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CVS
1500 Hart Street, Vincennes, IN 47591, USA
Sands Investment Group is Pleased to Exclusively Offer For Sale the 10,125 SF CVS Absolute NNN Asset Located at 1500 Hart St in Vincennes, IN. This Deal Comes With a 16-Year Absolute Triple Net (NNN) Lease, Providing For a Secure And Reliable Investment.
- Long-Term Lease Stability – 16 Years Remaining: The property benefits from a secure, long-term lease with approximately 16 years remaining, providing a reliable and predictable income stream for the foreseeable future.
- Absolute Triple Net (NNN) Lease with Zero Landlord Responsibilities: The tenant is fully responsible for all property expenses, including maintenance, taxes, and insurance, minimizing management responsibilities and reducing landlord exposure.
- Strategically Positioned at a High-Traffic, Signalized Intersection: The property is prominently located at the signalized intersection of Hart Street and North 15th Street, offering excellent visibility, convenient access, and strong vehicular traffic, which supports tenant success and long-term site viability.
- Attractive Low In-Place Rent of $8.59 Per Square Foot: The current rental rate is significantly below market, presenting an opportunity for long-term rental growth and, offering a favorable entry point for investors.
- Corporate Guarantee by CVS Health Corporation (BBB Rated): The lease is backed by CVS Health Corporation, a nationally recognized and financially stable company with a BBB credit rating, providing additional security and investment-grade tenant quality.
- Exceptionally Low Real Estate Basis at $171.85 Per Square Foot: The property is priced at a highly attractive basis, which is substantially below replacement cost and offers a compelling value proposition for long-term investors.
- Minimal Pharmacy Competition in Vincennes Market: Little to no direct pharmacy competition in the surrounding area, reinforcing its strong customer base and long-term operational stability
In Cooperation With Sands Investment Group Indiana, LLC – Lic. #RC52000211 BoR: Andrew Ackerman – Lic. IN #RB20001918
CVS
1500 Hart Street, Vincennes, IN 47591, USA
CVS PHARMACY
CVS Pharmacy is the second-largest pharmacy chain in the United States. There are over 9,000 CVS Pharmacy locations in the United States. The state with the most CVS Pharmacy locations in the US is California, with 1,154 locations, which is 11% of all CVS Pharmacy locations in America. The company was founded in Lowell, Massachusetts, and originally named the Consumer Value Store. CVS Pharmacy is currently the largest pharmacy chain in the United States by number of locations and total prescription revenue. As the retail pharmacy division of CVS Health, it ranks as the 12th largest company in the world, serving 5 million customers each day. CVS sells prescription drugs and a wide assortment of general merchandise, including over-the-counter drugs, beauty products and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods through their CVS Pharmacy and Longs Drugs retail stores. It also provides healthcare services to more than 1,100 MinuteClinic medical clinics in 33 states, including the District of Columbia. As a pharmacy innovation company, CVS focuses on charitable giving in ways that will help people on their path to better health by improving health outcomes and building healthier communities.
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Price
$1,740,000
Cap Rate
5.00%
PREMISES
10,125 SF
RENEWAL OPTIONS
10 x 5 Year Options
Lease Expiration
07/31/2041
Lease Type
Absolute NNN
RENTAL INCREASES
None
BROKERS
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To receive access to this OM, please review and sign our confidentiality agreement:
Sands Investment Group (“Broker”) is presenting for sale the Subject Property (“Property”) referenced above, by the Property’s owner (the “Owner”). Our agreement with the Owner requires that we obtain a Non-Disclosure before disclosing the name and location of his/her location of his/her business. The undersigned (“Recipients”) hereby acknowledge and agree that certain confidential information that has been or may be disclosed is intended solely for Recipients’ limited use in considering whether to pursue negotiations to acquire the Property.
Neither the Owner of the Property nor Broker or any of their respective officers, employees or agents, make any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential information and no legal liability is assumed or shall be implied with respect thereto. Information provided has been or will be gathered from sources that are deemed reliable; however, neither Owner nor Broker warrants or represents that the information is true or correct. Recipients are advised to verify information independently. Owner and/or Broker reserve(s) the right to change the Property’s purchase price, or any Property or market information provided, or to withdraw the Property from the market at any time without notice.
Recipients agree that the information provided by Broker is confidential and as such, agrees to hold and treat such information in the strictest of confidence. In addition, Recipients agree not to disclose, directly or indirectly, or permit anyone else to disclose this information to any person, firm or entity without prior written authorization of Owner or Broker and not use, or permit to be used this information in any fashion or manner detrimental to the interests of Owner or Broker. Photocopying or other duplication of such confidential information is strictly prohibited. Recipients agree not to contact the Property’s tenant(s), leasing brokers, or property management staff in connection with Recipients’ review of the Property or confidential information. IN ADDITION, THE CONFIDENTIAL INFORMATION SHALL NOT BE DEEMED AS REPRESENTATIVE OF THE STATE OF AFFAIRS OF THE PROPERTY OR CONSTITUTE AN INDICATION THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THE PROPERTY SINCE THE DATE OR PREPARATION OF THE OFFERING MEMORANDUM.
While Owner and/or Broker may discuss the purchase and sale of the Property with Recipients, either Owner or Broker, in our sole and absolute discretion, may terminate sale discussions at any time and for any reason. Recipients acknowledge that neither Owner nor Broker has any obligation to discuss or agree to the sale of the Property. The acquisition discussions may be lengthy and complex. Notwithstanding that the parties may reach one or more oral understandings or agreements on one or more issues, neither of the parties shall be bound by any oral agreement of any kind, and no rights, claims, obligations or liabilities of any kind, either expressed or implied, shall arise or exist in favor of or be binding upon either Owner or Broker except to the extent expressly set out in a written agreement signed by both Owner and Broker.
This letter will further confirm that Recipients understand that Broker is presenting the information on the above-referenced Property and that Recipients agree that all initial correspondence and agreements pertaining to the opportunities and subsequent purchase shall be submitted through Agent. Prospective Buyer shall not contact the Owner directly unless given written permission by Agent or act either directly, indirectly, through any third parties including affiliates, other clients or other brokers to circumvent the purpose of this Agreement.
The term of this Agreement is for one (1) year from the date below, which shall be automatically extended through any ongoing negotiations, escrow periods or closing of any purchase and sales transaction(s) for the opportunity entered into by Prospective Buyer or its affiliates during the term hereof.
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