3403 Rainbow Dr Rainbow City, AL 35906-6215

Property Details for 3403 Rainbow Dr

Year built

2005

Construction

CONCRETE BLOCKS

Lot size

1.64 lot acres

Property size

10,186 SF

Property type

Investment properties

Property subtype

Live-work space

APN

15-09-29-3-000-041.000

APU

1509293000041000

Description

This exceptional investment opportunity presents a 13,200 square-foot CVS Pharmacy located at 3403 Rainbow Dr, Rainbow City, AL 35906, within the Birmingham MSA. The property boasts a strong 6.75% cap rate and a substantial net operating income (NOI) of $125,926. Built in 2005 on a 1.65-acre lot, the building is 100% occupied under an absolute NNN lease with a credit-rated tenant, CVS Pharmacy. The lease commenced December 17, 2004, and expires January 31, 2030, leaving approximately 5.2 years remaining on the primary term, with ten 5-year renewal options. The lease includes a corporate guaranty from CVS and features a significant 33% rental escalation in the first renewal option. The property benefits from a high-traffic location near the intersection of Rainbow Drive and East Grand Avenue (combined 54,849 vehicles per day), surrounded by strong national and regional tenants including Publix, Winn-Dixie, and others. The surrounding area has a population of 45,102 within a 5-mile radius, with an average household income of $65,773. The asking price is $1,865,585, translating to $141.33 per square foot. This is a rare opportunity to acquire a well-performing, low-risk investment with a nationally recognized tenant and significant long-term growth potential. Detailed lease terms are available upon request.

Location Insight

City

Rainbow City

County

Etowah

State

Alabama

Longitude

-86.0399

Latitude

33.9573

CBSA code

23460

CBSA name

GADSDEN, AL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments