE COPIED, REUSED, DISCLOSED, DISTRIBUTED OR RELIED UPON FOR ANY OTHER PURPOSE WITHOUT THE WRITTEN CONSENT OF GAMBINO+LAPORTA ARCHITECTURE,D.P.C. COPYRIGHT 2014, G L A A L L R I G H T S R E S E R V E D DATE: PROJECT NO: DRAWN BY: REVISION NO: CHECKED BY: DRAWING NO: SHEET NO: CVS PHARMACY & ZWANGER-PESIRI RADIOLOGY | 6 Floor Plans First Floor 4 M M 0 O 3 A C . 0 O H T 1 C R Y A R - C N L G , . @ D O O I N D H A U P T L S S : I L I C A A N M L E E R I T 6 A 9 T 1 + A 1 S . 7 6 D - 6 . A 8 1 O O 7 L : R X Area Calculations A N F D I G I N 2 8 O B 6 . 6 . M 7 H 6 6 W . M C 8 150 I Common Areas / BOH = 520 SF 1 R 7 : E A W 8 SF N 9 O 2 H W P 1 ARCHITECTURE, D.P.C. G Tenant Area A = 7,637 SF Tenant Area B = 795 SF Total Floor Area = 8,952 SF Tenant Area A 7,637 SF DESCRIPTION DATE REV NO. REVISIONS: Tenant Area B 645 SF CLIENT: PROJECT TITLE: DRAWING TITLE: SCALE: S E A L A N D S I G N A T U R E S T E V E N G A M B I N O , R A THIS DRAWING AND ALL INFORMATION CONTAINED HEREIN IS AUTHORIZED FOR USE ONLY BY THE PARTY FOR WHOM THE WORK WAS CONTRACTED OR TO WHOM IT IS CERTIFIED.
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