Lake City, FL CVS

2233 West U.S. Highway 90
Lease Type NN
Cap Rate 5.46%
Property Type Retail
Building Size 11,945 SF
NOI $223,968
Land Area 1.36 AC
Remaining Term 16 Years
Status Closed
Property Highlights

Excellent retail location: Situated near Interstate 75 within Lake City’s high- traffic, leading retail area, the Property is an outparcel to an under construction shopping center anchored by Hobby Lobby, Dick’s Sporting Goods and Ross Dress For Less. This location is near other retailers including Lake City Mall, Walmart, Publix, Lowe’s and Home Depot.

Attractive investment: This long-term lease features rare rent increases within options and minimal landlord responsibilities. Florida has no state income tax, which provides a low tax burden for the investor.

Established tenant: This lease features a corporate guarantee with CVS/pharmacy, America’s leading retail pharmacy. CVS/pharmacy operates more than 9,500 retail drug stores and 1,100 walk-in medical clinics.

Expanding trade area: Approximately 14,000 households and nearly 35,000 people with an average household income greater than $54,000 live within five miles of the Property.

Lake City is located approximately 60 miles west of Jacksonville and 100 miles east of Tallahassee near the intersection of major Interstates 10 and 75.