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2001 Nicollet Ave
Minneapolis, MN 55404

CVS Pharmacy · Multifamily Property For Sale · 63 Units

INVESTMENT HIGHLIGHTS

  • Lower Expenses Due to Condo Arrangement
  • Only Mpls Drug Store Drive-Thru Within 5.9 miles - Only Drive-Thru Downtown
  • 3 Other Pharmacies Were Recently Bought Out by CVS In the Area to Drive Prescription Business to the Location
  • Serves Basic Grocery Needs of Immediate Neighborhood, With Few Nearby Supermarket Options
  • 2 Downtown CVS Locations Were Vacated In 2019 Helping Funnel Traffic to This Location
  • Recently Underwent an Extensive Enhancement Project

EXECUTIVE SUMMARY

This top-tier CVS offers a tremendous investment opportunity. Recently upgraded, this urban location serves the vibrant Eat Street Neighborhood, just outside of Downtown Minneapolis. The hard corner location is on a high traffic signalized intersection and features a drive-thru, coupled with rare off-street parking. This CVS has limited competition in close proximity, is strategically located near many medical facilities, and sits in a densely populated neighborhood. The Minneapolis-St. Paul MSA is home to nearly 4 million residents & is expected to continue to grow. This “essential business” has a rock solid lease structure with 12+ years remaining on an NNN condo basis. Rent bumps are offered in the option periods as well. In addition, since this is a condo location, the common area maintenance and expenses are less, since they are split amongst the building tenants - the tenant in turn benefits! CVS Health is community-based and locally focused, engaging consumers with the care they need when and where they need it. The Company has approximately 9,900 retail locations, approximately 1,100 walk-in medical clinics, a leading pharmacy benefits manager with approximately 102 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year and expanding specialty pharmacy services.

PROPERTY FACTS

No. Units 63
Property Type Multifamily
Property Subtype
Apartment
  • General Retail Drugstore
Apartment Style Mid Rise
Building Class B
Lot Size 1.22 AC
Building Size 94,302 SF
No. Stories 4
Year Built 2006
Parking Ratio 2.84/1,000 SF
APN / Parcel ID
34-029-24-12-0180
  • 34-029-24-12-0216

AMENITIES

UNIT AMENITIES

  • Air Conditioning
  • Balcony
  • Dishwasher
  • Disposal
  • Microwave
  • Washer/Dryer
  • Heating
  • Kitchen
  • Hardwood Floors
  • Refrigerator
  • Oven
  • Stainless Steel Appliances
  • Range
  • Tub/Shower
  • Freezer

SITE AMENITIES

  • Controlled Access
  • Fitness Center
  • On-Site Retail
  • Elevator
  • Smoke Detector

ZONING

Zoning Code C2
  • Listing ID: 19715134

  • Date on Market: 5/29/2020

  • Last Updated:

  • Address: 2001 Nicollet Ave, Minneapolis, MN 55404