CVS 1717 N Dort Hwy - Flint, MI 48506

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Cecil Lynch
5 years ago
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2009 Construction CVS 1717 N Dort Hwy - Flint, MI 48506 Price: $2,160,450 l CAP 10.

currently subleased to and 100% occupied by Dollar General Hard corner at the

ingress and egress Walgreen s, KFC & Citgo are located at the same intersection

1 2009 Construction CVS 1717 N Dort Hwy - Flint, MI Price: $2,160,450 l CAP 10.50% l NOI: $226,848 Subleased to Phone: Fax: exp@exp1031.com 7+ years remaining on an absolute triple net 20 year lease to CVS Property is currently subleased to and 100% occupied by Dollar General Hard corner at the intersection of North Dort Highway (20,345 VPD) and Davidson Road (Flint St.) (17,145 VPD). The property has a large pylon sign and high visibility, as well as multiple means of ingress and egress Walgreen s, KFC & Citgo are located at the same intersection Dunham s Sports, JCPenney, Staples, Jo-Ann Fabrics, Lowe s, Home Depot and Target are approximately 1.5 miles to the South East. GM-Buick Motor Division Headquarter, University of Michigan: Flint, Mott Community College, and AC Delphi are also in the area.

Investment Overview PROPERTY SUMMARY EXP Realty Advisors, Inc. is pleased to present for sale this investment opportunity comprised of a 10,880 sf building located on 1.23 acres.

It is locatedon a hard corner at the intersectionof North Dort Highway (20,345 VPD) and Davidson Road (17,145 VPD) which is also known as Flint Street.

2 Investment Overview PROPERTY SUMMARY EXP Realty Advisors, Inc. is pleased to present for sale this investment opportunity comprised of a 10,880 sf building located on 1.23 acres. The property is leased to CVS who guarantees the rent and subleases the property to Dollar General who occupies the premises. It is locatedon a hard corner at the intersectionof North Dort Highway (20,345 VPD) and Davidson Road (17,145 VPD) which is also known as Flint Street. This hard corner property has excellent visibility, as well as multiple means of ingress and egress. Across the street from the subject property is the Delphi Energy and Engine factory, the majority of which ceased operation in 2008 and is currently undergoing demolition. The property is located less than 1-1/2 mile from Courtland Center, a 460,000 sf mall anchored by Dunham s Sports, JCPenney. Staples and Jo-Ann Fabrics, and also a freestanding Lowe s, Home Depot and Target. Also within 1-1/2 miles is GM-Buick Motor Division Headquarter, University of Michigan: Flint, and MottCommunity College and AC Delphi Plant 43 which is open and operating. LOCATION OVERVIEW Flint is a city in the state of Michigan and is located along the Flint River, 66 miles northwest of Detroit. As of the 2000 census, the city had a population of 124,943. The 2009 Census Bureau Estimate places the population at 111,475, making Flint the seventh largest city in Michigan. It is the county seat of Genesee County which lies in the Flint/Tri-Cities region of Michigan. Genesee County is also the entirety of Flint's metropolitan area, the fourth largest metropolitan area in Michigan. It is commonly referred to as the Vehicle City, which is its nickname. Flint is most known for being the birthplace of General Motors, and the Flint Sit-Down Strike of 1936 that played a vital role in the formation of the United Auto Workers. The headquarters of Citizens Republic Bancorp (formerly known as Citizens Commercial and Savings Bank) has remained in its original location in Downtown Flint since its formation in INVESTMENT OVERVIEW 1

Investment Overview LEASE SUMMARY Lease Term: Options: Annual Base Rent: Base Term Escalations: 7+ years remaining on 20 year lease guaranteed by CVS Four, (5) Year Options $218,688 ($20.

58%) 12/1/2027: $259,488 (4.38%); 12/1/2032: $270,368 (4.19%) Rent Commencement: 12/1/1997 Expiration Date: 11/30/2017 Lease Type: This is an absolute triple net lease.

PRIME-TENANT: CVS Caremark (NYSE: CVS / S&P: BBB+) CVS Caremark Corporation, a pharmacy services company, provides prescriptions and related healthcare services in the United States.

3 Investment Overview LEASE SUMMARY Lease Term: Options: Annual Base Rent: Base Term Escalations: 7+ years remaining on 20 year lease guaranteed by CVS Four, (5) Year Options $218,688 ($20.10 PSF) $226,848 on 12/1/2012. Seller to credit the difference between escalated rent and current rent at closing. Options Rent: 12/1/2017: $237,728 (4.80%); 12/1/2022: $248,608 (4.58%) 12/1/2027: $259,488 (4.38%); 12/1/2032: $270,368 (4.19%) Rent Commencement: 12/1/1997 Expiration Date: 11/30/2017 Lease Type: This is an absolute triple net lease. Tenant pays real estate taxesdirectly and insures the property at no cost to landlord. Tenant is responsible for all repairs and replacements to the property. PRIME-TENANT: CVS Caremark (NYSE: CVS / S&P: BBB+) CVS Caremark Corporation, a pharmacy services company, provides prescriptions and related healthcare services in the United States. ) which holds a BBB+ investment grade ranking with S&P. As of September 2010, the company had total revenue of more than $97 billion, a net income of $3.59 billion and a net worth of $35.6 billion. INVESTMENT SUMMARY Price: $2,160,450 CAP Rate: 10.50% NOI: $226,848 Bld. Sq Ft: 10,880 sf Land Size: 1.23 ac Ownership: Fee Simple Financing: Seller financing available with 40% down terms to be negotiated SUB-TENANT: Dollar General (NYSE: DG / S&P: B+) Dollar General is the largest discount retailer in the United States by number of stores with over 8,700 neighborhood stores in 35 states. Sales for the 2010 quarter increased 12.7 percent to $2.93 billion compared to $2.60 billion in the third quarter of fiscal Same-store sales increased 9.2 percent with customer traffic and average transaction amount contributing to the sales increase. INVESTMENT OVERVIEW 2

4 Labeled Aerial Aerial Subject Property Former GM/Delphi Factory 68 Raised Acres LABELED AERIAL 3

Major Tenants Map Labeled Tenants Aerial Map GM-Buick Motor

17,145 vpd) AC/Delphi Plant 43 (Operational) Subject

5 Major Tenants Map Labeled Tenants Aerial Map GM-Buick Motor Division Headquarters (ADT: 72,000 vpd) Davison Rd (ADT: 17,145 vpd) AC/Delphi Plant 43 (Operational) Subject Property 68 Raised Acres (Delphi) 64 Raised Acres (Delphi) Robert T. Longway Blvd(ADT: 11,536 vpd) Courtland Center Mall E Court St (ADT: 11,492 vpd) (ADT: 77,700 vpd) MAJOR TENANTS MAP 4

6 Site Plan Site Plan SITE PLAN 5

7 Traffic Counts Map Counts Map TRAFFIC COUNTS MAP 6

8 Location Maps Maps LOCATION MAPS 7

9 Location Maps Maps LOCATION MAPS 8

10 1-3-5 Mile Demographics Map Mile Demographics Map DEMOGRAPHICS MAP 9

1-3-5 Mile Demographics Data Mile Demographics Data 1-Mile 3-Mile 5-Mile Population: 2010 Total Population 11,691 61,730 163,993 Male Population 48.6% 47.4% 47.3% Female Population 51.4% 52.6% 52.

11 1-3-5 Mile Demographics Data Mile Demographics Data 1-Mile 3-Mile 5-Mile Population: 2010 Total Population 11,691 61, ,993 Male Population 48.6% 47.4% 47.3% Female Population 51.4% 52.6% 52.7% Median Age Population Density (per sq. mi.) 3, , ,081.9 Employees 13,543 50,884 77,227 Establishments 371 2,967 5,781 Income: 2010 Median HH Income $31,228 $29,139 $34,546 Per Capita Income $16,663 $17,401 $18,547 Average HH Income $37,967 $40,229 $44,334 Households: 2010 Total Households 5,041 25,808 66,909 Average Household Size Household Growth % -12.0% -8.3% Housing: 2010 Owner Occupied Housing Units 50.6% 45.1% 53.3% Renter Occupied Housing Units 33.8% 36.8% 31.4% Vacant Housing Units 15.6% 18.2% 15.3% Race: 2010 White 83.0% 52.3% 55.6% Black 9.1% 42.4% 39.4% American Indian, Eskimo, Aleut 0.8% 0.6% 0.5% Asian 0.9% 0.5% 0.6% Hawaiian or Pacific Islander 0.0% 0.0% 0.0% Other 2.5% 1.3% 1.0% Multirace 3.7% 3.0% 2.9% Ethnicity: 2010 Hispanic 7.5% 3.8% 3.1% Non-Hispanic 92.5% 96.2% 96.9% Contact Us EXP Realty Advisors 118 East 28 th Street Suite #808 New York, NY Phone: (212) Fax: (212) Our Team Robert P. James President Phone: (212) Daniel de Sa Director of Sales Phone: (212) DEMOGRAPHICS DATA 10

subject property Pennzoil Express Oil Price: $815,000 Cap: 10.85% NOI: $88,500

subject property Pennzoil Express Oil Price: $815,000 Cap: 10.85% NOI: $88,500 subject property 481 Broadway (Rt. 1) Saugus, (Boston), MA 01906 Price: $815,000 Cap: 10.85% NOI: $88,500 Property is located on the highly traveled US Rt. 1 (New York Boston Post Rd.) with traffic counts