CVS | Knoxville TN

10,125 SF | Retail Building | Knoxville, TN 37934 | $4,341,000 ($429/SF) | 6.50% Cap Rate

Date Added:
May 17, 2024
Days on Market:
28 days

Asking Price $4,341,000

Property Type
Retail
Square Feet
10,125 SF
Price / Square Foot
$429

Listing Contacts

Matthew Gorman
Matthew Gorman
Verified Profile
Michael Shover
Michael Shover
Verified Profile
  • Property Info

Property Overview

CBRE is pleased to exclusively present for sale this 10,125 square foot CVS Pharmacy located on Kingston Pike in Knoxville, Tennessee. CVS has been operating in this location for more than 25 years and has a strong sales history that has consistently grown year-over-year and surpassed $15M in 2023. The has recommitted to this location by renewing their lease early for an additional 10 years (thru 2034) plus 3 x 5yr. options thereafter all with rental increases. CVS’ lease structure offers a passive ownership opportunity with minimal landlord responsibilities.

Property Details

Class
B
Year Built
1998
Stories
1
Property Subtype
Drug Store, Freestanding
Lot Size (sq. ft)
95,832 SF

Highlights

  • CVS has been operating in this location for more than 25 years and has a strong sales history that surpassed $15M in 2023
  • CVS has recommitted to this location by renewing their lease early for an additional 10 years (thru 2034) plus 3 x 5yr. options with rental increases
  • CVS’ lease structure offers a passive ownership opportunity with minimal landlord responsibilities and tenant reimbursing or paying expenses directly
  • TN is a no income tax state, large 2.2-acre parcel, low price point, historically high sales, direct access at a signalized intersection
  • CVS Health, the corporate guarantor of this lease, is the only investment grade credit tenant pharmacy (BBB rating from Standard & Poor's)

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