CAP Rate: 5.75%
Lot Size: 2.01 AC
This is a rare CVS/Pharmacy absolute net leased offering in Silver Springs, Florida. The lease calls for zero landlord obligations.
The tenant has ten 5 year options to renew. The tenant has 17 years remaining on the initial lease term, which includes a 3-year rent holiday. The seller will establish a sinking fund at closing to offset the lost rents associated with that 3-year period. The property benefits from its position nearby national retailers including Dollar General, Advance Auto Parts, and Winn Dixie.
Silver Springs is an unincorporated community in Marion County, Florida, United States. It is the site of Silver Springs, a group of artesian springs and a historic tourist attraction that is now part of Silver Springs State Park. The community is part of the Ocala metropolitan area.