Charlotte, NC
- CVS recently extended the lease an additional 10 years showing commitment to this location.
- CVS closed a nearby store (3.9 Mi S) and transferred prescriptions to this location adding to customer base.
- Monroe Road is one of the major thoroughfares heading south from Charlotte towards Matthews and connects commuters heading into Downtown Charlotte.
- Infill Charlotte area demographics include almost 300,000 residents with an average household income of $100,609 within a 5-mile radius.
- Signalized corner with heavy combined traffic count on N Sharon Amity and Monroe Road of over 43,000 vehicles per day.
- Near major regional hospitals Novant Health Presbyterian Medical Center (622 beds), Atrium Health Carolinas Medical Center (874 beds) and Atrium Health Mercy (185 beds).
Pharma Property Group is pleased to market for sale the CVS store located at 2035 North Sharon Amity Road in Charlotte, North Carolina (the "Property"). CVS has had a long successful operating history at this site (±25 years) and recently agreed to a 10 year extension showing their commitment to this location.
CVS recently closed down their location 3.5 miles to the south located at 2324 Village Lake Drive and transferred their prescription files to the Property's pharmacy. This store on North Sharon Amity Road is now the prominent CVS location in southern Charlotte and benefits from its position on Monroe Road which is a main thoroughfare heading south to Matthews.
The Property allows for an investor to achieve a higher yield for a CVS asset in the tax friendly state of North Carolina. This property has minimal lease renewal risk considering with the long operating history, recent lease renewal, and assumed uptick in sales revenue from its growing prescription base. Additionally, there is only one other competing CVS property within a 3-mile radius located to the northeast and no other CVS for over 5.5 miles to the south.
This signalized hard corner location benefits from traffic counts of over 43,000 vehicles per day which is expected to grow exponentially as Southern Charlotte continues on its upward growth trajectory. There are also several major hospitals located in the surrounding area which combined account for over 1,650 beds with plans for additional 450 beds to be completed in the next few years.
