Subject property includes a 10,884 SF single story, free-standing retail building developed specifically for CVS Pharmacy. The asset is secured by an Absolute Net Lease from CVS with 8+ years remaining until the first right of termination. After the base term of the initial 22 year lease which comes due January 31st, 2023, the lease automatically continues in full force and effect for another 50 years unless CVS terminates. There are Ten - 5 year options to terminate following the initial term. Lease income adjusts to $$238,697 in the option periods. The lease is guaranteed by CVS, S&P Rated BBB+ and one of the largest pharmacy retailers in the country with a market cap of more than $93B.

Location Description:

Property is located just Northeast of Downtown Detroit, Michigan. Detroit is part of Wayne County and this location is very close to the city center. Detroit is experiencing a renaissance of a city that had fallen on hard times. New investment in the city is at a record pace and international investors have targeted Detroit as a place for future investment. There is a population of over 240,000 people within a 5 mile radius of this location.

Highlights:

>> CVS Corporate Guarantee

>> 22 yr Lease thru January 31, 2023

>> Ten - 5 Year Options

>> NNN Lease Structure

>> Delivered Free and Clear of Debt

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Sales Info:

>> Cap rate: 6.8%

>> Commision split: 1.0%

>> NOI: $265219