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CVS - NNN Johnstown Pennsylvania 1650 Menoher Blvd

13,627 SF Retail Building Johnstown, PA 15905 $3,784,650 ($278/SF) 6% Cap Rate

Investment Highlights

  • Fair Market Value Options
  • Investment Grade Tenant
  • Major Retail Corridor
  • Build to Suit
  • Long-Term Operator

Executive Summary

Newmontis is proud to offer for sale a fee simple interest in the single-tenant CVS Pharmacy located in Johnstown, PA (the “Property”). CVS Pharmacy is operating under an absolute NNN lease expiring January 31, 2041. The annual rent is $227,079 with ten (10), five (5) year renewal options. Starting with the third option, the rent may increase to “Fair Market Value”– a rare trait for a corporate drugstore lease.
With monthly base rent of only $1.39/SF and Fair Market Value options, this CVS presents current income stability and a long-term appreciation opportunity.
The Property consists of over 1.8 acres and an architecturally distinct 13,627 square-foot CVS Pharmacy built in 2015. The property is about 60 miles from Pittsburgh and is prominently positioned on the signalized intersection of Goucher Street and Menoher Boulevard.
The lease is absolute net; the landlord has zero responsibilities. CVS operates almost 10,000 locations in the US and employs approximately 260,000 employees, generating over $170 billion in total revenue. CVS Health has an investment grade credit rating by all major rating agencies including a BBB+ rating with a stable outlook from Standard & Poor’s Rating Services. The lease has no “rent holidays”.
INVESTMENT HIGHLIGHTS:
-Fair Market Value Options: Many CVS investments have minimal rent increases, and if market rent in an area outpaces the rent increases, the CVS owner’s cash flow doesn’t keep up. Assuming 2.0% annual inflation over the current rent, this CVS’s first fair market value option could be over $430,000 per year, a 92% increase in rental income to the Owner.
-Build to Suit: This store was purpose-built for CVS, and they specifically selected this intersection for their location.
-Investment Grade Tenant: The lease is fully guaranteed by CVS Health Corporation, one of the world’s most valuable brands and ranked #4 on the Fortune 500 list. CVS Health has an investment grade credit rating by all major rating agencies including a BBB+ rating with stable outlook from Standard & Poor’s.
-Long-Term Operator: The Property has housed CVS since 2015, and with options their tenancy can extend to 2091
-Major Retail Corridor: CVS is operating at the intersection of Goucher St. and Menoher Blvd., which sees traffic counts of over 16,000 vehicles per day.

Data Room Click Here to Access

Property Facts

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
13,627 SF
Building Class
A
Year Built
2015
Price
$3,784,650
Price Per SF
$278
Cap Rate
6%
NOI
$227,205
Tenancy
Single
Building Height
1 Story
Building FAR
0.17
Land Acres
1.81 AC
Parking
59 Spaces (4.32 Spaces per 1,000 SF Leased)
Frontage
239 FT on Menoher Boulevard

MAJOR TENANTS Click Here to Access

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease Type
  • Lease End
  • Retailer
  • -
  • -
  • Lorem Ipsum
  • Jan 0000

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 - - Lorem Ipsum Jan 0000

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
066-107467
Land Assessment
$36,960
Improvements Assessment
$678,040
Total Assessment
$715,000
  • Listing ID: 30639454

  • Date on Market: 1/11/2024

  • Last Updated:

  • Address: 1650 Menoher Blvd, Johnstown, PA 15905

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