CVS Parmacy
5400 E Carefree Hwy, Carefree, AZ
NNN CVS Pharmacy in Phoenix msa
Chris Peters | [email protected] (415) 274-2703 CA DRE#: 01339983
Zeb Ripple | [email protected] (415) 274-2702CA DRE#: 01242540
Chris Kostanecki | [email protected] (415) 274-2701 CA DRE#: 01002010
In Association with: Jessie Zahn, AZ Licensed Broker(480) 214.5088 Ext. 101 Email: [email protected]
NNN CVS - WELL LOCATED AT THE HARD CORNER OF A HEAVILY TRAFFICKED INTERSECTION IN PHOENIX MSA
INVESTMENT HIGHLIGHTS:
> Assumable, Non-Recourse Loan (must be assumed) with rapid principal pay-down through 2023 > 9+ Years remaining on initial term of lease, and four 5-year options
LOCATION HIGHLIGHTS: > CVS is located at the hard corner of the Carefree Highway and North Cave Creek Road, an intersection that sees more than 43,000 cars a day
> The subject property is a pad to Lowe’s Home Improvement Center. Other nation retailers in the area include Walmart, The Home Depot, Harris Bank, and Starbucks
> The subject property benefits from strong demographics with 41,000 people living within a 5-mile radius with average household incomes in excess of $120,000
PROPERTY HIGHLIGHTS: > Appealing architectural design as mandated by strict Carefree guidelines
> High barriers of entry in this market
> Long term absolute net lease with 9 years remaining and rent increases in each of the four 5-year options
> Tenant pays all expenses including real estate taxes, most insurance and all maintenance
Investment HighlightsPRICE . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,157,529CAP RATE . . . . . . . . . . . . . . . . . . . . . . . . 7 .00%CASH ON CASH RETURN . . . . . . . . . . . . . . . . 4.38%
RENTABLE SF . . . . . . . . . . . . . . . . . . . . . . . . . . 13,813 SF
LAND AREA . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.79 Acres
YEAR BUILT . . . . . . . . . . . . . . . . . . . . . . . . . . . 2003
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E Carefree Highway
E Lone Mountain Road
N Bl
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Park
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E Rancho Paloma Drive
N T
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N Ca
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E Westland Road
Black Mountain Elementary
Desert Willow Elementary
Foothills Academy
Cactus Shadows High School
Quality Interactive Montessori School
Foothills Academy Elementary Prep School
Bella Vista College Prepartory
THE SHOPS AT DOVE VALLEY
•Ray’sPizza•CorporateYoga Wellness•Churchillsof Cave Creek•Heart&Soul• Leslie’sPoolmart•Pinky’sNails•AbadiDental Care•Consignofthe Times•Paws&Claws
TERRAVITA SHOPPING CENTER
EL PEDREGAL AT THE BOULDERS
THE SUMMIT AT SCOTTSDALE
FREEDOM FITNESS PLAZA
•ArizonaSkiesAnimal Hospital•SalonT•PhysicalTherapy
PHOENIX
23,200 DAILY
20,7
62 D
AILY
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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. Buyer must verify the information and bears all risk for any inaccuracies.
Income & Expense
Current
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Price: $6,157,529 Outstanding Principal Balance (as of 7/01/14) $4,285,326 Capitalization Rate: 7.00% Interest Rate 5.52%Less: Amortization 221/2 Total Est. Potential Cash Flow Sweep: $94,757 Term 10Loan Assumption App Fee: $25,000 Due Date 7/1/2023Effective Price: $6,037,772 Lender RAIT FundingEffective Capitalization Rate: 7.14% Net Operating Income $431,027 Price Per Square Foot: $445.78 Debt Service ($345,843)Down Payment 30.4% $1,872,203 Insurance Reserve ($3,226)Loan Amount 69.6% $4,285,326 Pre-Tax Cash Flow $81,958 Total Rentable Area (SF): 13,813 Debt Coverage Ratio 1.25 Lot Size (AC): 2.79 INCOME Per Square Foot Pre-Tax Leveraged Cash-on-cash Return 4.38%Scheduled Rent $431,027 Principal Paydown (Year 1 of Ownership) $110,062 Effective Gross Income $431,027 Total Return $192,020
EXPENSE Yield 10.26%
Taxes NNN $0 Insurance NNN $0 Cash Flow Sweep Analysis:Total Operating Expenses NNN $0 Lease Expiration: 7/24/2023NET OPERATING INCOME $431,027 Outside Notice Date: 10/23/2022
Cash Flow Sweep Start: 7/1/2020Days Between: 844Per Diem Cash Flow: $224.54
Total Est. Potential Cash Flow Sweep: $189,515 Loan Assumption App Fee: $25,000
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TENANT INFO LEASE TERMS RENT SUMMARY
Tenant Name Sq. Ft. Term Current Rent
Monthly Rent
Yearly Rent
Monthly Rent/FT
Yearly Rent/FT
CVS 13,813 7/25/2003 7/24/2023 $431,027 $35,919 $431,027 $2.60 $31.20
Option 1 7/25/2023 7/24/2028 $36,495 $437,934 $2.64 $31.70
Option 2 7/25/2028 7/24/2033 $37,070 $444,840 $2.68 $32.20
Option 3 7/25/2033 7/24/2038 $37,646 $451,747 $2.73 $32.70
Option 4 7/25/2038 7/24/2043 $38,221 $458,653 $2.77 $33.20
Totals: 13,813 $431,027 $35,919 $431,027 $2.60 $31.20
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. Buyer must verify the information and bears all risk for any inaccuracies.
Rent Roll
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ABOUT CVSCVS Caremark Corporation, together with its subsidiaries, provides integrated pharmacy health care services in the United States. The company’s Pharmacy Services segment offers pharmacy benefit management services, including plan design and administration, formulary management, discounted drug purchase arrangements, Medicare Part D services, mail order and specialty pharmacy services, retail pharmacy network management services, prescription management systems, clinical services, and disease management services. It primarily serves employers, insurance companies, unions, government employee groups, managed care organizations and other sponsors of health benefit plans, and individuals. This segment operates its business under the CVS Caremark Pharmacy Services, Caremark, CVS Caremark, CarePlus CVS/pharmacy, RxAmerica, and Accordant names. Its Retail Pharmacy segment sells prescription drugs, over-the-counter drugs, beauty products and cosmetics, seasonal merchandise, greeting cards, and convenience foods, as well as provides photo finishing services. This segment sells its products through retail drugstores; online retail pharmacy Website CVS.com; onsite pharmacy stores; and retail health care clinics. The company also offers infusion services.
As of December 31, 2012, CVS Caremark operated 7,458 retail drugstores, 640 MinuteClinic locations, 31 retail specialty pharmacy stores, 12 specialty mail order pharmacies, and 5 mail order pharmacies. The company was founded in 1892 and is based in Woonsocket, Rhode Island.
CVS ranked #13 in the Fortune 500 in 2013.
2012 REVENUE $123 .13 Billion
NUMBER OF LOCATIONS 7,400+
NUMBER OF EMPLOYEES 203,000
CVS Pharmacy
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Photos
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Surrounding Retail
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CVS
Regional Map
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The town of Carefree, settled in the foothills of the Sonoran Desert amid lush terrain and ancient boulders, offers refuge from the larger cities of Phoenix and Scottsdale to the south. The majestic beauty of Black Mountain dominates the horizon with spectacular homes perfectly camouflaged amongst the massive boulders and rock formations. Carefree has evolved over the years into an eclectic mix of boutiques, restaurants and galleries. At the town center is the historic Carefree Sundial, the town’s landmark inspiring the quote “Carefree, where the sun marks time.” Strolling the retail district, one can easily walk to all the charming independent merchants and local services. Spanish Village features a beautiful courtyard with shopping and dining al fresco. The Carefree Galleria building plays host to artists, home décor stores and one of a kind boutiques.
Demographics Top Employers in Maricopa County
Carefree, AZ
Population 1 Mile 3 Miles 5 Miles
2010 Population 2,070 19,288 39,8992013 Population 2,146 19,981 41,1112018 Population (Projection) 2,313 21,422 43,883
2013 Income
2013 Average Household Income $113,672 $118,891 $121,8042013 Median Household Income $97,912 $100,445 $101,789
Employer # of Employees (Approx)
State of Arizona 49,800
Wal-Mart Stores Inc 30,634
Banner Health 24,825
City of Phoenix 15,100
Wells Fargo 13,308
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Copyright © 2013 [Capital Pacific Real Estate Brokerage Company]
Chris Peters | [email protected] (415) 274-2703 CA DRE#: 01339983
Zeb Ripple | [email protected] (415) 274-2702CA DRE#: 01242540
Chris Kostanecki | [email protected] (415) 274-2701 CA DRE#: 01002010
Copyright © 2014 [Capital Pacific Real Estate Brokerage Company]
In Association with: Jessie Zahn, AZ Licensed Broker(480) 214.5088 Ext. 101 Email: [email protected]
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