CVS Pharmacy

• Decades-Long Tenancy & 10-Year Lease Extension: CVS has been successfully operating at this site since June 1986, demonstrating an exceptional, nearly 40-year historical commitment to the location. They recently reaffirmed this long-term dedication by executing a 10-year lease extension, with the new expiration securely set for May 31, 2036
• Extremely Low Base Rent & Downside Protection: The property features a highly attractive, below-replacement-cost base rent of just $72,504 annually, equating to only $8.53 per square foot. This exceptionally low rent provides an investor with significant downside protection.
• Phenomenal Store Sales & Percentage Rent: This location is a highly productive site for the tenant, boasting approximately $7.17 million in total sales. Because of this tremendous store performance, the property receives $70,061 in percentage rent. This essentially doubles the base rent and brings the total annualized operating income to roughly $142,566.
• Investment-Grade Credit Tenant: The lease is corporately guaranteed by Holiday CVS, L.L.C., backed by parent company CVS Health Corporation.
• Favorable NN+ Lease Structure: The tenant operates under a Double Net (NN+) lease where the landlord’s responsibilities are limited to maintaining the roof and structure.
• Income Tax-Free State: The property is situated at 8361 North Century Boulevard in Century, Florida. Florida remains one of the most highly sought-after investment markets in the country due to its lack of a state income tax.