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
Sale Price: $2,950,000
Unit Price: $189.83 PSF
Property Use Type: Net Leased Investment (NNN)
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 1/13/2023

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

Rent Schedule:
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!

Additional Details

Nearest MSA: Providence-Warwick
County: Bristol
Tax ID/APN: 106/105
Lot Frontage: 190

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,651 77,475 136,973
Median Age: 38.56 38.86 39.32
Households: 7,063 31,921 54,672
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