CVS | 2600 W Michigan Ave
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CVS 2600 W Michigan Ave
13,225 SF Retail Building Kalamazoo, MI 49006 $4,123,592 ($312/SF) 5.15% Cap Rate
Investment Highlights
- Approximately 17 years left on an ABSOLUTE NET GROUND LEASE with CVS
- 10% rental increases at the beginning of each five year option
- Three points of ingress/egress into overall shopping center
- Primary Term thru January 31, 2042 with ten (10) five (5) year options to extend - No increases in the rent during primary term
- Investment Grade Tenant - Moody's rating: Baa2
- Single lane "drive thru" access
Executive Summary
CVS is the largest drug store chain with the Top Pharmacy as ranked by prescription drug market share as of 2023 totaling approximately 25.17%. As of March 2024, global revenue totaled $357,776,000,000.00. CVS is ranked 6th on the Fortune 500 and 11th on the Fortune Global 500. In 2024, Fortune also ranked CVS the 50th most admired company worldwide.
Investment Grade Tenant - Moody's rating: Baa2. S & P - stable as of March 31, 2024. Primary Term thru January 31, 2042 with ten (10) five (5) year options to extend. 10% rental increases at the beginning of each five year option. Building renovated by CVS for their use i n 2016.
39,583 sf lot with cross easement rights to adjacent shopping center - Campus Pointe Mall. Parking lot as re-paved and re-striped in 2019. Three points of ingress/egress into overall shopping center. Single lane "drive thru" access. Traffic counts at this lighted intersection are close to 40k cpd. Extended store hours from 7:00 am to 12:00 am, Monday through Sunday. CVS acquired Aetna, the nation's 3rd largest health insurer in terms of memberships in 2018/2019.
Investment Grade Tenant - Moody's rating: Baa2. S & P - stable as of March 31, 2024. Primary Term thru January 31, 2042 with ten (10) five (5) year options to extend. 10% rental increases at the beginning of each five year option. Building renovated by CVS for their use i n 2016.
39,583 sf lot with cross easement rights to adjacent shopping center - Campus Pointe Mall. Parking lot as re-paved and re-striped in 2019. Three points of ingress/egress into overall shopping center. Single lane "drive thru" access. Traffic counts at this lighted intersection are close to 40k cpd. Extended store hours from 7:00 am to 12:00 am, Monday through Sunday. CVS acquired Aetna, the nation's 3rd largest health insurer in terms of memberships in 2018/2019.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Drug Store
Building Size
13,225 SF
Building Class
B
Year Built
2016
Price
$4,123,592
Price Per SF
$312
Cap Rate
5.15%
NOI
$212,365
Tenancy
Single
Building Height
1 Story
Building FAR
0.33
Lot Size
0.93 AC
Zoning
CN-1
Parking
100 Spaces (7.56 Spaces per 1,000 SF Leased)
Frontage
131 FT on Michigan Ave
Amenities
- Drive Thru
Walk Score ®
Very Walkable (70)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 06-20-196-050 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $855,900 |
PROPERTY TAXES
Parcel Number
06-20-196-050
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$855,900
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CVS | 2600 W Michigan Ave
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