CVS Pharmacy – Farmington Hills

CVS Pharmacy at 29425 Orchard Lake Road is offered at $5,950,000, based on $357,000 in current annual NOI and a 6.00% capitalization rate. The corporate-guaranteed absolute NNN ground lease runs through January 31, 2035. CVS is responsible for the roof, parking lot, HVAC, common-area costs, real estate taxes and insurance, leaving the landlord with no stated operating obligations. Five additional five-year renewal options provide 5% rent increases at the start of each option period.

The 13,210-square-foot, single-story drugstore was built in 2008 on approximately 1.23 acres. The site includes 30 parking spaces and about 200 feet of frontage on Orchard Lake Road. Its corner location near 13 Mile Road carries reported traffic counts of 32,115 vehicles per day on Orchard Lake Road and 14,815 on 13 Mile Road. CVS's store locator currently identifies this location as operating with a drive-thru pharmacy.

Within three miles, the surrounding area includes approximately 65,613 residents and an average household income of $146,917; the five-mile population is approximately 194,960. The offering is structured for net-lease investors seeking a single-tenant retail asset with a defined lease term, corporate guaranty and tenant-controlled property expenses.