high profile cvs store with “high” sales inverness...

12
HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS, FLORIDA, BEING OFFERED CASH OVER DEBT 602 West Main Street Inverness, Citrus County, Florida This prime piece of Florida real estate is available for sale to the smart investor who recognizes the long term economic value in holding said property through the balance of its initial term and the ensuing option periods thereafter. Said store, opened 24 hours daily, generates exceptionally high sales which will support timely option renewals and provide increasing cash flow well into the future. Located on a major East/West artery (Hwy 41), with increasingly heavy traffic counts, two and a half blocks from Citrus Memorial Hospital now operated by HCA, this well established store services the entire Inverness metropolitan area. Florida, having no state income tax, adds to the value of this investment. CVS maintains a BBB+ Rating with Standards and Poor and operates over 7,400 Stores on a National/ International basis. National Realty Corp believes the information contained in any attached sales material to be accurate; however, any purchaser should perform its own due diligence and investigation relating to the property (ies) and National Realty Corp. makes no representation as to the accuracy or completeness of the information herein presented. All material is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior sale, change of price, and withdrawal without notice.

Upload: others

Post on 06-Jun-2020

3 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ...images2.loopnet.com/d2/HMkST7v1EsEsJqxhDtGn3pNQpkYd50U8krh4TgrDveU/document.pdfthe Joint Commission and AHCA * Accredited

“HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS, FLORIDA, BEING OFFERED CASH OVER DEBT

602 West Main Street Inverness, Citrus County, Florida This prime piece of Florida real estate is available for sale to the smart investor who recognizes the long term economic value in holding said property through the balance of its initial term and the ensuing option periods thereafter. Said store, opened 24 hours daily, generates exceptionally high sales which will support timely option renewals and provide increasing cash flow well into the future. Located on a major East/West artery (Hwy 41), with increasingly heavy traffic counts, two and a half blocks from Citrus Memorial Hospital now operated by HCA, this well established store services the entire Inverness metropolitan area. Florida, having no state income tax, adds to the value of this investment. CVS maintains a BBB+ Rating with Standards and Poor and operates over 7,400 Stores on a National/ International basis. National Realty Corp believes the information contained in any attached sales material to be accurate; however, any purchaser should perform its own due diligence and investigation relating to the property (ies) and National Realty Corp. makes no representation as to the accuracy or completeness of the information herein presented. All material is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior sale, change of price, and withdrawal without notice.

Page 2: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ...images2.loopnet.com/d2/HMkST7v1EsEsJqxhDtGn3pNQpkYd50U8krh4TgrDveU/document.pdfthe Joint Commission and AHCA * Accredited

Property Photos

Drive Through

Major Intersection US 41

Page 3: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ...images2.loopnet.com/d2/HMkST7v1EsEsJqxhDtGn3pNQpkYd50U8krh4TgrDveU/document.pdfthe Joint Commission and AHCA * Accredited

OFFERING SUMMARY CVS STORE # 3171 MUST ASSUME EXISTING LOAN

LOCATION: 602 West Main Street (US 41), Inverness, Citrus County, Florida

PURCHASE PRICE: $ 4,214,708

MORTGAGE: $ 2,364,708 current balance 6/30/2017, IR 5.25% Due 7/2022,

Balloon $2,113,000. Assumption fee $15,000 plus legal.

CASH REQUIRED: $ 1,905,793

CASH FLOW AFTER DEBT SERVICE: Investment Rent - Debt Service + Amortization = NOI Yield 7-2017 to 7-2022 $ 1,905,793 $ 270,765 - $ 168,974 + $40,000 = $ 141,791 7.44% 8-2022to12-2023 $ 4,018,793 $ 270,765 - 6.74% Refinance

BUILDING: 10,908 SF (built new 1998)

LAND AREA: 1.75 Acres

COST/ SF: $ 368.43

LEASE TYPE: NN (landlord roof and structure, reserve in place, presently $48,400)

LEASE TERMS: 12/2/1998 to 12/1/2023 with Five (5) Five (5) year renewals.

(Each renewal period has an increase of $5,454 per year)

NOI: $ 270,765 ($24.82 PSF)

National Realty Corp believes the information contained in any attached sales material to be accurate; however, any purchaser should perform its own due diligence and investigation relating to the property (ies) and National Realty Corp. makes no representation as to the accuracy or completeness of the information herein presented. All material is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior sale, change of price, and withdrawal without notice.

Page 4: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ...images2.loopnet.com/d2/HMkST7v1EsEsJqxhDtGn3pNQpkYd50U8krh4TgrDveU/document.pdfthe Joint Commission and AHCA * Accredited

Inverness

Citrus County is a county located in the state of Florida. As of the 2013 census, the population was estimated at 139,000. Its county seat is Inverness, and its largest community is Homosassa Springs. Citrus County lies in the lake and horse districts of Central Florida.

Citrus County was first occupied about 10,000 years ago and settled about 2,500 years ago by mound-building Native Americans that built the complex that now forms the Crystal River Archeological Site. The site was occupied for about 2,000 years. Why the complex was abandoned is currently unknown. Citrus County was created in 1887. The Citrus County area was formerly part of a Hernando County. It was named for the county's citrus trees. Citrus production declined dramatically after the "Big Freeze" of 1894-1895. Today, citrus is grown on one large grove, Bellamy Grove.

Geography

According to the U.S. Census Bureau, the county has a total area of 773 square miles of which 582 square miles is land and 192 square miles (24.8%) is water. There are a number of uninhabited and/or sparsely inhabited coastal islands that can be accessed via watercraft. While some of the Citrus County islands are state lands thus available for public use for recreational opportunities, many other Citrus County islands are private property and are either wholly or partially owned by private parties.

According to the US Fish & Wildlife Services' Aerial Manatee Surveys, as many as 400 of these unique creatures can be found in Citrus County at one time. This typically occurs only during the coldest months of the year Manatees can also be viewed in the underwater observatory at Homosassa Springs Wildlife State Park. Today, manatees are endangered. Though protected by laws, they still face threats. The gentle beasts are often accidentally hit by motorboats in ever more crowded waters, and sometimes become entangled in fishing nets.

Citrus County also offers hundreds of miles of bike trails that are built for all levels of experienced riders from amateurs to pros. These include everything from simple flat stretches to mountain bike trails that twist and turn and climb up and down hills. Simple

Page 5: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ...images2.loopnet.com/d2/HMkST7v1EsEsJqxhDtGn3pNQpkYd50U8krh4TgrDveU/document.pdfthe Joint Commission and AHCA * Accredited

trails include those at Whispering Pines City Park in Inverness. Other local cycling trails include Potts Preserve, Flying Eagle, and Martin’s Marsh Aquatic preserve.

Economy

Inverness has a strong economy driven by Retail, Healthcare, Administration & Office, Hotel and Hospitality, Sales and Marketing, Transportation and others with the Health Care industry being dominate in the work force.

Citrus Memorial Hospital was founded in 1957 as the area's first healthcare institution for residents in Citrus and surrounding counties. Over the years, the hospital has evolved into a comprehensive system equipped to meet the needs of the growing community. Citrus Memorial System exists to improve the health and quality of life of the people and communities we serve. Citrus Memorial hospital is a 198 bed, not for profit, community hospital serving all of Citrus County and surrounding areas. Over the years, the hospital has added patient rooms, a modern emergency department, Heart Center, diagnostic and laboratory facilities as well as new surgery suites, Pediatric and Orthopedic Units.

In addition to in-patient care, Citrus Memorial offers extensive outpatient services throughout Citrus County. Citrus operates a Home Health Agency, Wound Care and Hyperbaric Center, walk-in clinics at Allen Ridge and Sugarmill Woods, comprehensive diagnostic imaging Centers, laboratory draw stations and rehabilitation centers across the county as well as Citrus Primary Care offices in numerous locations. Citrus Memorial has earned impressive national clinical recognition from HealthGrades, the Joint Commission, the Florida Hospital Association, the American College of Radiology and the American College of Cardiology. Citrus Memorial was granted full chest pain center accreditation from the Society of Cardiovascular Patient Care (SCPC) - that makes Citrus the FIRST and ONLY hospital in this service area to receive this level of accreditation. Only 12% of hospitals in the United States achieve this accreditation! Their Heart & Vascular Center

Page 6: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ...images2.loopnet.com/d2/HMkST7v1EsEsJqxhDtGn3pNQpkYd50U8krh4TgrDveU/document.pdfthe Joint Commission and AHCA * Accredited

received a 3 Star Quality ranking (highest rating) by the Society of Thoracic Surgeons for overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve replacement surgery (top 6% nationally). HealthGrades: one of America's 100 Best Hospitals for Spine and General Surgery for 2013.

At citrus Memorial a patient can expect quality care throughout the course of their

stay and beyond. Citrus is a leading healthcare provider, recognized both locally and nationally for amazing patient outcomes.

Here are some of their latest achievements: * Ranked among America's 100 Best

Hospitals for Spine Surgery * Ranked among America's 100 Best Hospitals for Orthopedic Services * 5 Star Rated in Stroke by Healthgrades * Certified Primary Stroke Center by the Joint Commission and AHCA * Accredited by the American College of Radiology

In The News Citrus Memorial and HCA

Citrus Memorial Hospital officially become a part of HCA West Florida at midnight Nov. 1 2014. The agreement includes a 50-year lease, worth $127 million, and the merger will expand HCA West Florida's facilities to include 17 hospitals on 19 campuses, 16 ambulatory surgery centers and about 18,000 employees. Citrus Memorial Hospital has some big changes in the works. The big plan is to add a trauma center and have it up and running in the spring. It would be the first and only trauma unit in the county. Currently, trauma patients are sent to either Pasco or Marion Counties.

Work is also underway to improve the emergency room and cut down wait times. Overall, HCA will be doing a lot to upgrade the existing Facility.

Page 7: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ...images2.loopnet.com/d2/HMkST7v1EsEsJqxhDtGn3pNQpkYd50U8krh4TgrDveU/document.pdfthe Joint Commission and AHCA * Accredited

CITY AERIAL

Page 8: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ...images2.loopnet.com/d2/HMkST7v1EsEsJqxhDtGn3pNQpkYd50U8krh4TgrDveU/document.pdfthe Joint Commission and AHCA * Accredited

SITE AERIAL

Page 9: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ...images2.loopnet.com/d2/HMkST7v1EsEsJqxhDtGn3pNQpkYd50U8krh4TgrDveU/document.pdfthe Joint Commission and AHCA * Accredited

Mortgage Summery Term: 10 years on a 30 year amortization schedule

7/2012 - 7/2022 Servicer: Wells Fargo/ Originator Citigroup Original Loan Balance: $2,550,000 Amortization: Approximately $40,000 + Per Annum Loan Balance as of 6/31/17 Approximately $2,364,708 Annual Payments: $ 168,974.28 (monthly $14,081.19) Roof and Structure Reserve: Years 1-5: $ 9,680.00 Per annum ($48,400)

Reserve Balance 7-17 “$48,400” Years 6-10: (7/2017) $ 1,632.00 Per annum

Total Reserve 10 years: ($ 56,560) Balloon At End of Term: Approximately $ 2,113,448 Early Payoff: Defeasance Cash Flow After Debt Service Plus Amortization : 7-2017 to 7-2022 $ 100,158.72 + $40,000 amortization = $140,158.72 National Realty Corp believes the information contained in any attached sales material to be accurate; however, any purchaser should perform its own due diligence and investigation relating to the property (ies) and National Realty Corp. makes no representation as to the accuracy or completeness of the information herein presented. All material is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior sale, change of price, and withdrawal without notice.

Page 10: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ...images2.loopnet.com/d2/HMkST7v1EsEsJqxhDtGn3pNQpkYd50U8krh4TgrDveU/document.pdfthe Joint Commission and AHCA * Accredited

CASH FLOW SUMMERY INITIAL LEASE TERM 25 Years: Years 1-5: $ 254,405.00, $ 21,200.23 per month, $23.32 psf Years 6-10: $ 259,857.00, $ 21,654.75 per month, $23.82 psf Years 11-15: $ 265,311.00, $ 22,109.25 per month, $24.32 psf Years 16-25: $ 270,765.00, $ 22,563.75 per month $24.82 psf OPTIONS 5/5 years Years 26-30: $ 276,219.00, $ 23,018.25 per month $25.32 psf Years 31-40: $ 281,673.00, $ 23,472.75 per month $25.82 psf Years 41-45: $ 287,127.00, $ 23,927.25 per month $26.32 psf Years 46-50: $ 292,581.00, $ 24,381.75 per month $26.82 psf Years 51-55 : $ 298,035.00, $24,836.25 per month $ 27.32 psf National Realty Corp believes the information contained in any attached sales material to be accurate; however, any purchaser should perform its own due diligence and investigation relating to the property (ies) and National Realty Corp. makes no representation as to the accuracy or completeness of the information herein presented. All material is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior sale, change of price, and withdrawal without notice.

Page 11: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ...images2.loopnet.com/d2/HMkST7v1EsEsJqxhDtGn3pNQpkYd50U8krh4TgrDveU/document.pdfthe Joint Commission and AHCA * Accredited

All photos represented are actual photos of said property. This Property is being presented and marketed through National Realty Corp. In association with Jorge Rodriquez FL Broker # BK341294. Further information may be obtained by e-mailing or calling its representative below.

Robert J. Lauria President National Realty Corp. Phone: (914)-767-3380 NY Phone: (203) 746-5782 CT Cell: (914) 393-6440 Fax:: (914)-767-3383 E-mail: [email protected]

In Association With Jorge Rodriquez FL Broker # BK341294 National Realty Corp believes the information contained in any attached sales material to be accurate; however, any purchaser should perform its own due diligence and investigation relating to the property (ies) and National Realty Corp. makes no representation as to the accuracy or completeness of the information herein presented. All material is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior sale, change of price, and withdrawal without notice

Page 12: HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS ...images2.loopnet.com/d2/HMkST7v1EsEsJqxhDtGn3pNQpkYd50U8krh4TgrDveU/document.pdfthe Joint Commission and AHCA * Accredited