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HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS, FLORIDA, BEING OFFERED CASH OVER DEBT 602 West Main Street Inverness, Citrus County, Florida This prime piece of Florida real estate is available for sale to the smart investor who recognizes the long term economic value in holding said property through the balance of its initial term and the ensuing option periods thereafter. Said store, opened 24 hours daily, generates exceptionally high sales which will support timely option renewals and provide increasing cash flow well into the future. Located on a major East/West artery (Hwy 41), with increasingly heavy traffic counts, two and a half blocks from Citrus Memorial Hospital now operated by HCA, this well established store services the entire Inverness metropolitan area. Florida, having no state income tax, adds to the value of this investment. CVS maintains a BBB+ Rating with Standards and Poor and operates over 7,400 Stores on a National/ International basis. National Realty Corp believes the information contained in any attached sales material to be accurate; however, any purchaser should perform its own due diligence and investigation relating to the property (ies) and National Realty Corp. makes no representation as to the accuracy or completeness of the information herein presented. All material is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior sale, change of price, and withdrawal without notice.

HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ... · overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve replacement surgery (top 6% nationally)

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Page 1: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ... · overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve replacement surgery (top 6% nationally)

“HIGH PROFILE CVS STORE WITH “HIGH” SALES

INVERNESS, FLORIDA, BEING OFFERED CASH OVER DEBT

602 West Main Street Inverness, Citrus County, Florida

This prime piece of Florida real estate is available for sale to the smart investor who

recognizes the long term economic value in holding said property through the balance of its

initial term and the ensuing option periods thereafter. Said store, opened 24 hours daily,

generates exceptionally high sales which will support timely option renewals and provide

increasing cash flow well into the future. Located on a major East/West artery (Hwy 41), with

increasingly heavy traffic counts, two and a half blocks from Citrus Memorial Hospital now

operated by HCA, this well established store services the entire Inverness metropolitan area.

Florida, having no state income tax, adds to the value of this investment. CVS maintains a

BBB+ Rating with Standards and Poor and operates over 7,400 Stores on a National/

International basis.

National Realty Corp believes the information contained in any attached sales material to be accurate; however, any purchaser should perform its own due

diligence and investigation relating to the property (ies) and National Realty Corp. makes no representation as to the accuracy or completeness of the

information herein presented. All material is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior

sale, change of price, and withdrawal without notice.

Page 2: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ... · overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve replacement surgery (top 6% nationally)

Property Photos

Drive Through

Major Intersection US 41

Page 3: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ... · overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve replacement surgery (top 6% nationally)

OFFERING SUMMARY CVS STORE # 3171

MUST ASSUME EXISTING LOAN

LOCATION: 602 West Main Street (US 41), Inverness, Citrus County, Florida

PURCHASE PRICE: $ 4,248,442

MORTGAGE: $ 2,342,649 current balance 12/31/2017, IR 5.25% Due 7/2022,

Balloon $2,113,000. Assumption fee $15,000 plus legal.

CASH REQUIRED: $ 1,905,793

CASH FLOW AFTER

DEBT SERVICE:

Investment Rent Debt Service NOI Yield

7-2017 to 7-2022 $ 1,905,793 $ 270,765 $ 168,974 $101,791 5.341%

8-2022to12-2023 $ 4,018,793 $ 270,765 - 6.74% Refinance

BUILDING: 10,908 SF (built new 1998)

LAND AREA: 1.75 Acres

COST/ SF: $ 389.47

LEASE TYPE: NN (landlord roof and structure, reserve in place, presently $47,913)

LEASE TERMS: 12/2/1998 to 12/1/2023 with Five (5) Five (5) year renewals.

(Each renewal period has an increase of $5,454 per year)

NOI: $ 270,765 ($24.82 PSF)

National Realty Corp believes the information contained in any attached sales material to be accurate; however, any purchaser should perform its own due

diligence and investigation relating to the property (ies) and National Realty Corp. makes no representation as to the accuracy or completeness of the

information herein presented. All material is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior

sale, change of price, and withdrawal without notice.

Page 4: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ... · overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve replacement surgery (top 6% nationally)

Inverness

Citrus County is a county located in the state of Florida. As of the 2013 census, the

population was estimated at 139,000. Its county seat is Inverness, and its largest community

is Homosassa Springs. Citrus County lies in the lake and horse districts of Central Florida.

Citrus County was first occupied about 10,000 years ago and settled about 2,500 years

ago by mound-building Native Americans that built the complex that now forms the Crystal

River Archeological Site. The site was occupied for about 2,000 years. Why the complex was

abandoned is currently unknown. Citrus County was created in 1887. The Citrus County

area was formerly part of a Hernando County. It was named for the county's citrus trees.

Citrus production declined dramatically after the "Big Freeze" of 1894-1895. Today, citrus is

grown on one large grove, Bellamy Grove.

Geography

According to the U.S. Census Bureau, the county has a total area of 773 square miles of

which 582 square miles is land and 192 square miles (24.8%) is water. There are a number of

uninhabited and/or sparsely inhabited coastal islands that can be accessed via watercraft.

While some of the Citrus County islands are state lands thus available for public use for

recreational opportunities, many other Citrus County islands are private property and are

either wholly or partially owned by private parties.

According to the US Fish & Wildlife Services' Aerial Manatee Surveys, as many as 400

of these unique creatures can be found in Citrus County at one time. This typically occurs

only during the coldest months of the year Manatees can also be viewed in the underwater

observatory at Homosassa Springs Wildlife State Park. Today, manatees are endangered.

Though protected by laws, they still face threats. The gentle beasts are often accidentally hit

by motorboats in ever more crowded waters, and sometimes become entangled in fishing

nets.

Citrus County also offers hundreds of miles of bike trails that are built for all levels of

experienced riders from amateurs to pros. These include everything from simple flat

stretches to mountain bike trails that twist and turn and climb up and down hills. Simple

Page 5: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ... · overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve replacement surgery (top 6% nationally)

trails include those at Whispering Pines City Park in Inverness. Other local cycling trails

include Potts Preserve, Flying Eagle, and Martin’s Marsh Aquatic preserve.

Economy

Inverness has a strong economy driven by Retail, Healthcare, Administration & Office,

Hotel and Hospitality, Sales and Marketing, Transportation and others with the Health Care

industry being dominate in the work force.

Citrus Memorial Hospital was founded in 1957 as the area's first healthcare

institution for residents in Citrus and surrounding counties. Over the years, the hospital

has evolved into a comprehensive system equipped to meet the needs of the growing

community. Citrus Memorial System exists to improve the health and quality of life of the

people and communities we serve. Citrus Memorial hospital is a 198 bed, not for profit,

community hospital serving all of Citrus County and surrounding areas. Over the years,

the hospital has added patient rooms, a modern emergency department, Heart Center,

diagnostic and laboratory facilities as well as new surgery suites, Pediatric and Orthopedic

Units.

In addition to in-patient care, Citrus Memorial offers extensive outpatient services

throughout Citrus County. Citrus operates a Home Health Agency, Wound Care and

Hyperbaric Center, walk-in clinics at Allen Ridge and Sugarmill Woods, comprehensive

diagnostic imaging Centers, laboratory draw stations and rehabilitation centers across the

county as well as Citrus Primary Care offices in numerous locations. Citrus Memorial has

earned impressive national clinical recognition from HealthGrades, the Joint Commission,

the Florida Hospital Association, the American College of Radiology and the American

College of Cardiology. Citrus Memorial was granted full chest pain center accreditation

from the Society of Cardiovascular Patient Care (SCPC) - that makes Citrus the FIRST

and ONLY hospital in this service area to receive this level of accreditation. Only 12% of

hospitals in the United States achieve this accreditation! Their Heart & Vascular Center

Page 6: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ... · overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve replacement surgery (top 6% nationally)

received a 3 Star Quality ranking (highest rating) by the Society of Thoracic Surgeons for

overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve

replacement surgery (top 6% nationally). HealthGrades: one of America's 100 Best

Hospitals for Spine and General Surgery for 2013.

At citrus Memorial a patient can expect quality care throughout the course of their

stay and beyond. Citrus is a leading healthcare provider, recognized both locally and

nationally for amazing patient outcomes.

Here are some of their latest achievements: * Ranked among America's 100 Best

Hospitals for Spine Surgery * Ranked among America's 100 Best Hospitals for Orthopedic

Services * 5 Star Rated in Stroke by Healthgrades * Certified Primary Stroke Center by

the Joint Commission and AHCA * Accredited by the American College of Radiology

In The News Citrus Memorial and HCA

Citrus Memorial Hospital officially become a part of HCA West Florida at midnight

Nov. 1 2014. The agreement includes a 50-year lease, worth $127 million, and the merger

will expand HCA West Florida's facilities to include 17 hospitals on 19 campuses, 16

ambulatory surgery centers and about 18,000 employees. Citrus Memorial Hospital has

some big changes in the works. The big plan is to add a trauma center and have it up and

running in the spring. It would be the first and only trauma unit in the county. Currently,

trauma patients are sent to either Pasco or Marion Counties.

Work is also underway to improve the emergency room and cut down wait times.

Overall, HCA will be doing a lot to upgrade the existing Facility.

Page 7: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ... · overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve replacement surgery (top 6% nationally)

CITY AERIAL

Page 8: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ... · overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve replacement surgery (top 6% nationally)

SITE AERIAL

Page 9: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ... · overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve replacement surgery (top 6% nationally)

Mortgage Summery

Term: 10 years on a 30 year amortization schedule

7/2012 - 7/2022

Servicer: Wells Fargo/ Originator Citigroup

Original Loan Balance: $2,550,000

Amortization: Approximately $40,000 + Per Annum

Loan Balance as of 6/31/17 Approximately $2,364,708

Annual Payments: $ 168,974.28 (monthly $14,081.19)

Roof and Structure Reserve: Years 1-5: $ 9,680.00 Per annum ($48,400)

Reserve Balance 7-17 “$48,400”

Years 6-10: (7/2017) $ 1,632.00 Per annum

Total Reserve 10 years: ($ 56,560)

Balloon At End of Term: Approximately $ 2,113,448

Early Payoff: Defeasance

Cash Flow After Debt Service Plus Amortization :

7-2017 to 7-2022 $ 100,158.72 + $40,000 amortization = $140,158.72

National Realty Corp believes the information contained in any attached sales material to be accurate; however, any purchaser should perform its own due

diligence and investigation relating to the property (ies) and National Realty Corp. makes no representation as to the accuracy or completeness of the information herein presented. All material is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior

sale, change of price, and withdrawal without notice.

Page 10: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ... · overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve replacement surgery (top 6% nationally)

CASH FLOW SUMMERY

INITIAL LEASE TERM 25 Years:

Years 1-5: $ 254,405.00, $ 21,200.23 per month, $23.32 psf

Years 6-10: $ 259,857.00, $ 21,654.75 per month, $23.82 psf

Years 11-15: $ 265,311.00, $ 22,109.25 per month, $24.32 psf

Years 16-25: $ 270,765.00, $ 22,563.75 per month $24.82 psf

OPTIONS 5/5 years

Years 26-30: $ 276,219.00, $ 23,018.25 per month $25.32 psf

Years 31-40: $ 281,673.00, $ 23,472.75 per month $25.82 psf

Years 41-45: $ 287,127.00, $ 23,927.25 per month $26.32 psf

Years 46-50: $ 292,581.00, $ 24,381.75 per month $26.82 psf

Years 51-55 : $ 298,035.00, $24,836.25 per month $ 27.32 psf

National Realty Corp believes the information contained in any attached sales material to be accurate; however, any purchaser should perform its own due

diligence and investigation relating to the property (ies) and National Realty Corp. makes no representation as to the accuracy or completeness of the

information herein presented. All material is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior sale, change of price, and withdrawal without notice.

Page 11: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ... · overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve replacement surgery (top 6% nationally)

All photos represented are actual photos of said property. This Property is being

presented and marketed through National Realty Corp. In association with Jorge

Rodriquez FL Broker # BK341294. Further information may be obtained by

e-mailing or calling its representative below.

Robert J. Lauria

President

National Realty Corp.

Phone: (914)-767-3380 NY

Phone: (203) 746-5782 CT

Cell: (914) 393-6440

Fax:: (914)-767-3383

E-mail: [email protected]

In Association

With Jorge Rodriquez

FL Broker # BK341294

National Realty Corp believes the information contained in any attached sales material to be accurate; however, any

purchaser should perform its own due diligence and investigation relating to the property (ies) and National Realty

Corp. makes no representation as to the accuracy or completeness of the information herein presented. All material

is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior sale,

change of price, and withdrawal without notice

Page 12: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ... · overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve replacement surgery (top 6% nationally)