Cap Rate: 4.00%
Net Operating Income: $140,000
Square Footage: 10,908
Lot Size: 1.84 AC
Year Built: 1999
This is a CVS Pharmacy absolute net leased offering in Panama City, Florida. The lease calls for zero landlord obligations and comes with 5% rent bumps during the six, 5-year option periods. CVS Pharmacy has operated at this location for two decades (since 1999) showing commitment and success at this location. CVS benefits from significant street frontage and is complete with a drive-thru, sustaining contactless pharmacy pick up.
The asset is well situated on a signalized, hard corner in a strong retail corridor. Nearby retailers include Dollar Tree, DaVita Kidney Center, and more. The asset also sits directly across the street from Ascension Sacred Heart Hospital Bay, a local regional medical center. The area has strong demographics and there are more than 87,000 residents and 45,000 employees within a 5-mile radius.
Panama City is a city and the county seat of Bay County, Florida, United States.Located along U.S. Route 98, it is the largest city between Tallahassee and Pensacola. It is the more populated of two principal cities of the Panama City-Lynn Haven, Florida Metropolitan Statistical Area. The city of Panama City had a population of 35,124 as of July 1, 2020.
The Panama City-Bay Country area is a highly attractive living environment with a wide variety of cultural and entertainment opportunities. There are two military bases, making the federal government the largest employer. Major industrial employers in the Bay County area include Eastern Shipbuilding Group, Gulf Power, WestRock, Trane, L-3 Communications, ARINc, and JENSEN-GROUP. The main retail centers are Pier Park on the beach and Panama City Mall in town across the Hathaway Bridge spanning St. Andrew Bay.