A retail asset occupied by CVS has recently hit the market in Chino Hills, offering buyers the chance to own a property occupied by a stable, long term tenant in one of San Bernardino’s fastest growing cities. According to the listing by Marcus & Millichap, the property is for sale with an asking price of $11.98 million, or approximately $806 per square foot.
The CVS Pharmacy is located at 3290 Chino Hills Parkway on approximately 1.41 acres. The building totals 14,863 square feet and has been owned by CVS since its construction in 2009.
According to the offering memorandum, the pharmacy chain has 13 years remaining on its 25-year lease, which currently offers a net operating income of $599,278. The company is the largest pharmacy store in the United States with more than 9,900 locations and more than 1,100 minute clinics. As of 2018, CVS reported revenues of more than $194 billion. The pharmacy stores also fill 1.9 billion prescriptions each year.
Located along the busy Chino Hills Parkway and Peyton Drive, the location sees approximately 45,700 vehicles per day. The store is also in close proximity to a number of other retail assets, including McDonald’s, Taco Bell, Olive Garden, In-N-Out, Starbucks, Dollar Tree, Albertsons and Trader Joe’s, among many others.
“Due to its topography of rolling hills, Chino Hills was primarily rural prior to the mid-1970s; most land was utilized for equestrian purposes and for dairies, except for the multi-use purposes of the State of California, promoting jobs for the community through day labor from the Chino Institute for Men on Central Avenue. Rapid and extensive housing developments followed throughout the 1980s and early 1990s,” the offering memorandum states.
The area is also home to an affluent population of more than 240,590 people, with an expected population growth of 246,643 by 2026. Within a one-mile radius of the property, average household incomes also exceed $127,500.
