Listing Agency: Equity CRE Show Phone

Listed By: Ken Yanni Show Phone

Source: Moodyscre

Added: Oct 7 Changed: Oct 10 Last Checked: Oct 12 at 10:14PM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Equity CRE

Investment Insights

Based on property information with market context.

The 13,013-square-foot drugstore is leased to CVS Health Corporation, which carries a BBB credit rating from both S&P and Fitch. CVS has operated at this location since 2005 and recently exercised a five-year renewal option. The lease provides 6% rental increases during option periods.

The property is immediately off Garden State Parkway Exit 20, with access to Ocean City, Sea Isle City, Avalon, Stone Harbor and other shore destinations.

Key Highlights

• 13,013‑square‑foot drugstore leased to CVS Health Corporation
• CVS has operated at this site since 2005
• Five‑year renewal option recently exercised

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$198,162

Cap Rate

4.26%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,963,240 $4.0M

Cap Rate 7%

$2,830,886 $2.8M

Cap Rate 9%

$2,201,800 $2.2M

Market Conditions

NOI Build-Up for 13,013 SF

Gross rent

$281.1K $21.60/SF

− Vacancy

−$16.9K −$1.30/SF

EGI

$264.2K $20.30/SF

− OpEx

−$66.1K −$5.08/SF

NOI

$198.2K $15.23/SF

Area

Cape May County, NJ

Vacancy

6.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,963,240

Cap Rate 7%

$2,830,886

Cap Rate 9%

$2,201,800

Alternative Uses

Best Use

Specialty Retail

$2.83M

$2.48M – $3.30M (±1% cap)

NOI $198,162 @ 7.0% cap · market cap 4.26%

Second Best

Retail

$2.15M

$1.89M – $2.51M (±1% cap)

NOI $150,847 @ 7.0% cap · market cap 3.24%

Theoretical Best

Office A

$3.98M

$3.49M – $4.65M (±1% cap)

NOI $278,832 @ 7.0% cap · market cap 5.99%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Drug stores

Suggested Use

Top Pick Real Estate Agency Auto Repair Shop Restaurant Auto Parts Store Building Supply Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

154

Businesses Nearby

30k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Groceries 48% Dining 36% Shops & Services 16%

ACME Markets Groceries

14,291 visits/mo 0.2 miles

McDonald's Dining

10,894 visits/mo 0.1 miles

Dollar General Shops & Services

4,215 visits/mo 0.2 miles

PostNet Shops & Services

544 visits/mo 0.2 miles

Demographics for 08230, NJ

5,908

Population

2,669

Households

2.2

Avg Household Size

49

Median Age

44%

College-Educated

98%

High-School Grad

19.5 sq mi

ZIP Area

303

Density / Sq Mi

$110,667

Median Household Income

$63,750

Median Earnings

$1,757

Median Rent

$406,900

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this drug stores located? What is the asking price? Find similar properties What are key features of this property?

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Similar Off Market Nearby

• Sav-On Pharmacy — 2087 shore rd, ocean view, nj 08230
• ACME Markets Pharmacy — 2087 Shore Rd, Ocean View, NJ 08230
• CVS — 2078 US-9, Ocean View, NJ 08230
• CVS Pharmacy — 2078 US-9, Ocean View, NJ 08230
• Glossy Cosmetics — 12 nj-50 #505, ocean view, nj 08230

Frequently Asked Questions

What type of property is this?

Drug store - CVS has operated at the location since 2005 and recently exercised a five-year renewal option.

Where is this drug store located?

The property is located at 2078 Route 9 Ocean View, NJ.

What is the asking price?

The asking price for this property is $4,653,089.

What are key features of this property?

This property features: 13,013‑square‑foot drugstore leased to CVS Health Corporation; CVS has operated at this site since 2005; Five‑year renewal option recently exercised