Cap Rate: 5.40%
Net Operating Income: $250,000
Lot Size: 1.42 AC
This is a rare CVS/Pharmacy absolute net leased offering in Canfield, Ohio. The lease calls for zero landlord obligations. The tenant has five 5 year options with increases of 2.5% at each option period. The tenant has recently extended their lease for an additional 20 years, showing commitment to the location. The asset is well situated at a hard corner location and has a drive thru. There is also strong development in the area and is one mile away from Westford Commons Development, home to future hotel, retail, and dining.
Canfield is a suburban city located in Mahoning County, Ohio, United States, at the intersection of U.S. Route 224 and State Route 46/U.S. Route 62, about ten miles southwest of Youngstown. The population was 7,515 at the 2010 census. It is part of the Youngstown-Warren-Boardman, OH-PA Metropolitan Statistical Area. In 2005 Canfield was rated the 82nd best place to live in the United States by Money magazine.