New Port Richey, FL

Price: $ 5,753,862
CAP Rate: 6.50%
NOI: $ 374,001
Lease Term Remaining Before Options: 4.5
Investment Highlights
  • Absolute net lease with no landlord responsibilities whatsoever.
  • Future sales growth as CVS transferred all customer prescription files from another CVS that recently closed down 2.7 miles away.
  • Over 20 year operating history and CVS renewed first option at escalated rents.
  • Near HCA Florida Trinity Hospital with 240 beds and 1,400 employees (2.5 Mi SE).
  • Strategic location on signalized corner directly across the street from Walgreens with traffic counts of roughly 50,000 VPD.
  • Limited competition in 1-mile radius as one of only two drugstores serving ±11,000 residents in ±4,800 households.
  • Near residential and senior housing with three assisted living facilities within two miles and located at the main entry of ±700 residences.
Offering Summary

Pharma Property Group is pleased to market for sale the CVS store located at 7325 State Road 54 in New Port Richey, Florida (the "Property"). CVS has had a long successful operating history at this location (±20 years) and is on an absolute net lease that allows for rental increases in the options with no landlord responsibilities whatsoever. CVS recently exercised their first option at escalated rents.

CVS recently closed down their location 2.7 miles to the south located at 7071 Mitchell Boulevard and transferred all prescription files to the Property's pharmacy. The Property allows for an investor to achieve a higher yield for a CVS Florida asset while having minimal lease renewal risk when considering the long operating history, proven sales volumes, recent lease renewal, recent growth in revenues from picking up new prescription files and lack of surrounding competition (no other freestanding CVS for over 2 miles). Additionally, the only competing freestanding drugstore in 2 miles is the Walgreens across the street which recently extended their lease to 13 years of term before the options further demonstrating that this signalized corner and the Property has market share significance to CVS.

The Property is the only CVS serving the over 11,000 residents in a 1-mile radius. There are three assisted living facilities within 2 miles and the subject Property also sits at the main entry of Seven Springs Homes, a community of approximately 700 residences. Also approximately 2.5 miles southeast from the Property is the HCA Florida Trinity hospital offering 240-beds and employing approximately 1,400 area residents.

The Property is located in a substantial retail corridor setting at the signalized corner of State Road 54 and Rowan Road (±59,500 VPD combined) as an out-parcel to the ±250,000 square foot Pasco Square shopping center anchored by Bealls, Home Centric, Dollar Tree, DG Market and Dollar Tree. State Route 54 is a main east/west thoroughfare connecting to I-75 from New Port Richey into Downtown Tampa.

Price: $ 5,753,862
CAP Rate: 6.50%
NOI: $ 374,001
Lease Term Remaining Before Options: 4.5