118 Harrison Ave, Harlingen, TX 78550
13,892 SF | 4-Star Retail Building | Harlingen, TX 78550 | $5,459,607 ($393/SF) | 9.88% Cap Rate
For Sale
Active
Asking Price $5,459,607
- Property Type
-
Retail
- Square Feet
- 13,892 SF
- Price / Square Foot
- $393
Listing Contacts
- Property Info
Property Overview
The subject property is a 13,892 square foot dark CVS located in Harlingen, Texas. CVS signed a 25-year lease which commenced in 2010 and runs through January of 2035 leaving approximately 12 years remaining on the initial term. CVS recently closed operations at this facility in August of 2023.
The lease is absolute NNN providing for zero landlord responsibilities. CVS, which is publicly traded on the New York Stock Exchange under the ticker symbol “CVS”, has a current BBB credit rating by Standard & Poor’s and reported annual revenues in excess of $322 billion in 2022. Located at the intersection of East Harrison Ave and South Commerce Street, the subject property occupies and entire square block in the heart of the area’s main commercial district. Combined daily traffic counts at the intersection exceed 26,600 vehicles. CVS is ideally positioned less than two miles from Valley Baptist Medical Center and three miles from Harlingen Medical Center, the city’s top employer.
The surrounding community is densely developed with over 5.4 million square feet of retail properties within a 2-mile radius. Valle Vista Mall, which is positioned in the heart of the retail hub, is a 650,000 square foot regional mall anchored by JC Penney, Dillard’s, Big Lots and Forever 21. Other retailers in the area include Walmart Supercenter, Target, Sam’s Club, Bass Pro Shops and more.
The lease is absolute NNN providing for zero landlord responsibilities. CVS, which is publicly traded on the New York Stock Exchange under the ticker symbol “CVS”, has a current BBB credit rating by Standard & Poor’s and reported annual revenues in excess of $322 billion in 2022. Located at the intersection of East Harrison Ave and South Commerce Street, the subject property occupies and entire square block in the heart of the area’s main commercial district. Combined daily traffic counts at the intersection exceed 26,600 vehicles. CVS is ideally positioned less than two miles from Valley Baptist Medical Center and three miles from Harlingen Medical Center, the city’s top employer.
The surrounding community is densely developed with over 5.4 million square feet of retail properties within a 2-mile radius. Valle Vista Mall, which is positioned in the heart of the retail hub, is a 650,000 square foot regional mall anchored by JC Penney, Dillard’s, Big Lots and Forever 21. Other retailers in the area include Walmart Supercenter, Target, Sam’s Club, Bass Pro Shops and more.
Property Details
- Class
- B
- Year Built
- 2009
- Stories
- 1
- Property Subtype
- Drug Store, Freestanding, Storefront
- Lot Size (sq. ft)
- 87,120 SF
Highlights
- Close Proximity to Regional Hospitals: Two miles from Valley Baptist Medical Center and three miles from Harlingen Medical Center
- Surrounded by Retail Developments: Over 5.4 million square feet of retail properties within a two-mile radius
- Property Encompasses Entire Square Block Along Main Traffic Corridors: Combined daily traffic counts exceed 26,600 vehicles
- Densely Populated Area: Over 61,000 residents within a 3-mile radius and over 91,300 residents within a five mile radius
- Corporate Backed Long-Term Lease: CVS signed a 25-year lease with approximately 12 years remaining on the initial lease term
- Absolute NNN Lease Structure: Zero landlord responsibilities for operating or capital expenses
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