Available For Sale - Retail

10,722 SF | Show Pricing $

AVAILABILITY DETAILS

Size
10,722 SF
Price/SF
Show Pricing $
Listing ID
SA387922
Notes
Cap Rate 5.33%

NOI $100,000

Building Size 10,722 sqft

Lot Area 1.066 acres

Lease Type Double Net

Year Built 1996

Price Per Sqft $174.87

Parking Lot, Roof & Structure Landlord's Responsibility

HVAC Tenant’s Responsibility

Utilities Tenant’s Responsibility



We are pleased to offer for sale the 10,722 sf CVS pharmacy located at 425 E Memorial Drive in Muncie, IN. This deal includes over 13 years remaining on the lease, with a recession proof, investment grade tenant. CVS is paying a below market rent with attractive 5% rental increases at the option periods, providing for a secure investment.



INVESTMENT-GRADE, NET LEASE OPPORTUNITY

• Is one of the three largest drugstore chains in the U.S.; The industry leading retailer has a current S&P credit rating of BBB+/Stable



MINIMAL LANDLORD RESPONSIBILITIES

• Landlord is only responsible for roof, structure and maintaining the parking lot; This property has been meticulously maintained by the landlord and the tenant, with the landlord maintaining the roof twice a year.



LONG-TERM OPERATING HISTORY

• CVS has been operating at this location since 1996 and recently signed a brand new 15 year lease extension demonstrating commitment to the site



ATTRACTIVE RENTAL STRUCTURE

•CVS is paying well below market rent at this location, making the income easily replaceable



EXCELLENT DAYTIME EMPLOYMENT COUNTS

• Over 30,600-43,000 employees work within the 3-mile and 5-mile radius of the site, respectively



COLLEGE TOWN WITH PROXIMITY TO MAJOR EMPLOYERS

• Ball State University, home to over 22,000 students and 3,000 employees, is located in Muncie, IN

• Generally, university towns generate higher front-end sales at drugstores than average for similar sized municipalities

• IU Health Ball Memorial Hospital (350 beds & 2,930 employees), located in Muncie and affiliated with Indiana University Medical, is the largest medical complex in a 40-mile radius

• Major employers in area include: Maxon Corporation (250 employees) is less than 1-mile From the Property; Progress Rail Services (500 Employees), DIY Group, Inc. (295 employees); Ivy Tech Community College (4,000 students & 482 employees); and Magna Powertrain (585 employees) are all approximately 3-miles from the property



RETAIL DESTINATION FOR EAST CENTRAL INDIANA

• Located approximately 60-miles north of Indianapolis, Muncie serves as a regional business, educational, medical, financial and retail hub, with a trade area encompassing 9 counties and approximately 429,000 people

• Property is situated on a hard corner at the busy signalized intersection of Madison St and E Memorial Drive (combined traffic counts of over 28,600 VPD)

• Strategically positioned directly across the street from Walgreens and adjacent to advance auto parts

• Nearby tenants include: Family Dollar, Autozone, Taco Bell, Arby’s, KFC and Wendy
Uses
Retail

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Amar Goli, Sands Investment Group