CVS Drug Stores
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CVS Drug Stores
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CVS Drug Stores are considered by many to be the most secure type real estate investment
Michigan
CVS Drug Stores Property #pnnns 17:21:55
CVS Drug Stores Tenant:
CVS Pharmacy
Credit Rating: S&P "A"
State Located: Michigan
Size of Building: 10,880 Square Feet Building
Land Area: 1.357 Acres
Lease Term: 22-Year, 8 month Primary Lease
term.
Lease Type: NNN - ABSOLUTE TRIPLE NET with
NO Landlord responsibilities to the buyer. Tenant is responsible for ALL expenses, including
property taxes, maintenance, repairs, all insurance, roof and structure, and all other costs.
Rent Commencement Date: May, 2001
Annual Rental Income (NOI): From years 1
through year 22.8 $264,273
Price: $3,440,881. Only
$368,666 in cash is required to purchase this property!
Financing Obligations:
Loan is Non-Recourse.
Current Loan Balance: $3,072,216 (est.)
Interest Rate: 7.28%
Annual Debt Service: $264,273
Annual Cash Flow: $0
Remarks:
RVI is 24%.
Loan balance due at maturity is $739,199.
Can be purchased all cash (subject to refinancing) or as premium over debt.
This is a "Bond-Net" lease.
CVS Operates over 4,100 stores in the Northeast and Mid-Atlantic portions of the U.S. For the
year ending December 2000, CVS reported sales of $20.1 billion. CVS is publically traded on the
NYSE (CVS) and has an S&P rating of "A". With the recent acquistion of Revco and Arbor Drugs, CVS
is the #2 drugstore chain in the U.S. in total sales and #1 in store count and prescriptions
filled.
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CVS Drug Stores
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CVS Drug Stores - Further explanation of these types of investments
The CVS Drug Stores contained herein have been obtained from CVS Drug Stores sources believed to
be reliable. While we do not
doubt the accuracy of these CVS Drug Stores, we have not verified it and make no guarantee,
warranty or representation
about the accuracy or completeness of the CVS Drug Stores information. As a CVS Drug Stores buyer,
it is your responsibility to
independently confirm the accuracy and completeness. Any projections, opinions, assumptions or
estimates used
are for example only and do not represent the current or future performance of the CVS Drug
Stores. The value of these
CVS Drug Stores to you depend on factors which should be evaluated by your tax, financial and
legal advisors. You and
your advisors should conduct a careful, independent investigation of these CVS Drug Stores to
determine to your
satisfaction the suitability of the property for your needs. By requesting further information,
you agree to
indemnify Quality Real Estate and shall hold Quality Real Estate harmless from any kind of claim,
cost, expense,
or liability arising out of your investigation and/or purchase of these CVS Drug Stores.
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