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    440 Dixie Dr Asheboro, NC 27203

    For Sale
    $3,042,100

    High-yield CVS Net Lease, NC

    Property size:
    10,881 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional investment opportunity presents a 10,881 square foot CVS Pharmacy in Asheboro, North Carolina. The property, built in 2004, sits on a 1.51-acre lot and boasts a strong 100% occupancy rate with a corporate guarantee from CVS Pharmacy. The absolute NNN lease, commenced September 1, 2004, has a remaining term of over 15 years, extending to December 1, 2039, with ten five-year renewal options. The current annual net operating income (NOI) is $144,500, resulting in a compelling 4.75% cap rate. The asking price is $3,042,100, translating to $279.58 per square foot. A significant rent bump of 62% is built into the first option period, increasing rent to $234,021.12. The property features a drive-thru and is strategically located at a hard signalized intersection. This is a rare opportunity to acquire a low price point CVS with a long-term lease and substantial future income growth potential. The tenant, CVS Health Inc., holds an investment-grade credit rating (S&P: BBB) and is publicly traded on the NYSE (CVS).

    Property Features for 440 Dixie Dr

    General Information

    Property type
    Individual retail properties
    Square Feet
    10,881 SF
    Lot Size
    65,776 SF

    Building Details

    Year Built
    2004
    Buildings
    1

    HighLights

    • Triple Net (NNN) Lease; no landlord responsibilities.
    • Corporate CVS guarantee with over 15 years remaining on the lease.
    • Significant rent increase; 61.95% increase in the first option period.
    • Attractively priced CVS property.
    • CVS recently executed a 20‑year lease extension with ten 5‑year options.
    • Long‑term occupancy; CVS has been at this location since 2004.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    CVS Pharmacy Pharmacy CVS Photo Passport Photo Processor Cardtronics Atm Redbox Movie Rental Kiosk CVS Drug Store

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Asheboro
    County
    Randolph
    State
    North Carolina
    Longitude
    -79.810387915807
    Latitude
    35.688350014609

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    FAQs

    What type of property is this?
    Individual retail property - High-yield CVS Net Lease, NC
    Where is this individual retail property located?
    The property is located at 440 Dixie Dr Asheboro, NC.
    What is the asking price?
    The asking price for this property is $3,042,100.
    What are key features of this property?
    This property features: Triple Net (NNN) Lease; no landlord responsibilities.; Corporate CVS guarantee with over 15 years remaining on the lease.; Significant rent increase; 61.95% increase in the first option period.
    Request Owner's contact information
    440 Dixie Dr Asheboro, NC 27203
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    440 Dixie Dr Asheboro, NC 27203
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