CAP Rate: 6.00%
Net Operating Income: $377,240
Lot Size: 2.94 AC
This is a rare CVS/Pharmacy absolute net leased offering in Pottsville, Pennsylvania. The lease calls for zero landlord obligations.
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. CVS/Pharmacy also has ten, 5 year options to renew. The property benefits from heavy traffic counts and its position nearby national retailers.
Pottsville is a city in, and the county seat of, Schuylkill County, Pennsylvania, United States. The population was 14,324 at the 2010 census, and is the principal city of the Pottsville, PA Micropolitan Statistical Area. The city lies along the west bank of the Schuylkill River, 52 miles (84 km) south of Wilkes Barre. It is located in Pennsylvania’s Coal Region.