Retail
Under Contract

CVS Frederick MD

1460 W Patrick St, Frederick, MD, 21702-4915, US

CVS Frederick MD_Property for Sale

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CVS Frederick MD 2_Property for Sale

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer a freestanding CVS Pharmacy (the "Property") in the historically significant city of Frederick, Maryland. The NNN structure of this national credit tenant (BBB;S&P) offers minimal landlord responsibilities and a steady, predictable cash flow with a corporate guaranty. In addition, the back half of the existing parcel serves as an immediate value-add opportunity for a buyer to redevelop.

The 13,225 SF property is located minutes away from the widely popular Golden Mile Retail Corridor and has a 10+ year operating history as well as 13+ years of term remaining, demonstrating a strong commitment to the location.

Attributes

Asking Price
$3,917,000
Building area gross
13,225 sf
Occupancy
100.00%
Year built
2011
Land area Gross
4.19 acres (182,516 sf)

Investment highlights

Long Term CVS Cash Flow with Immediate Value Add Potential on Remaining Portion of Parcel

  • 4.19 Acre Site, Zoned (GC) General Commercial 
  • CVS premises consist of 1.68 acres
  • Remaining portion of Parcel consists of 2.51 acres, creating immediate redevelopment opportunity
  • Existing garage generating $61,400 of annual income
    • MTM leases in place

CVS Corporate Ground Lease with 13+ Years Remaining on the Term

  • 5 Options Remaining with 12.5% Rent Increase in First Option, and 9% on subsequent options
  • NNN Ground Lease – Landlord pays taxes and passes through to CVS

Located Within The Golden Mile Retail Corridor

  • Route 40 West, also known as The Golden Mile, is home to dozens of nationally recognized shops, restaurants, and other businesses that serve as a vibrant and accessible venue for shopping, dining, and commerce
  • 300+ unit townhome development by Ryan Homes currently under construction directly behind the property. Listing price goes up to$573,990+ and a quick 5-minute walk from property

Frontages along both U.S. Route 40 (W. Patrick Street) and ALT U.S. Route 40 (Old National Pike)

  • 21,800+ VPD along U.S. Route 40
  • 11,800+ VPD along ALT U.S. Route 40
  • 71,000+ VPD along I-70
  • Strong Ingress / Egress through front and back portions of parcel
CVS Frederick MD 4_Property for Sale

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Last updated
Aug 31, 2022