HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS...
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Transcript of HIGH PROFILE CVS STORE WITH “HIGH” SALES INVERNESS...
“HIGH PROFILE CVS STORE WITH “HIGH” SALES
INVERNESS, FLORIDA, BEING OFFERED CASH OVER DEBT
602 West Main Street Inverness, Citrus County, Florida
This prime piece of Florida real estate is available for sale to the smart investor who
recognizes the long term economic value in holding said property through the balance of its
initial term and the ensuing option periods thereafter. Said store, opened 24 hours daily,
generates exceptionally high sales which will support timely option renewals and provide
increasing cash flow well into the future. Located on a major East/West artery (Hwy 41), with
increasingly heavy traffic counts, two and a half blocks from Citrus Memorial Hospital now
operated by HCA, this well established store services the entire Inverness metropolitan area.
Florida, having no state income tax, adds to the value of this investment. CVS maintains a
BBB+ Rating with Standards and Poor and operates over 7,400 Stores on a National/
International basis.
National Realty Corp believes the information contained in any attached sales material to be accurate; however, any purchaser should perform its own due
diligence and investigation relating to the property (ies) and National Realty Corp. makes no representation as to the accuracy or completeness of the
information herein presented. All material is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior
sale, change of price, and withdrawal without notice.
OFFERING SUMMARY CVS STORE # 3171
MUST ASSUME EXISTING LOAN
LOCATION: 602 West Main Street (US 41), Inverness, Citrus County, Florida
PURCHASE PRICE: $ 4,248,442
MORTGAGE: $ 2,342,649 current balance 12/31/2017, IR 5.25% Due 7/2022,
Balloon $2,113,000. Assumption fee $15,000 plus legal.
CASH REQUIRED: $ 1,905,793
CASH FLOW AFTER
DEBT SERVICE:
Investment Rent Debt Service NOI Yield
7-2017 to 7-2022 $ 1,905,793 $ 270,765 $ 168,974 $101,791 5.341%
8-2022to12-2023 $ 4,018,793 $ 270,765 - 6.74% Refinance
BUILDING: 10,908 SF (built new 1998)
LAND AREA: 1.75 Acres
COST/ SF: $ 389.47
LEASE TYPE: NN (landlord roof and structure, reserve in place, presently $47,913)
LEASE TERMS: 12/2/1998 to 12/1/2023 with Five (5) Five (5) year renewals.
(Each renewal period has an increase of $5,454 per year)
NOI: $ 270,765 ($24.82 PSF)
National Realty Corp believes the information contained in any attached sales material to be accurate; however, any purchaser should perform its own due
diligence and investigation relating to the property (ies) and National Realty Corp. makes no representation as to the accuracy or completeness of the
information herein presented. All material is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior
sale, change of price, and withdrawal without notice.
Inverness
Citrus County is a county located in the state of Florida. As of the 2013 census, the
population was estimated at 139,000. Its county seat is Inverness, and its largest community
is Homosassa Springs. Citrus County lies in the lake and horse districts of Central Florida.
Citrus County was first occupied about 10,000 years ago and settled about 2,500 years
ago by mound-building Native Americans that built the complex that now forms the Crystal
River Archeological Site. The site was occupied for about 2,000 years. Why the complex was
abandoned is currently unknown. Citrus County was created in 1887. The Citrus County
area was formerly part of a Hernando County. It was named for the county's citrus trees.
Citrus production declined dramatically after the "Big Freeze" of 1894-1895. Today, citrus is
grown on one large grove, Bellamy Grove.
Geography
According to the U.S. Census Bureau, the county has a total area of 773 square miles of
which 582 square miles is land and 192 square miles (24.8%) is water. There are a number of
uninhabited and/or sparsely inhabited coastal islands that can be accessed via watercraft.
While some of the Citrus County islands are state lands thus available for public use for
recreational opportunities, many other Citrus County islands are private property and are
either wholly or partially owned by private parties.
According to the US Fish & Wildlife Services' Aerial Manatee Surveys, as many as 400
of these unique creatures can be found in Citrus County at one time. This typically occurs
only during the coldest months of the year Manatees can also be viewed in the underwater
observatory at Homosassa Springs Wildlife State Park. Today, manatees are endangered.
Though protected by laws, they still face threats. The gentle beasts are often accidentally hit
by motorboats in ever more crowded waters, and sometimes become entangled in fishing
nets.
Citrus County also offers hundreds of miles of bike trails that are built for all levels of
experienced riders from amateurs to pros. These include everything from simple flat
stretches to mountain bike trails that twist and turn and climb up and down hills. Simple
trails include those at Whispering Pines City Park in Inverness. Other local cycling trails
include Potts Preserve, Flying Eagle, and Martin’s Marsh Aquatic preserve.
Economy
Inverness has a strong economy driven by Retail, Healthcare, Administration & Office,
Hotel and Hospitality, Sales and Marketing, Transportation and others with the Health Care
industry being dominate in the work force.
Citrus Memorial Hospital was founded in 1957 as the area's first healthcare
institution for residents in Citrus and surrounding counties. Over the years, the hospital
has evolved into a comprehensive system equipped to meet the needs of the growing
community. Citrus Memorial System exists to improve the health and quality of life of the
people and communities we serve. Citrus Memorial hospital is a 198 bed, not for profit,
community hospital serving all of Citrus County and surrounding areas. Over the years,
the hospital has added patient rooms, a modern emergency department, Heart Center,
diagnostic and laboratory facilities as well as new surgery suites, Pediatric and Orthopedic
Units.
In addition to in-patient care, Citrus Memorial offers extensive outpatient services
throughout Citrus County. Citrus operates a Home Health Agency, Wound Care and
Hyperbaric Center, walk-in clinics at Allen Ridge and Sugarmill Woods, comprehensive
diagnostic imaging Centers, laboratory draw stations and rehabilitation centers across the
county as well as Citrus Primary Care offices in numerous locations. Citrus Memorial has
earned impressive national clinical recognition from HealthGrades, the Joint Commission,
the Florida Hospital Association, the American College of Radiology and the American
College of Cardiology. Citrus Memorial was granted full chest pain center accreditation
from the Society of Cardiovascular Patient Care (SCPC) - that makes Citrus the FIRST
and ONLY hospital in this service area to receive this level of accreditation. Only 12% of
hospitals in the United States achieve this accreditation! Their Heart & Vascular Center
received a 3 Star Quality ranking (highest rating) by the Society of Thoracic Surgeons for
overall quality in coronary artery bypass surgery (top 14% nationally) and aortic valve
replacement surgery (top 6% nationally). HealthGrades: one of America's 100 Best
Hospitals for Spine and General Surgery for 2013.
At citrus Memorial a patient can expect quality care throughout the course of their
stay and beyond. Citrus is a leading healthcare provider, recognized both locally and
nationally for amazing patient outcomes.
Here are some of their latest achievements: * Ranked among America's 100 Best
Hospitals for Spine Surgery * Ranked among America's 100 Best Hospitals for Orthopedic
Services * 5 Star Rated in Stroke by Healthgrades * Certified Primary Stroke Center by
the Joint Commission and AHCA * Accredited by the American College of Radiology
In The News Citrus Memorial and HCA
Citrus Memorial Hospital officially become a part of HCA West Florida at midnight
Nov. 1 2014. The agreement includes a 50-year lease, worth $127 million, and the merger
will expand HCA West Florida's facilities to include 17 hospitals on 19 campuses, 16
ambulatory surgery centers and about 18,000 employees. Citrus Memorial Hospital has
some big changes in the works. The big plan is to add a trauma center and have it up and
running in the spring. It would be the first and only trauma unit in the county. Currently,
trauma patients are sent to either Pasco or Marion Counties.
Work is also underway to improve the emergency room and cut down wait times.
Overall, HCA will be doing a lot to upgrade the existing Facility.
Mortgage Summery
Term: 10 years on a 30 year amortization schedule
7/2012 - 7/2022
Servicer: Wells Fargo/ Originator Citigroup
Original Loan Balance: $2,550,000
Amortization: Approximately $40,000 + Per Annum
Loan Balance as of 6/31/17 Approximately $2,364,708
Annual Payments: $ 168,974.28 (monthly $14,081.19)
Roof and Structure Reserve: Years 1-5: $ 9,680.00 Per annum ($48,400)
Reserve Balance 7-17 “$48,400”
Years 6-10: (7/2017) $ 1,632.00 Per annum
Total Reserve 10 years: ($ 56,560)
Balloon At End of Term: Approximately $ 2,113,448
Early Payoff: Defeasance
Cash Flow After Debt Service Plus Amortization :
7-2017 to 7-2022 $ 100,158.72 + $40,000 amortization = $140,158.72
National Realty Corp believes the information contained in any attached sales material to be accurate; however, any purchaser should perform its own due
diligence and investigation relating to the property (ies) and National Realty Corp. makes no representation as to the accuracy or completeness of the information herein presented. All material is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior
sale, change of price, and withdrawal without notice.
CASH FLOW SUMMERY
INITIAL LEASE TERM 25 Years:
Years 1-5: $ 254,405.00, $ 21,200.23 per month, $23.32 psf
Years 6-10: $ 259,857.00, $ 21,654.75 per month, $23.82 psf
Years 11-15: $ 265,311.00, $ 22,109.25 per month, $24.32 psf
Years 16-25: $ 270,765.00, $ 22,563.75 per month $24.82 psf
OPTIONS 5/5 years
Years 26-30: $ 276,219.00, $ 23,018.25 per month $25.32 psf
Years 31-40: $ 281,673.00, $ 23,472.75 per month $25.82 psf
Years 41-45: $ 287,127.00, $ 23,927.25 per month $26.32 psf
Years 46-50: $ 292,581.00, $ 24,381.75 per month $26.82 psf
Years 51-55 : $ 298,035.00, $24,836.25 per month $ 27.32 psf
National Realty Corp believes the information contained in any attached sales material to be accurate; however, any purchaser should perform its own due
diligence and investigation relating to the property (ies) and National Realty Corp. makes no representation as to the accuracy or completeness of the
information herein presented. All material is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior sale, change of price, and withdrawal without notice.
All photos represented are actual photos of said property. This Property is being
presented and marketed through National Realty Corp. In association with Jorge
Rodriquez FL Broker # BK341294. Further information may be obtained by
e-mailing or calling its representative below.
Robert J. Lauria
President
National Realty Corp.
Phone: (914)-767-3380 NY
Phone: (203) 746-5782 CT
Cell: (914) 393-6440
Fax:: (914)-767-3383
E-mail: [email protected]
In Association
With Jorge Rodriquez
FL Broker # BK341294
National Realty Corp believes the information contained in any attached sales material to be accurate; however, any
purchaser should perform its own due diligence and investigation relating to the property (ies) and National Realty
Corp. makes no representation as to the accuracy or completeness of the information herein presented. All material
is confidential and may be used only by parties approved by National Realty Corp. Property is subject to prior sale,
change of price, and withdrawal without notice