CVS Pharmacy STNL
700 N Union Ave, Roswell, NM, USA Map
Neighborhood Infill, Net Leased Drug Store with drive-thru | Hard Corner Lot in HISTORIC Tourism Market | Low Competition | 12-Yr Lease
Listing Price $1,852,000
| Status | Closed |
| Lease Type | Double Net |
| Property Type | Retail |
| CAP Rate | 5.40% |
| GLA (Sq. Ft.) | 3,851 |
| NOI | $100,000 |
| Lease Term Remaining | 12 Years |
| Increases | 5% in Options |
| Options | Five (5), 5-Year |
| State (BOR) | New Mexico |
| Broker of Record | Matthew Reeves |
| License # (BOR) | 19583 |
Investment Highlights
- Subject Property is a Single-Story Building with 3,851-Square Feet of GLA Located on a Hard Corner | Amenities Include Monument Sign, Sheltered Carport Parking, Drive-Thru, Multiple Ingress/Egress
- Double Net Lease with a 12-Year Base Term Limited Landlord Responsibility | Five-Percent Rental Increases in Options
- Tenant CVS Pharmacy (NASDAQ: CVS) Currently Features a Stable Credit Rating of Baa2 (Stable) from Moody’s and BBB (Stable) from S&P
- Robust Traffic Counts from Union Ave (7,100 VPD) to Nearby Major Arterial U.S. Highway 380 (12,000 VPD) and 4-Lane Union Avenue (8,726 VPD), 2.5 Miles off of 70 Bypass (2,716 VPD) (Source: CoStar, NMDOT, 2020)
- Well Established Retail Corridor Includes Nearby National Tenants Albertsons Market, Sonic Drive-In, Wendy’s, Starbucks, McDonald’s, Family Dollar, Dairy Queen, Dunkin’, Dollar General and Many More
- Lovelace Regional Hospital is Located within Two Miles, with 30 Beds and 250 Employees | Offers Surgical, Birthing and 24/7 Emergency Services
- Subject is Less Than Seven Miles from the Roswell International Air Center | Ascent Aviation Services Intends to Build a Wide-Body Hangar, Investing $18M and Creating as Many as 360 Jobs by 2026
- Located Only One Mile from 24-Hour Greyhound Bus Stop, One of 2,400 in North America that see Nearly 16 Million Passengers per Year
Investment Overview
Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% interest in net leased CVS/Pharmacy with Drive-Thru, located at 700 N Union Ave, Roswell, NM (the “Property”). Extended in 2019, subject to a 14 year lease extension expiring 10/31/2033, the Property comprises a +/- 3,851 SF building on a highly visible +/- 0.68-acre parcel, that is strategically positioned to be easy to access over 50,000 people within a five mile radius, along major traffic thoroughfare with national retailers nearby including Alberstons Market, Sonic Drive-in, Wendy’s, Starbucks, McDonald’s, Family Dollar, Dairy Queen, Dollar General, among others . The Property benefits from it’s highly visible location with a drive-thru, easy accessibility, and convenient location along a strong arterial, surrounded by commercial and residential in an area with more than twenty hotels, motels and RV parks, the tourism in the region is a known economic driver. Roswell is known to be “three hours from everywhere”, located approximately 200 miles from El Paso, TX, 200 miles South of Santa Fe, NM, and 200 miles East of Albuquerque, NM. The population within 5 miles of the subject is 50,349 people, the average household income within five miles of subject is $61,165 with over 18,700 households, in a growing region.
