Catylist ID: #30741553
CVS - New Bedford, MA
Retail-Commercial for Sale
|Catylist Listing ID:||30741553|
|Property Subtypes:||Free-Standing Building|
|Building Size (RSF):||15,540 SF|
|Gross Building Area:||See Agent|
|Unit Price:||$189.83 PSF|
|Property Use Type:||Net Leased Investment (NNN)|
Overview / Comments
Subject Property is located at 2100 Acushnet Ave in New Bedford, MA. Property is a commercial building on .89+/ AC of land with a total of 15,540+/ SF building. CVS occupies 8,820+/ SF, with 6,720+/ SF in the back of the building. CVS has exercised their second option to renew, extending the lease out to 1/31/2027. There is one (1) additional 5 year renewal option remaining.
Landlord is responsible for the roof and structure. Landlord is responsible for 27.5% of CAM expenses, with CVS paying 72.5% of the CAM expenses.
The 6,720 +/ SF in the back of the property is an excellent redevelopment opportunity for additional income! The rear of the building is 2 stories, currently with two tenants paying minimal rents. **These rents are not included in the rental income on the property.
Property is zoned Mixed Use Business allowing for apartment use.
*Rent is based on the 2022 rent increase. Seller will provide a pledge account to bring the 2021 rent to $190,531.00
Current (2/1/20171/31/2022) $176,418
Option 2 (2/1/2022 1/31/2027) $190,531 – CVS has exercised this option already!
Option 3 (2/1/2027 1/31/2032) $205,773
Current Landlord Expenses = $21,165.00
Current NOI = $169,366.00
Average daily traffic count 9,923 cars a day!
Attachments & Media
|Zoning:||MIXED USE BUSINESS|
|Proximity:||1 mile||3 miles||5 miles|
John GendronGendron Commercial Brokers of Boston NECPE Member
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