Net Leased CVS
10 Gilmer Ave Tallassee, AL 36078
10 Gilmer Ave, Tallassee, AL, 36078
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For Sale
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Single tenant CVS Pharmacy in Tallassee, Alabama for sale.
Property Size11,325 SF
Price / SF$194.22
Days on Market727
Property Features for 10 Gilmer Ave
General Information
- Standard status
- Active
- Size
- 11,325 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1997
Listing Agency
Engel Realty company, LLC
(205) 939-8233
Listed by
Michael Johnson · License #AL 818050
Source
Crexi
Added: Jul 24, 2024 Updated: Jul 6 at 7:42 am Checked: Jul 19 at 8:40 am
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 Engel Realty company, LLC
Investment Insights
Based on property information with market context.
A single tenant net leased CVS Pharmacy is available for sale in Tallassee, Alabama. The property is located 37 miles east of Montgomery, Alabama, and approximately 40 miles west of Auburn, Alabama. The original lease term runs through January 2031, leaving over 7 years remaining. CVS has been operating at this location since 2010 and has 6 options to renew for a period of 5 years each. The lease is triple net, presenting no landlord responsibilities, and features a corporate guaranty from CVS. The property is 11325 square feet.
Key Highlights
- Single tenant net leased CVS Pharmacy with corporate guaranty.
- Over 7 years remaining on the primary lease term through January 2031.
- Triple net lease structure with no landlord responsibilities.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $190.3k | $16.80 |
| − Vacancy | −$10.7k | −$0.94 |
| EGI | $179.6k | $15.86 |
| − OpEx | −$44.9k | −$3.96 |
| NOI | $134.7k | $11.89 |
11,325 SF · lease $16.80/SF/yr · vacancy 5.60% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.92M
$1.68M – $2.25M
NOI $134,704 @ 7.0% cap · market cap 6.12%
Second Best
Retail
$1.80M
$1.57M – $2.10M
NOI $125,724 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$2.35M
$2.05M – $2.74M
NOI $164,385 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
CVS Photo
(Bike/Boat/Book/etc) Store
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CVS Pharmacy
Pharmacy
Redbox
Cinema
Similar For Sale Nearby
Similar Off Market Nearby
- CVS Pharmacy — 10 Gilmer Ave, Tallassee, AL 36078
- Tallassee Nutrition — 11 S Ann Ave, Tallassee, AL 36078
- Erin Wilson — 10 Gilmer Ave, Tallassee, AL 360781206
- Morgan Lock — 10 Gilmer Ave, Tallassee, AL 360781206
FAQs
What type of property is this?
Drug store - Single tenant CVS Pharmacy in Tallassee, Alabama for sale.
Where is this drug store located?
The property is located at 10 Gilmer Ave Tallassee, AL.
What is the asking price?
The asking price for this property is $2,199,500.
What are key features of this property?
This property features: Single tenant net leased CVS Pharmacy with corporate guaranty.; Over 7 years remaining on the primary lease term through January 2031.; Triple net lease structure with no landlord responsibilities.
