1204 Elton Rd, Jennings, LA 70546
13,348 SF | Retail Building | Jennings, LA 70546 | $3,958,400 ($297/SF) | 6% Cap Rate
For Sale
Active
4 pictures
Asking Price $3,958,400
- Property Type
-
Retail
- Square Feet
- 13,348 SF
- Price / Square Foot
- $297
Listing Contacts
- Property Info
Property Overview
For sale is a fee simple interest in the single-tenant CVS Pharmacy located in Jennings, LA (the “Property”). CVS Pharmacy is operating under an absolute NNN lease expiring January 31, 2041. The annual rent is $237,506 with ten (10), five (5) year renewal options. Jennings is 40 minutes from Lafayette and 90 minutes from Baton Rouge, LA.
Traffic counts at this intersection are over 34,500 cars per day, and it is on the dominant commercial corridor in Jennings.
The Property consists of over 1.5 acres, outparcel to a Dollar General anchored retail center. The 13,348 square-foot CVS Pharmacy was built in 2015. The property is synergistically located less than 1-mile from the Jennings American Legion Hospital.
The lease is absolute net; the landlord has zero responsibilities. CVS operates almost 10,000 locations in the US and employs approximately 260,000 employees, generating over $170 billion in total revenue. CVS Health has an investment grade credit rating by all major rating agencies including a BBB+ rating with a stable outlook from Standard & Poor’s Rating Services. The lease has no “rent holidays”.
INVESTMENT HIGHLIGHTS:
-Fair Market Value Options: Many CVS investments have minimal rent increases, and if market rent in an area outpaces the rent increases, the CVS owner’s cash flow doesn’t keep up. Assuming 2.0% annual inflation over the current rent, this CVS’s first fair market value option could be over $456,000 per year, a 92% increase in rental income to the Owner.
-Drive-Thru: This store features a convenient Drive-Thru pharmacy window, offering convenient pick up for customer prescriptions.
-Investment Grade Tenant: The lease is fully guaranteed by CVS Health Corporation, one of the world’s most valuable brands and ranked #4 on the Fortune 500 list. CVS Health has an investment grade credit rating by all major rating agencies including a BBB+ rating with stable outlook from Standard & Poor’s.
-Long-Term Operator: The Property has housed CVS since 2015, and with options their tenancy can extend to 2091.
-Major Retail Corridor: CVS is operating at one the busiest commercial intersections in Jennings, with traffic counts over 26,000 cars per day.
Traffic counts at this intersection are over 34,500 cars per day, and it is on the dominant commercial corridor in Jennings.
The Property consists of over 1.5 acres, outparcel to a Dollar General anchored retail center. The 13,348 square-foot CVS Pharmacy was built in 2015. The property is synergistically located less than 1-mile from the Jennings American Legion Hospital.
The lease is absolute net; the landlord has zero responsibilities. CVS operates almost 10,000 locations in the US and employs approximately 260,000 employees, generating over $170 billion in total revenue. CVS Health has an investment grade credit rating by all major rating agencies including a BBB+ rating with a stable outlook from Standard & Poor’s Rating Services. The lease has no “rent holidays”.
INVESTMENT HIGHLIGHTS:
-Fair Market Value Options: Many CVS investments have minimal rent increases, and if market rent in an area outpaces the rent increases, the CVS owner’s cash flow doesn’t keep up. Assuming 2.0% annual inflation over the current rent, this CVS’s first fair market value option could be over $456,000 per year, a 92% increase in rental income to the Owner.
-Drive-Thru: This store features a convenient Drive-Thru pharmacy window, offering convenient pick up for customer prescriptions.
-Investment Grade Tenant: The lease is fully guaranteed by CVS Health Corporation, one of the world’s most valuable brands and ranked #4 on the Fortune 500 list. CVS Health has an investment grade credit rating by all major rating agencies including a BBB+ rating with stable outlook from Standard & Poor’s.
-Long-Term Operator: The Property has housed CVS since 2015, and with options their tenancy can extend to 2091.
-Major Retail Corridor: CVS is operating at one the busiest commercial intersections in Jennings, with traffic counts over 26,000 cars per day.
Property Details
- Class
- B
- Year Built
- 2015
- Stories
- 1
- Property Subtype
- Drug Store
- Lot Size (sq. ft)
- 65,340 SF
Highlights
- Fair Market Value Options
- Drive-Thru
- Investment Grade Tenant
- Long-Term Operator
- Major Retail Corridor
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].