CVS Health Hub – 15 years NNN 5.25 cap
31,324 SF | Retail Building | Elk Grove, CA 95758 | $7,514,000 ($240/SF) | 5.25% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $7,514,000
- Property Type
-
Retail
- Square Feet
- 31,324 SF
- Price / Square Foot
- $240
Listing Contacts
Robert James
Verified Profile
- Property Info
Property Overview
HMX Realty Advisors exclusively presents for sale a CVS HealthHUB, which combines the offerings of a traditional CVS Pharmacy/MinuteClinic with expanded clinic services including on-site nurse practitioners, physician assistants, licensed therapists, additional pharmacists, and a Care Concierge. The store, which is 31,324 sf, is ideally suited to the CVS HealthHUB business.
There are 15 years remaining on the base term with a rare 10% rent escalation in the first option and 5% in the second option. The remaining three options are at fair market value which offers significant upside given the below market rent of $12.59 psf. CVS is responsible for all property expenses including roof and structure. The property is located across from Safeway and adjacent to Bel Air grocery, which is owned by Raley’s Supermarket.
Elk Grove is a dense and rapidly growing suburb of Sacramento. It is located at the intersection of Laguna Blvd and Franklin Blvd with traffic counts of 36,102 and 26,393 respectively. Laguna Blvd. connects interstate 5 with highway 99.
CVS is part of the Laguna Creek Town Center, a 119,000 square-foot grocery anchored shopping center built in 1990. Retailers on the corner include Safeway, Walgreens, Auto Zone, Jack in the box, and Bank of America. Other retailers in Laguna Creek Town Center include Wells Fargo, Starbucks, US Bank and Round Table Pizza. Elk Grove is the second largest city in Sacramento County, and one of the fastest growing cities in the US over the past decade. The property is visible to over 62,000 vehicles per day.
CVS Health Hub locations are a new type of CVS store that offer expanded health services and wellness products in addition to the usual pharmacy services. They provide affordable and convenient health care to people in select communities and virtual care services. The Health Hub model is designed to improve access to health care and provide integrated care teams that give wellness advice and mental health counseling by a licensed therapist. They offer chronic disease management, physical therapy, nutrition counseling, sleep apnea screening and common illness treatment. HEALTH-HUB (cvs.com)
There are 15 years remaining on the base term with a rare 10% rent escalation in the first option and 5% in the second option. The remaining three options are at fair market value which offers significant upside given the below market rent of $12.59 psf. CVS is responsible for all property expenses including roof and structure. The property is located across from Safeway and adjacent to Bel Air grocery, which is owned by Raley’s Supermarket.
Elk Grove is a dense and rapidly growing suburb of Sacramento. It is located at the intersection of Laguna Blvd and Franklin Blvd with traffic counts of 36,102 and 26,393 respectively. Laguna Blvd. connects interstate 5 with highway 99.
CVS is part of the Laguna Creek Town Center, a 119,000 square-foot grocery anchored shopping center built in 1990. Retailers on the corner include Safeway, Walgreens, Auto Zone, Jack in the box, and Bank of America. Other retailers in Laguna Creek Town Center include Wells Fargo, Starbucks, US Bank and Round Table Pizza. Elk Grove is the second largest city in Sacramento County, and one of the fastest growing cities in the US over the past decade. The property is visible to over 62,000 vehicles per day.
CVS Health Hub locations are a new type of CVS store that offer expanded health services and wellness products in addition to the usual pharmacy services. They provide affordable and convenient health care to people in select communities and virtual care services. The Health Hub model is designed to improve access to health care and provide integrated care teams that give wellness advice and mental health counseling by a licensed therapist. They offer chronic disease management, physical therapy, nutrition counseling, sleep apnea screening and common illness treatment. HEALTH-HUB (cvs.com)
Property Details
- Class
- B
- Year Built
- 1990
- Stories
- 1
- Property Subtype
- Drug Store, Storefront
- Lot Size (sq. ft)
- 131,116 SF
Highlights
- Large format CVS HealthHUB offering expanded services
- 62,000 traffic count (36,102 on Laguna Blvd. and 26,393 on Franklin Blvd.)
- Rare 10% escalation in first option, 5% in second, and FMV thereafter
- Low $12.59 psf rent in a $20 plus market
- 1 mile Population of 18,758 and AHH Income of $131,879
- Nurse practitioners and licensed mental health therapists on site
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