CVS Pharmacy | Albany, NY

CVS PHARMACY

153 CENTRAL AVE, ALBANY, NY 12206

CVS PHARMACY

marketing package TABLE OF CONTENTS 03 Investment Summary 04 Retail Aerial 05 Lease Summary 06 Income & Expense 07 Retail Aerial 08 Rent Schedule 09 Property Photo 10

Retail Aerial

12

Site Plan

13

About the Brand

14

Location Overview

CONTACT INFORMATION

joel cukier

Senior Associate (424) 325-2618

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153 CENTRAL AVE, ALBANY, NY 12206

CVS PHARMACY

INVESTMENT SUMMARY Tenant Street Address City State Zip GLA Lot Size Year Built

CVS Pharmacy 153 Central Ave Albany NY 12206 18,200 SF*

$

$3,425,000

LIST PRICE

% 6.50% CAP RATE $

$222,625 NET OPERATING INCOME

0.24 AC

Price / SF

$188.19

1940

Rent / SF

$23.43

* CVS: 9,500 SF, Storage: 1,400 SF, Basement: 7,300 SF

40+ Year Tenant Operating History - CVS has been in continuous operation at this site since the 1980’s and has served as the predominant neighborhood drug store. CVS has consistently executed their renewal options and most recently extended their lease out to 10 years, showing their long-term commitment to the site and providing an investor with an option to purchase a well-established, seasoned CVS property.

Minimal Landlord Responsibilities - The subject property is currently operating under a Double-Net (NN) lease with the landlord responsible solely for the roof / structure and minimal common area maintenance on the property, thus making this a primarily passive ownership investment.

Exceptional Reported Store Sales - CVS has consistently reported very strong store sales at this location, well above the national average, with sales exceeding $9,200,000 annually.

Investment Grade Credit with Leading National Pharmacy - The lease is guaranteed by CVS Pharmacy, Inc., an Investment Grade Tenant with a Standard & Poor’s Credit Rating of BBB. CVS is a leading national retail pharmacy company with more than 9,800 locations in the United States and over 1,100 walk-in medical clinics.

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153 CENTRAL AVE, ALBANY, NY 12206

CVS PHARMACY

RETAIL AERIAL

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153 CENTRAL AVE, ALBANY, NY 12206

CVS PHARMACY

LEASE SUMMARY Lease Type Type of Ownership Original Lease Term

Double-Net (NN) Fee Simple

Real Estate Taxes

Tenant Responsible

Insurance

Tenant Responsible

10 Years

Roof & Structure

Landlord Responsible

Commencement Date

12/05/2019

Lease Guarantor

Corporate

Lease Expiration

12/31/2029

Company Name

CVS

Term Remaining

9+ Years

Increases Options

10% in Each Option Four (4), 5-year

Ownership Years in Business Number of Locations

Public 56 9,800+

Value-Add Opportunity with a Pro Forma 7.77% Cap - The subject property features an additional 8,700+ SF of recently vacant basement and storage area space that can be rented at a conservative rental rate of $5.00 PSF to increase the operating income by an additional $43,500 to further increase the investors return.

Heavily Trafficked Urban Street Retail CVS - CVS is centrally located in a dense downtown location at a signalized crosswalk on Central Ave. The subject property benefits from the 17,000+ daily vehicles that pass the site and the large amount of foot-traffic by the surrounding residential neighborhood within walking distance from the property.

Excellent Retail Demographics - The property benefits from the dense demographics of over 110,500 people residing within a three-mile radius to the property with an average household income of over $65,000.

Proximity to a 734-Bed Hospital - The site is located less than a mile from Albany Hospital, a 734-bed hospital with the region’s largest physicians practice of more than 450 doctors.

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153 CENTRAL AVE, ALBANY, NY 12206

FINANCIAL ANALYSIS

INCOME AND EXPENSE INCOME

CURRENT

PRO FORMA

CVS

$229,599

$229,599

Storage ($5.00 / SF)

-

$7,000

Basement ($5.00 / SF)

-

$36,500

Expense Reinbursements

-

-

Gross Potential Income

$229,599

$273,099

Effective Gross Income

$229,599

$273,099

EXPENSES

CURRENT

PRO FORMA

Property Taxes

$744

$744

Insurance

$825

$825

CAM

$3,750

$3,750

Utilities

$1,655

$1,655

Total Expenses

$6,974

$6,974

$222,625

$266,125

6.50%

7.77%

Net Operating Income Cap Rate

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CVS PHARMACY

RETAIL AERIAL

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153 CENTRAL AVE, ALBANY, NY 12206

CVS PHARMACY

RENT SCHEDULE Period

Term

Annual Rent

Monthly Rent

Expenses

Increases

CAP Rate

Current - 12/31/2029

Base Term

$229,599.96

$19,133.33

$6,974

-

6.50%

10%

7.17%

01/01/2030 - 12/31/2034

1st Option

$252,559.92

$21,046.66

$6,974+/-

01/01/2035 - 12/31/2039

2nd Option

$277,815.96

$23,151.33

$6,974+/-

10%

7.91%

10%

8.72%

10%

9.61%

01/01/2040 - 12/31/2044

3rd Option

$305,597.52

$25,466.46

$6,974+/-

01/01/2045 - 12/31/2049

4th Option

$336,157.32

$28,013.11

$6,974+/-

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153 CENTRAL AVE, ALBANY, NY 12206

CVS PHARMACY

Property Photo

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153 CENTRAL AVE, ALBANY, NY 12206

CVS PHARMACY

RETAIL AERIAL

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153 CENTRAL AVE, ALBANY, NY 12206

CVS PHARMACY

RETAIL AERIAL

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153 CENTRAL AVE, ALBANY, NY 12206

CVS PHARMACY

SITE PLAN

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153 CENTRAL AVE, ALBANY, NY 12206

CVS PHARMACY

ABOUT THE BRAND CVS Pharmacy CVS Pharmacy is the largest retail pharmacy in the United States, filling more than one billion prescriptions each year. CVS retail stores feature thousands of items including organics and naturals, innovations in beauty and health & healthier-for-you food choices. CVS Pharmacy is subsidiary of the American retail & health care company CVS Health. CVS Health is a pharmacy company helping people on their path to better health.

9,800+

BBB

$256.8 Billion

290,000

NUMBER OF LOCATIONS

$

S&P CREDIT RATING

ANNUAL REVENUE

EMPLOYEES

CVS Health to Hire 50,000 in Response to Coronavirus Demand CVS is on a hiring spree to help meet increasing customer demand in wake of the 2020 pandemic. The pharmacy chain is planning to add more employees nationwide as part of what officials call the “most ambitious” hiring it will make yet. This is the largest hiring spree that the company has undergone in its history as it looks to keep up with customer demand for prescription delivery and in-store sales. Prescription delivery is up nearly 300 percent since CVS waived fees earlier this month as the company hopes to make an impact within the community amidst the pandemic.

CVS Health Reports Full-Year 2019 Results • • • •

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Total revenues increased 32.0% to $256.8 billion GAAP operating income increased to $12.0 billion Adjusted operating income increased 36.2% to $15.3 billion GAAP diluted earnings per share from continuing operations of $5.08

153 CENTRAL AVE, ALBANY, NY 12206

CVS PHARMACY

LOCATION OVERVIEW Albany, NY Albany is the capital of the U.S. state of New York and the seat and largest city of Albany County. Albany is located on the west bank of the Hudson River approximately 10 miles (16 km) south of its confluence with the Mohawk River and approximately 135 miles (220 km) north of New York City. Albany is known for its rich history, commerce, culture, architecture, and institutions of higher education.

Albany constitutes the economic and cultural core of the Capital District of New York State, which comprises the Albany–Schenectady–Troy, NY Metropolitan Statistical Area, including the nearby cities and suburbs of Troy, Schenectady, and Saratoga Springs. As of the 2019 estimate, the population of Albany was 96,460. Discover downtown Albany’s booming craft beverage industry, must-see attractions and vibrant culture. Revel in the region’s rich history with world-class museums, historic homes and fascinating architecture. Explore beyond the city limits for scenic views and thrilling outdoor adventures in the Helderberg Hilltowns. Albany County is a destination that is beyond conventional.

Major Tourist Destination CVS is located less than a mile from the state capital and the heart of Downtown Albany, a major tourist attraction with several popular cultural destinations including the Empire State Plaza and underground shopping concourse, The New York State Museum and The Albany Institute of History and Art. Walking Distance to Washington Park Washington Park, the city’s premier park, is located less than a half mile from this CVS. The 81-acre park offers a playground, tennis courts, basketball courts and is the site of many festivals and gatherings.

Neighboring Universities and Schools The subject property is located within walking distance of the University at Albany Downtown Campus and four elementary schools.

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153 CENTRAL AVE, ALBANY, NY 12206

CVS PHARMACY

LOCATION OVERvIEW 1.

New York State Capitol Building State St. and, Washington Ave, Albany, NY 12224 0.8 MILES FROM SUBJECT PROPERTY

2. New York State Museum 222 Madison Ave, Albany, NY 12230 1.1 MILES FROM SUBJECT PROPERTY

3. USS SLATER 1 Quay St, Albany, NY 12202 1.9 MILES FROM SUBJECT PROPERTY

4. Washington Park 35 Willett St, Albany, NY 12210 0.5 MILES FROM SUBJECT PROPERTY

5. Albany Institute of History & Art 125 Washington Ave, Albany, NY 12210 0.9 MILES FROM SUBJECT PROPERTY

6. The Egg Agency Building 1, S Mall Arterial, Albany, NY 12203 1.6 MILES FROM SUBJECT PROPERTY

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153 CENTRAL AVE, ALBANY, NY 12206

CVS PHARMACY

LOCATION OVERvIEW

01 NEW YORK STATE CAPITOL BUILDING

The capitol building is part of the Empire State Plaza complex on State St.

02 NEW YORK STATE MUSEUM

This museum houses arts & artifacts in prehistoric & historic timelines.

04 WASHINGTON PARK

The 81-acre park was created during the 1870s-80s by Calvert Vaux.

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03 USS SLATER

a Cannon-class destroyer escort that served in the United States Navy.

05 ALBANY INSTITUTE OF HISTORY & ART

Founded in 1791, it is among the oldest museums in the United States.

06 THE EGG

Home to the Sinopoli Dance Company, a dance performing arts group.

153 CENTRAL AVE, ALBANY, NY 12206

CVS PHARMACY

DEMOGRAPHICS POPULATION

1-Mile

3-Mile

5-Mile

2025 Projection

32,945

108,139

185,184

2020 Estimate

33,235

108,874

185,562

2010 Census

34,304

111,369

185,235

1-Mile

3-Mile

5-Mile

2025 Projection

14,581

47,633

76,944

2020 Estimate

14,721

47,973

77,123

15,259

49,181

77,230

Average Income

$54,491

$69,345

$80,642

Median Income

$34,564

$49,322

$59,498

HOUSEHOLDS

2010 Census

Albany, NY The Capital City is lively and energetic, balancing its historic and legislative roots with a vibrant metropolitan atmosphere. You will always find something to do here whether you prefer outdoor recreation, cultural activities, shopping, or academic pursuits. The city of Albany and the Capital Region offer countless opportunities for personal and professional growth. Their uniqueness stems from the ability to offer residents and visitors world class cultural venues in a metropolitan setting side by side with outdoor recreational activities in beautiful and scenic surroundings.

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153 CENTRAL AVE, ALBANY, NY 12206

CVS PHARMACY

DISCLAIMER

The information contained in this Marketing Brochure has been obtained from sources believed to be reliable, but the accuracy or completeness of the information contained therein cannot be guaranteed. James Capital Advisors, Inc. & R. Scott Burdett (“Broker”) has not, and will not, verify any of this information, nor has Broker conducted, nor will it conduct, any investigation regarding these matters. Broker makes no representations, guarantees, or warranties of any nature about the accuracy or completeness of any information provided. The information provided in this brochure is in no way a substitute for a thorough due diligence investigation by Buyer. Broker has made no investigation of, and has made no representations, guarantees, or warranties of any nature, with regard to income and expenses for this property nor the future financial performance of the property. In addition, Broker has made no investigation of, and has made no representations, guarantees, or warranties as to the size and square footage of the property, the presence of any contaminating substances at the property, the physical condition of the property or compliance with any State, Local or Federal regulations. In addition, Broker has made no investigation of, and has made no representations, guarantees, or warranties of any nature, with regard to the financial condition or future financial condition of any tenants, nor any future plans or intentions of tenants with regard to the continued occupancy of the property. All parties are aware that Broker has no affirmative obligation to conduct a due diligence examination of the property for any Buyer. Any and all projections or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. Therefore, Broker assumes no legal responsibility for accuracy or completeness of this information, and expressly disclaims all representations, guarantees, or warranties related thereto.

The value of the property to any Buyer depends on numerous factors that must be evaluated by Buyer and Buyer’s legal, tax, construction, and financial advisors. Buyer and Buyer’s advisors should conduct a thorough, independent investigation of the property to determine its suitability for Buyer’s intended usage. This investment, as with all real estate investments, carries a substantial risk. As such, Buyer and Buyer’s legal and financial advisors are strongly advised to request and review all legal and financial documentations related to the property and tenants.

A tenant’s past performance is not a guarantee of future performance. The lease rate stated for some properties may be based on a tenant’s projected sales with little or no record of actual performance or comparable rents for the area in question. Returns are in no way guaranteed. Tenants may fail to pay the rent or property taxes or any other tenant obligations under the terms of the lease or may default under the terms of such lease. Regardless of tenant’s history of performance, and/or any lease guarantors and/or guarantees, Buyer is responsible for conducting Buyer’s own investigation of all matters related to any and all tenants and lease agreements. Broker is not, in any way, responsible for the performance of any tenant or for any breach or default by any tenant of any terms of any lease agreement related to the property.

Further, Buyer is responsible for conducting Buyer’s own independent investigation of all matters related to the value of the property, including, but not limited to, the value of any long-term leases. Buyer must carefully evaluate the possibility of tenants vacating the property or breaching their leases and the likelihood and financial impact of being required to find a replacement tenant if the current tenant should default and/or abandon the property. Buyer must also evaluate Buyer’s legal ability to make alternate use of the property in the event of a tenant abandonment of the property.

CONFIDENTIALITY This Marketing Brochure and the information contained within, is propriety and strictly confidential. It is intended to be used only by the party receiving it from Broker. It should not be made available to any other person or entity without the express written consent of Broker.

RELEASE This Marketing Brochure has been prepared to provide basic, unverified information for prospective purchasers. By accepting this Marketing Brochure, the recipient agrees to release and hold harmless Broker from any claim, demand, liability or loss arising out, or relating in any way, to the information contained in this Marketing Brochure and from Buyer’s investigation of the property. In no event shall James Capital Advisors, Inc. or Broker be liable to any party for any direct, indirect, special, incidental, or consequential damages of any kind whatsoever arising out of the use of this Marketing Brochure or any information contained herein.

NON-ENDORSEMENT Broker is not affiliated with, endorsed by or sponsored in any way by any tenant or lessee identified in this Marketing Brochure. The presence of any entity’s logo or name is not intended in any way to indicate affiliation, sponsorship or endorsement by said entity of Broker.

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www.jamescapitaladvisors.com

@jamescapitaladvisors

CVS PHARMACY

CONTACT INFORMATION CONTACT

joel cukier

Senior Associate (424) 325-2618 joel@jamescapitaladvisors.com CA RE Lic. 02005095 BROKER OF RECORD

R. Scott Burdett

Flaum Management Company, Inc (585) 546-4866 sburdett@flaummgt.com NY RE Lic #: 10301213057 CORP. Lic #: 109926090

James Capital Advisors, Inc.

www.jamescapitaladvisors.com

@jamescapitaladvisors