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CVS 1200 State Route 35
13,567 SF Retail Building Middletown, NJ 07748 $10,900,000 ($803/SF) 5.40% Cap Rate
Executive Summary
The property is located at a highly visible, 1.9 acre corner parcel at the intersection of Route 35 and New Monmouth Road in a strong retail area. Middletown is located in northern New Jersey and is a part of the New York Metropolitan area.
INVESTMENT HIGHLIGHTS:
*INITIAL 25-YEAR TERM: There are 21 years remaining on the initial 25-year lease term with 8, five-year renewal options that include a 10% rent increase at the start of each option period.
*BUILDING CONSTRUCTION DATE: The building was constructed in 2019.
*INVESTMENT GRADE CREDIT: The lease Guarantor is CVS Health Corporation (NYSE: CVS). CVS has a credit rating at BBB+ (S&P) and Baal (Moody’s)
*LOCATION: The property is located at a signalized corner parcel at the intersection of Route 35 and New Monmouth Road.
*HIGH TRAFFIC COUNTS: Route 35 has an average daily traffic count of over 30,000 vehicles and New Monmouth Road has an average daily traffic count of over 11,000 vehicles.
*DEMOGRAPHICS: There are over 50,000 people living within a 3-mile radius to the property with an average household income of over $130,000.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
-
- Retailer
- -
- -
- Triple Net
- Jan 2045
CVS Health is building a world of health around every consumer. Their unmatched reach allows them to deliver high-quality, affordable health care when and how individuals choose. They are on a mission to deliver superior and more connected experiences, lower the cost of care and improve the health and well-being of those they serve. As a leading health solutions company, they offer multiple channels to access health care locally and nationally. Their strong community presence, tech-forward approach and unmatched engagement with millions of people enabling them to deliver high-quality, personalized, affordable health care. Guided by their purpose, CVS Health® is building an entire world of health care around each and every person they serve, no matter where they are on their journey. They listen, show empathy and deliver innovative solutions that serve people’s unique needs and earn their loyalty. Because how they deliver their services is just as important as what they deliver.
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
|
|
Retailer | - | - | Triple Net | Jan 2045 |
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 32-00807-0000-00001-01-C0002 | Improvements Assessment | $1,832,600 |
| Land Assessment | $1,770,600 | Total Assessment | $3,603,200 |
PROPERTY TAXES
Learn More About Investing in Retail Properties
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CVS | 1200 State Route 35
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