CVS - Kiln Rd - Louisville, KY_Property for Sale
CVS - Kiln Rd - Louisville, KY_Property for Sale
Lime Kiln Lane 2311, Louisville, KY, 40222, US

CVS - Kiln Rd - Louisville, KY

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in the single-tenant CVS Pharmacy (the “Property” or “Asset”) located at 2311 Lime Kiln Road in Louisville, KY. The Property totals 13,255 SF and features a 25-year lease and 5.0% rent escalations every 5 years throughout the six (6), five-year renewal options. The lease structure is a NN lease and offers investors long-term cash flow with landlord expenses limited to roof & structure.


The Asset is located in an incredibly affluent pocket of Louisville, with 8,000+ residents in a one mile radius of the Property earning an average household income of $154,000+, over double the national average. The Property sits along Brownsboro Road (19,800 VPD) within a dense commercial corridor, down the street from a Kroger (1.3 million annual visitors) and adjacent to the Holiday Manor Shopping Center; 2.6 million annual visitors ranks Holiday Manor in the top 10% of neighborhood centers nationally, per placer.ai.


The Property features a 1.9 AC parcel directly across the street from Ballard High School (1,900+ students) and is fully leased to CVS (the “Tenant”). As the largest US pharmacy by total prescription revenue, CVS generated revenues of $358 billion in 2023, an ~11% increase year-over-year.


The Offering provides investors with the opportunity to acquire over 11.5 years of passive cash flow from a dominant retail-pharmacy tenant with an investment grade credit rating.

...

Attributes

Asking price
CA$8,006,000
Cap rate
5.75%
Building area net
1,229 sm
Occupancy
100%
Year built
2009
WAULT
11.8 years
Land area gross
7,608 sm

Media

Investment highlights

·      Incredible demographic profile with $154K AHHI in 1-Mile surrounding the property


·      Investment Grade tenancy from CVS, the largest pharmacy in the U.S. by prescription revenue


·      Across the street from 14th-ranked Kentucky high school (1,900+ students)


·      Frontage along Brownsboro Road, which sees +19,800 vehicles per day


·      Adjacent to Holiday Manor Shopping Center, which sees 2.6 million annual visitors, top 10% in the nation per placer.ai


·      Long-term, Net Lease expiring in 2036 with limited landlord responsibilities and six (6), five-year extension options


·      Down the street from 104-bed, $840 million VA Hospital development completing in 2026

CVS - Kiln Rd - Louisville, KY 4_Property for Sale
CVS - Kiln Rd - Louisville, KY 4_Property for Sale

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CVS - Kiln Rd - Louisville, KY (0 Properties)

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Last updated
May 22, 2024