CVS - Floyd, VA | 709 E Main St
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CVS - Floyd, VA 709 E Main St
7,700 SF Retail Building Floyd, VA 24091 $1,017,000 ($132/SF) 7% Cap Rate
Investment Highlights
- Ideal, management-free investment for a passive investor
- Nearby retailers include Food Lion, Dollar General, NAPA Auto Parts, and more
- Strategically fronting East Main Street averaging 11,000 VPD
- Excellent visibility via street frontage and multiple points of access
Executive Summary
• The tenant signed a recent lease extension leaving them with 7+ years of term and 6 (3-year) options to extend
• The lease features 5% rental increases at the beginning of each option to extend, steadily growing the asset’s NOI and providing a hedge against inflation
• Tenant pays for CAM, taxes, insurance and maintains most aspects of the premises
• Landlord responsibilities limited to roof, structure, HVAC, and electrical systems
• 2017 remodel that feature high quality materials, distinct design elements, and high-level finishes
• The AHHI within a 10-mile radius of the subject property exceeds $71,505
• There are 3,675 daytime employees and a population of 12,031
• The lease features 5% rental increases at the beginning of each option to extend, steadily growing the asset’s NOI and providing a hedge against inflation
• Tenant pays for CAM, taxes, insurance and maintains most aspects of the premises
• Landlord responsibilities limited to roof, structure, HVAC, and electrical systems
• 2017 remodel that feature high quality materials, distinct design elements, and high-level finishes
• The AHHI within a 10-mile radius of the subject property exceeds $71,505
• There are 3,675 daytime employees and a population of 12,031
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Drug Store
Building Size
7,700 SF
Building Class
C
Year Built/Renovated
1965/2017
Price
$1,017,000
Price Per SF
$132
Cap Rate
7%
NOI
$71,200
Tenancy
Single
Building Height
1 Story
Building FAR
0.33
Land Acres
0.54 AC
PROPERTY TAXES
| Parcel Number | 55A2-5-2 | Improvements Assessment | $575,900 |
| Land Assessment | $94,100 | Total Assessment | $670,000 |
PROPERTY TAXES
Parcel Number
55A2-5-2
Land Assessment
$94,100
Improvements Assessment
$575,900
Total Assessment
$670,000
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Andrew Fallon -
Philip Wellde -
SRS Real Estate Partners
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CVS - Floyd, VA | 709 E Main St
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