6391 Bayshore Rd, North Fort Myers, FL 33917
14,593 SF | Retail Building | North Fort Myers, FL 33917 | $4,615,703 ($316/SF) | 7.75% Cap Rate
For Sale
Active
5 pictures
- Date Added:
- September 16, 2024
- Days on Market:
- 17 days
Asking Price $4,615,703
- Property Type
-
Retail
- Square Feet
- 14,593 SF
- Price / Square Foot
- $316
Listing Contacts
Brian Maude
- Property Info
Property Overview
Engel & Voelker is pleased to present for sale a CVS store located at 6391 Bayshore Road, North Fort Myers, FL. This is an opportunity for an investor to acquire a single-tenant CVS pharmacy lease with an Absolute Triple Net Lease. This is a Fee Simple deal which will allow for depreciation.
This property is being offered at $4,615,703 which is a 7.75% capitalization rate. There are nine plus years remaining on its primary lease, and is being offered free and clear of debt. The Seller will retire the existing mortgage upon sale of the property.
This store was constructed in 2008, with a base lease term of 55 years (the first 25 years guaranteed) at a fixed rent of $357,717.00 with six (five year) options. Rent increases as each option period is exercised. The tenant directly pays all expenses associated with the property. The building is all masonry block & stucco construction and is in excellent condition. Due to the distance from the Gulf of Mexico, Hurricane Irma was only twisted a couple of roof flashings. CVS is rated BBB by Standard & Poor’s and currently operates over 9,402 stores.
The subject property is located on the Northwest corner of the signalized intersection of Bayshore Road and Stater Road on approximately 1.76 acres of land. Traffic counts for the four-lane Bayshore Road are 25,000 vehicles per day. Slater Road adds another 9,000 vehicles for a total of 34,000 cars per day. There is a McDonald’s restaurant immediately to the north of this store. Publix, Circle K and Walgreens operate on the other corners. Bayshore Road is the main entrance / exit ramp for I-75 into North Ft. Myers, and continues Southwest to the densely populated Cape Coral Market.
This property is being offered at $4,615,703 which is a 7.75% capitalization rate. There are nine plus years remaining on its primary lease, and is being offered free and clear of debt. The Seller will retire the existing mortgage upon sale of the property.
This store was constructed in 2008, with a base lease term of 55 years (the first 25 years guaranteed) at a fixed rent of $357,717.00 with six (five year) options. Rent increases as each option period is exercised. The tenant directly pays all expenses associated with the property. The building is all masonry block & stucco construction and is in excellent condition. Due to the distance from the Gulf of Mexico, Hurricane Irma was only twisted a couple of roof flashings. CVS is rated BBB by Standard & Poor’s and currently operates over 9,402 stores.
The subject property is located on the Northwest corner of the signalized intersection of Bayshore Road and Stater Road on approximately 1.76 acres of land. Traffic counts for the four-lane Bayshore Road are 25,000 vehicles per day. Slater Road adds another 9,000 vehicles for a total of 34,000 cars per day. There is a McDonald’s restaurant immediately to the north of this store. Publix, Circle K and Walgreens operate on the other corners. Bayshore Road is the main entrance / exit ramp for I-75 into North Ft. Myers, and continues Southwest to the densely populated Cape Coral Market.
Property Details
- Class
- C
- Year Built
- 2008
- Stories
- 1
- Property Subtype
- Freestanding
- Lot Size (sq. ft)
- 76,230 SF
Highlights
- Absolute Triple Net CVS Lease w/ +9 Years Remaining
- Fee Simple Lease Florida No State Tax State
- Signalized Intersection With 35,000 ADT
- Shares Intersection with Publix, Walgreens & Circle K
- 2023 Population 1 Mile 4,231 3 Mile 32,984
- Average HHI 1 Mile $100,812 3 Mile $76,584
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