1400 Park Hill DrGainesville, GA 30501

Property Details for 1400 Park Hill Dr

Year built

2002

Construction

STEEL FRAME

Lot size

2.46 AC

Property size (Sq ft)

10,831 SF

Zone code

O-I

Property type

Drug stores

APN

01-079 -002-013

APU

1079002013

Description

This exceptional investment opportunity presents a 10,921 square foot CVS Pharmacy located at 1400 Park Hill Dr, Gainesville, GA 30501. The property sits on a 2.46-acre lot and boasts an absolute NNN lease structure with a highly creditworthy tenant, CVS Health Corp., providing significant financial stability. The lease, originally commenced on September 10, 2003, has a remaining term of approximately 14.8 years, extending to August 31, 2039, with six 5-year renewal options at a 5% rent increase per option. The property's strong financial performance is reflected in its current Net Operating Income (NOI) of $160,000, yielding a 5.85% cap rate. The asking price is $2,735,042, translating to a price per square foot of $250.44. Built in 2003, this single-tenant property enjoys 100% occupancy and benefits from its strategic location on a signalized hard corner in a growing market outside Atlanta, with average household incomes exceeding $76,600 within a 3-mile radius. This offering presents a compelling opportunity for passive ownership with minimal landlord responsibilities, backed by an investment-grade credit tenant and a historically stable tenancy exceeding 20 years. The annual rental rate is notably below the national average for comparable drug store assets.

• CAP approach

  CAP return

  Valuation

  6%

  $2,794,159

  6.5%

  $2,579,224

  7%

  $2,394,994

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,323,991

  Geo Method

  $5,323,991

• Alternative Use

  Use

  Valuation

  Residential

  $2,175,672

  Hospitality

  $1,992,904

  Educational

  $1,658,072

  Medical

  $1,715,096

  Retail

  $2,579,224

Location Insight

City

Gainesville

County

Hall

State

Georgia

Latitude

34.3203

Longitude

-83.8178

CBSA code

23580

CBSA name

GAINESVILLE, GA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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