Cap Rate: 4.75%
Net Operating Income: $423,450
Lot Size: 1.2 AC +/-
Year Built: 2018
This is a rare CVS/pharmacy absolute NNN leased offering in Scotia, New York. The original 25 year lease has 23+ years remaining and calls for zero landlord obligations There are scheduled increases in rent after 10 years, 20 years, and every 5 years thereafter. Beyond the initial term, there are four 5 year renewal options followed by one 3 year renewal option. The lease is guaranteed by CVS Health. Scotia is a village adjacent to Schenectady, NY and part of the Albany MSA in Upstate New York. The asset is well situated on a major commercial thoroughfare and has excellent access and visibility at a signalized intersection. There is a drive through and ingress and egress from both Mohawk Avenue and Glen Avenue to the rear of the lot. The site has served as a pharmacy since the mid-1990’s. Originally a Brooks Pharmacy that was taken over by CVS, this is a complete teardown and rebuild of the older, functionally obsolete building. The old building had no drive-thru and no stockroom. It was poorly lit and had deferred maintenance yet was doing nearly $11 Million in annual sales. The new building was completed in 2018 along with the acquisition and assemblage of several additional lots to create ample parking and make way for the drive-thru. There are no kick-outs and no rent holidays.
Scotia is a village in Schenectady County, New York, United States, incorporated in 1904. The population was 7,729 at the 2010 census. Scotia is part of the town of Glenville, and is connected with the city of Schenectady by the Western Gateway Bridge over the Mohawk River.