For Sale
$4,280,000

2006 Avenue JLancaster, CA 93536

Exceptional CVS, strong sales, below market rent.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a single-tenant, 25,500 square foot CVS Pharmacy located at 2006 W Ave J, Lancaster, CA 93536. The property sits on a 1.66-acre lot and boasts a 100% occupancy rate with a credit-rated, corporate-guaranteed lease. The CVS Pharmacy, a prominent anchor tenant, generated nearly $20 million in sales last year, resulting in a remarkably low rent-to-sales ratio of 1.24%. This location is consistently ranked as the top-performing CVS in its trade area and within the top 95th percentile nationally. The property benefits from a triple-net (NNN) lease structure and offers a current cap rate of 5.75% with a pro-forma cap rate of 10.72% achievable at market rent. The shopping center enjoys excellent co-tenancy with businesses such as Smart & Final, DD's Discounts, AT&T, Western Dental, and Supercuts, all of which are high-performing in their respective categories. The center experiences substantial foot traffic, with annual visits exceeding 1.5 million and year-over-year growth exceeding 33.5%. The property's strategic location at a signalized intersection of W Avenue J and 20th Street W sees over 58,800 vehicles daily, further enhanced by convenient freeway access. The strong demographics of the area, with over 167,000 residents within a 5-mile radius and an average household income exceeding $82,000, contribute to the property's exceptional performance. The lease includes a rare 10-year option extension, providing long-term security and investment stability. The asking price is $4,280,000.

Highlights

  • $4,280,000 asking price for a stabilized, value-add retail investment.
  • CVS Pharmacy occupies the entire 25,500 square foot building on a 1.66-acre lot in Lancaster, CA.
  • NNN lease with a credit-rated, corporate guarantor; 100% occupancy.
  • Generating nearly $20M in annual sales, resulting in a low rent-to-sales ratio of 1.24%.
  • Below-market rent with a pro-forma cap rate of 10.72%.
  • Located at a signalized intersection with over 58,800 vehicles per day, and benefits from excellent freeway access.

Property Details for 2006 Avenue J

Property type
Lifestyle centers, Power centers
Square Feet
25,500 SF
Buildings
1
Stories
1
Lot Size (sq. ft)
72,310 SF

Location Insight

City
Lancaster
County
Los Angeles
State
California
Latitude
34.6879452
Longitude
-118.1661175
2006 Avenue J, Lancaster, California

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2006 Avenue J
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