440 Dixie DrAsheboro, NC 27203

Property Details for 440 Dixie Dr

Year built

2004

Lot size

1.51 AC

Property size (Sq ft)

11,176 SF

Zone code

B2

Property type

Drug stores

APN

7750962269

APU

7750962269

Description

This exceptional investment opportunity presents a 10,881 square foot CVS Pharmacy in Asheboro, North Carolina. The property, built in 2004, sits on a 1.51-acre lot and boasts a strong 100% occupancy rate with a corporate guarantee from CVS Pharmacy. The absolute NNN lease, commenced September 1, 2004, has a remaining term of over 15 years, extending to December 1, 2039, with ten five-year renewal options. The current annual net operating income (NOI) is $144,500, resulting in a compelling 4.75% cap rate. The asking price is $3,042,100, translating to $279.58 per square foot. A significant rent bump of 62% is built into the first option period, increasing rent to $234,021.12. The property features a drive-thru and is strategically located at a hard signalized intersection. This is a rare opportunity to acquire a low price point CVS with a long-term lease and substantial future income growth potential. The tenant, CVS Health Inc., holds an investment-grade credit rating (S&P: BBB) and is publicly traded on the NYSE (CVS).

• CAP approach

  CAP return

  Valuation

  6%

  $1,802,424

  6.5%

  $1,663,776

  7%

  $1,544,934

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,574,879

  Geo Method

  $6,464,654

• Alternative Use

  Use

  Valuation

  Residential

  $1,403,457

  Hospitality

  $1,285,559

  Educational

  $1,069,570

  Medical

  $1,106,354

  Retail

  $1,663,776

Location Insight

City

Asheboro

County

Randolph

State

North Carolina

Latitude

35.6881

Longitude

-79.8106

CBSA code

24660

CBSA name

GREENSBORO-HIGH POINT, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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