CVS - Indianapolis, IN_Property for Sale

3808 East Washington Street, Indianapolis, IN, 46201, US

CVS - Indianapolis, IN

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee-simple interest in a 12,585 square foot freestanding, single-tenant CVS/Pharmacy located at 3808 East Washington Street in Indianapolis, Indiana (“Property” or “Asset”).

The Asset is 100% leased to Hook-SupeRX, L.L.C. (“Tenant”) and guaranteed by Revco D.S., Inc. (“Guarantor”). Many former Hook’s locations are now CVS Pharmacies after Hook’s-SupeRx was acquired by Revco in 1994 and Revco was acquired by CVS in 1997. As the largest U.S. pharmacy by total prescription revenue, CVS generated revenues of $357 billion in 2023, an 11% increase year-over-year.

The Property is strategically positioned on the signalized intersection of E Washington St and N Sherman Dr with direct visibility to more than 38,000 vehicles per day. Adjacent are Purdue Polytechnic High School and Thomas Carr Howe High School with 1,210+ combined students enrolled. The Property is in a growing Indianapolis market with 9.0% population growth since 2010 and more than 255,000 residents within a 5-mile radius.

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Attributes

Asking price

₫59,343,182,000

Cap rate

7.1%

NOI

₫4,213,341,000

WAULT

2.2 years

Building area net

1,169 m²

Occupancy

100%

Media

Investment Highlights

Low rent of $165,500
Tenant is operating on its second five-year renewal option with ±2.2 years remaining, three, five-year renewal options and 5.0% rent escalations throughout the option periods
Dedication to the site with 27 years of historical occupancy
On the signalized intersection of E Washington St and N Sherman Dr (38,000 VPD)
CVS is the largest pharmacy by total prescription revenue with a 2023 revenue of $357 billion
Incredible demand characteristics driven by 9.0% rent growth since 2010 and 255K+ residents within a 5-mile radius