CVS | 402 S Main St
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CVS 402 S Main St
13,824 SF Retail Building Rolesville, NC 27571 $5,200,000 ($376/SF) 5.93% Cap Rate
Investment Highlights
- CVS/pharmacy at the Four-Way Signalized Intersection of S Main Steet and Rogers Road (+/- 25,000 Vehicles Per Day)
- Explosive Historical Growth (150% from 2010 to 2020) with Robust 12% Growth Projected Between 2023 and 2028
- Long Term NNN Lease Featuring Over 12 Years of Term Providing Maximum Security
- Rolesville, NC was the Fastest Growing Town in the State Per 2020 Census Data; Currently Has 2,400+ Dwelling Units Under Construction
- Strong Surrounding Retail Synergies with Publix, 7-Eleven, and Bojangles Currently Under Construction
- Corporate Guarantee from CVS, the 6th Ranked Company on the Fortune 500 w/ an S&P Credit Rating of BBB
Executive Summary
-NNN CVS/pharmacy with No Landlord Responsibilities: CVS/pharmacy Located at the Highly Trafficked Signalized Intersection of S Main Street (15,000 Vehicles Per Day (VPD)) and Rogers Road (9,000 VPD) in Rolesville, NC in the Raleigh-Durham-Cary MSA
-Rapid/Growth Development Area in the Greater Research Triangle: Located in Rolesville, NC, the Fastest Growing Town in North Carolina with Populations Over 5,000 According to the 2020 US Census with Over 2,400 Homes/Apartments Currently Under Development
-Explosive Historical and Projected Population Growth: Rolesville Grew More Than 150 Percent Between 2010 and 2020 According to the US Census with Population Growth Projected at Nearly 12 Percent Within a 3-Mile Radius of This CVS Between 2023 and 2028
-Long Term Lease with Rare Base Term Rent Increase Offering Maximum Security: CVS/pharmacy's Lease Base Term Currently Features Over 12 Years and Several 5-Year Tenant Extension Options Along with a Rare Base Term Rent Increase Providing an Ideal 1031 Investment
-Strong Surrounding Retail Synergies: Surrounded by a Host of the Nation’s Most Successful Retailers Including Food Lion, McDonald’s, Auto- Zone, Dollar General, and Sonic Along with with Publix, 7-Eleven, and Bojangles Under Construction
-Investment Grade Credit / Fortune 500 Company: Lease Corporately Guaranteed by CVS Health, the 6th Ranked Company in the Fortune 500 with an S&P Credit Rating of BBB and Over $358 Billion in Total Revenue (2023)
-Rapid/Growth Development Area in the Greater Research Triangle: Located in Rolesville, NC, the Fastest Growing Town in North Carolina with Populations Over 5,000 According to the 2020 US Census with Over 2,400 Homes/Apartments Currently Under Development
-Explosive Historical and Projected Population Growth: Rolesville Grew More Than 150 Percent Between 2010 and 2020 According to the US Census with Population Growth Projected at Nearly 12 Percent Within a 3-Mile Radius of This CVS Between 2023 and 2028
-Long Term Lease with Rare Base Term Rent Increase Offering Maximum Security: CVS/pharmacy's Lease Base Term Currently Features Over 12 Years and Several 5-Year Tenant Extension Options Along with a Rare Base Term Rent Increase Providing an Ideal 1031 Investment
-Strong Surrounding Retail Synergies: Surrounded by a Host of the Nation’s Most Successful Retailers Including Food Lion, McDonald’s, Auto- Zone, Dollar General, and Sonic Along with with Publix, 7-Eleven, and Bojangles Under Construction
-Investment Grade Credit / Fortune 500 Company: Lease Corporately Guaranteed by CVS Health, the 6th Ranked Company in the Fortune 500 with an S&P Credit Rating of BBB and Over $358 Billion in Total Revenue (2023)
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Drug Store
Building Size
13,824 SF
Building Class
B
Year Built
2005
Price
$5,200,000
Price Per SF
$376
Cap Rate
5.93%
NOI
$308,490
Tenancy
Single
Building Height
1 Story
Building FAR
0.18
Lot Size
1.74 AC
Zoning
Special Use Commercial
Parking
71 Spaces (5 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 1758.08-89-2738-000 | Improvements Assessment | $5,645,812 |
| Land Assessment | $921,276 | Total Assessment | $6,567,088 |
PROPERTY TAXES
Parcel Number
1758.08-89-2738-000
Land Assessment
$921,276
Improvements Assessment
$5,645,812
Total Assessment
$6,567,088
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CVS | 402 S Main St
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