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Property Description

Colliers’ Retail Capital Markets Team is pleased to present the opportunity to acquire the freestanding CVS Pharmacy located at the signalized intersection of Elizabeth Avenue & School House Road in Somerset, New Jersey. There are approximately 15 years of term remaining on an NNN lease with zero landlord responsibilities. The tenant is fully responsible for operating expenses, maintenance, repairs, and replacements for the entire building and site, without limitation. Surrounding retailers in the immediate vicinity include Rite Aid, Dollar Tree, Chase Bank, Wells Fargo, UPS, Subway, and Dunkin Donuts. There are currently over 171,115 residents within five miles of the property with an average household income of $107,718. Seller to provide a full credit for a three-year rent holiday, thusly, buyer will secure the final three years of rent at close of escrow.

Investment Highlights:

  • Long-term 15-year NNN lease
  • Corporate guarantee with CVS Pharmacy
  • Prominent hard-corner retail location within the submarket
  • Desirable demographic profile
  • Investment grade credit tenant (S&P rated BBB+) and Fortune 500 company
  • 30 miles southwest of New York City

CVS - Somerset, NJ

462 Elizabeth Ave- Somerset- New Jersey 08873

1 Number of Tenants
Listing ID #1008
Basic Details
Asking Price : $11,400,674
Region : Northeast
Cap Rate : 5.52%
NOI : $629,317
Occupancy : 100%
Square Footage : 12,900
Number of Tenants : 1
Listing ID : 1008
Investment Type : Stabilized
Property Type : STNL
Listing Type : For Sale
Agent info
Retail Capital Markets
3 Park Plaza
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