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Posted: Wednesday, February 14, 2018 7:47 AM

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Please see the details below for a freestanding Absolute NNN CVS. This is a freestanding CVS on 1.75 acres of land in the highly affluent community of Cave Creek, AZ. The asking price is $7,137,088 / 6.15% CAP and there are 9± years remaining on the lease with zero Landlord obligations.

The property is encumbered with attractive assumable debt allowing the investor to purchase a $7.1M property with a down payment of approximately $3,204,370. The loan interest rate is fixed for 10 years at 4.5% with a 25 year amortization. This produces a ± 5.21% cash on cash return to the investor. Loan can be prepaid with a 2% pre-payment penalty.

Built in 2005, the Property is located less than 20 minutes north of Scottsdale, AZ at 28138 North Tatum Boulevard. The Town of Cave Creek (Arizona) is located in northern Maricopa County. CVS strategically sits at the hard corner of N. Tatum Boulevard (Traffic Counts: 31,318 ADT) and East Dynamite Boulevard (Traffic Counts: 15,979 ADT). N. Tatum Boulevard is a major east-west retail thoroughfare connecting the surrounding residential developments with two major retail developments.

Asking Price: $7,137,088
CAP Rate: 6.15%
NOI: $438,931

Original Lease Term: 20 Years
Lease Term Remaining: 9± Years
Rent Increases: In Options
Options: 4 x 5 year w/$0.50 psf bumps
Year Built: 2005
Rent Commencement: Jan. 30, 2005
Lease Expiration: Jan. 29, 2025
Building Size: 13,813± SF
Lot Size: 1.75± AC

INVESTMENT HIGHLIGHTS

Absolute NNN Lease - ZERO LL Responsibilities
No Rent Holiday
Highly Affluent Location – Over $127k Average Household Income within 1, 3, & 5-Mile Radius
Located in the Phoenix-Mesa-Scottsdale MSA
Excellent Access and Visibility - Located on signalized intersection of N. Tatum and E. Dynamite Blvd.
High Traffic Counts of over 47,000 ADT
Drive-Thru Pharmacy & Minute Clinic Walk-In Clinic Location
Limited Competition – Strategically Located between 2 existing CVS locations over 4.5-miles to the South & 5-miles to the North respectively
Rapid Population Growth in the area (55% pop. Growth over the last 10 years within a 5-mile radius)
Attractive Assumable Loan - 5.21% Cash on Cash - $3,204,370± Cash to Assume - 2% Prepayment Penalty

ASSUMABLE LOAN SUMMARY

Equity Needed to Assume: $3,204,370± (55% LTV)
Cash-on-Cash Return: 5.21%
Annual Cash Flow: $166,849±
Fixed Loan Term Remaining: 8.5± Years

• Location: Cave Creek, AZ, Phoenix

• Post ID: 37734430 phoenix
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