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: 9/12/2022

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
CVS

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
Zoning: MIXED USE BUSINESS
Lot Frontage: 190

View FullscreenMap

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
© Copyright 2001-2022 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither New England Commercial Property Exchange nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.