INVESTMENT OPPORTUNITY CVS PHARMACYimages1.loopnet.com/d2/nZ37J2zP9TV_C2ZX1HdCw0... · 2018-04-03 · Once the tax deferred exchange is completed, the investor can often take advantage

CVS/PHARMACY ZERO CASH FLOW INVESTMENT

Effort, PA

OFFERED AT: $6,267,195REQUIRED EQUITY: $956,012

(18% Over the Debt)

INVESTMENT OPPORTUNITY

* Actual Property

EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

CVS | Effort, PA | 2

TABLE OF CONTENTS

4 Offering Summary5 Investment Highlights6 Lease Information & Loan Summary7 Zero Cash Flow Explained8 Lease Abstract

EXECUTIVE SUMMARY

10 Location Maps11 Site Plan12 Property Photos13 Aerials

PROPERTY INFORMATION

19 About CVS Health

TENANT OVERVIEW

21 Effort & Monroe County Overview22 Demographics

Confidentiality Agreement & Disclosures

AREA OVERVIEW

Color Scheme

Fonts

GOTHAM/ BLACKGOTHAM/ MEDIUMGOTHAM/ LIGHT

CMYK C:0 / M:100 / Y:65 / K:47

RGB R:145 / G:0 / B:40

CMYK C:0 / M:0 / Y:0 / K65

RGB R:119 / G:120 / B:123

RYAN BARRPrincipal

[email protected]

Lic#01338994

RYAN BENNETTPrincipal

[email protected]

Lic#01826517

EXCLUSIVELY REPRESENTED BY

Listed in conjuntion with Lee & Associates of Eastern Pennsylvania, LLC

for out of state licensing purposes.

EXECUTIVE SUMMARYCVS ZERO CASH FLOW INVESTMENT | EFFORT, PA



PROPERTY OVERVIEWAddress: 3192 PA Route 115

Effort, PA 18330 (Monroe County)Store: #3062

Property Size: Approx 13,225 Sq. Ft.

Land Size: 2.45 Acres

Ownership: Fee Simple

Year Built: 2011

INVESTMENT HIGHLIGHTSOffering Price: $6,267,195Percentage Over Debt: 18%Debt Amount: $5,311,183

(As of January 2018)Equity Requirement: $956,012Price/SF: $473

Lee & Associates is pleased to exclusively offer for sale to qualified investors the opportunity to purchase a CVS standalone single tenant zero cash flow retail investment property located at 3192 State Route 115, in Effort, Pennsylvania, in Monroe County (the “Property”). Built in 2011, the property consists of a 13,225-square foot building that sits on an approximately 2.45 acre parcel.

The property is leased to CVS on a long-term triple-net (NNN) lease. CVS has nearly 20 years remaining on their initial 25-year lease term which also features ten (10) 5-year renewal option periods. The bondable absolute triple-net (NNN) lease offers the Landlord zero management responsibilities.

Together with its subsidiaries, CVS Health Corp. has an investment grade credit rating of BBB+/Stable by Standard & Poor’s. CVS is currently the largest pharmacy chain in the United States with over 9,700 locations and a reported revenue of $177.5 billion.

The subject property is located on the signalized hard corner intersection of PA State Route 115 & State Rd, offering excellent visibility and signage with multiple access points into the property. There is an adjacent pad site that features national tenants Dunkin’ Donuts and Domino’s Pizza. Surrounding retailers also include Sonoco, Exxon, Dollar General, Subway, and Wayne Bank.

The subject property is located across from Mt. Effort Plaza, a multi-tenant strip center and the future home to the Martz Bus Trailways Park & Ride, where hundreds of daily commuters headed to NYC will park their vehicles. Mt Effort Plaza has been approved for a 15-acre, 110,000 square foot redevelopment which will be developed over two phases. The project will be anchored by a 45,000-square foot Gerrity’s grocery store as well as additional retail buildings including a standalone restaurant, a daycare center, the Martz Bus park and ride location, and a Monroe County Transit Authority bus shelter.

The subject property is located in the town of Effort, which is located in Monroe County in eastern Pennsylvania. Situated 90 miles north of Philadelphia, 75 miles west of New York City and 116 miles east of Harrisburg, Monroe County is one of the fastest-growing counties in the state of Pennsylvania. Not only has the population increased by over 70% since 1990, but the commercial and retail sectors have also grown significantly.

Effort, Pennsylvania is located in the growing Pocono Mountain resort area of Northeastern Pennsylvania. The Pocono Mountains are a popular recreational destination for local and regional visitors. The Pocono Mountains Visitors Bureau reports that this four season resort region receives more than 25 million visitors each year, representing more than $3 billion of commerce and supporting over 35% of the region’s workforce.

-- OFFERING SUMMARY --

• Offering Summary • Zero Cash Flow Explained Lease AbstractInvestment Highlights Lease Information & Loan Summary



-- INVESTMENT HIGHLIGHTS --

INVESTMENT GRADE CREDIT TENANT: CVS HEALTH CORP (S&P: BBB+/Stable; NYSE: CVS) • CORPORATE LEASE GUARANTY • LARGEST PHARMACY CHAIN IN THE U.S. The property is leased to CVS, which is part of the CVS Health Corporation which, together with its subsidiaries, has an investment grade credit rating of BBB+/Stable by Standard & Poor’s. CVS is currently the largest pharmacy chain in the United States with over 9,700 locations and a reported revenue of $177.5 billion.

LONG TERM BONDABLE ABSOLUTE TRIPLE-NET (NNN) LEASE • ZERO LANDLORD RESPONSIBILITIESCVS has nearly 20 years remaining on their initial 25-year lease term and features ten (10) 5-year renewal option periods. The bondable absolute triple-net (NNN) lease offers the Landlord zero management responsibilities.

ZERO-CASH FLOW LOAN STRUCTURE • DESIRABLE PAYDOWN/RE-ADVANCE FEATURE • PASSIVE LOSS ALLOWS INVESTOR TO OFFSET INCOMEZero-cash flow structure with readily assumable, non-recourse loan currently in place. This structure is ideal for tax deferred 1031/1033 exchange buyers or traditional investors seeking passive losses that might be used to offset income from other real estate investments.

The paydown/re-advance feature is available in the current assumable loan allowing a 1031 investor to easily match their debt & equity requirement with an option to extract additional equity through re-finance.

LOCATED ON HARD CORNER SIGNALIZED INTERSECTION • ACROSS FROM FUTURE MARTZ BUS TRAILWAYS PARK & RIDE WHERE HUNDREDS OF COMMUTERS WILL PARK The subject property is located on the signalized hard corner intersection of PA State Route 115 & State Rd, offering excellent visibility and signage with multiple access points into the property. There is an adjacent pad site featuring Dunkin’ Donuts and Domino’s Pizza. Surrounding retailers also include Sonoco, Exxon, Dollar General, Subway, and Wayne Bank.

The CVS property ideally sits across from the future Martz Bus Trailways Park & Ride, where hundreds of daily commuters heading to NYC will park their vehicles.

FUTURE TOWN CENTER LOCATION • ACROSS FROM MOUNT EFFORT PLAZA: PLANNED 15-ACRE, 110,000 SQUARE FOOT RETAIL/COMMERCIAL REDEVELOPMENT PROJECTThe subject property is located across from Mount Effort Plaza, a multi-tenant strip center. Mount Effort Plaza has been approved for a 15-acre, 110,000 square foot redevelopment which will be developed over two phases. The project will be anchored by a 45,000-square foot Gerrity’s grocery store as well as additional commercial and retail buildings including a standalone restaurant, a daycare center, a Martz Bus park and ride location, and a Monroe County Transit Authority bus shelter.

GATEWAY TO POCONO MOUNTAINS (“POCONOS”) • MAJOR TOURISM DESTINATION • 25 MILLION ANNUAL VISITORS PER YEAR • $3 BILLION TOURIST INDUSTRYEffort, Pennsylvania is located in the growing Pocono Mountain resort area of Northeastern Pennsylvania. The Pocono Mountains are a popular recreational destination for local and regional visitors. The Pocono Mountains Visitors Bureau reports that this four-season resort region receives more than 25 million visitors each year, representing more than $3 billion of commerce and supporting over 35% of the region’s workforce. The Poconos have been a tourist draw for more than a century and now feature numerous resorts, camping, casinos, horse racing, auto racing at Pocono Raceway, snow skiing, and fishing in the lakes that dot the area.

Offering Summary Zero Cash Flow Explained Lease Abstract• Investment Highlights • Lease Information & Loan Summary



LEASE INFORMATION

TENANT: CVS Caremark Corp.

BUILDING SIZE: 13,225 Sq. Ft.

LOT SIZE: 2.45 Acres

RENT COMMENCEMENT: January 10, 2012

LEASE EXPIRATION: January 31, 2037

BASE LEASE TERM: 25 Years

BASE TERM REMAINING: 19+ Years

LEASE TYPE: Absolute NNN

LANDLORD RESPONSIBILITIES: None

RENEWAL OPTIONS: (10) 5-Year Options - (2) Options at Fixed Rate; (8) Options @ FMV

ANNUAL RENT: $462,554

-- RENT OVERVIEW --

PRIMARY TERM START DATE END DATE NOI/YR NOI/MO NOI/SF/YR

Years 1 - 22 1/10/2012 1/31/2034 $462,554.00 $38,546.16 $34.97

Years 23 - 25 2/1/2034 1/31/2037 $0.00 Rent Holiday

-- LEASE SUMMARY --

OPTION PERIODS - (5) 5-YEAR OPTIONS

Options 1 & 2 2/1/2037 1/31/2042 $416,298.00 $34,691.54 $31.48

Options 3 - 10 3/1/2027 2/28/2032 FAIR MARKET VALUE

LOAN SUMMARY

ORIGINAL LOAN BALANCE: $5,679,340.05

LOAN COMMENCEMENT: January 10, 2012

LENDER: Wells Fargo

CURRENT LOAN BALANCE: $5,311,183 (As of January 2018; including Section 467 loan)

INTEREST RATE: 5.926%

ANNUAL PAYMENT: $462,554

LOAN MATURITY DATE: January 10, 2034

RECOURSE: Financing is non-recourse to the Borrower

PAYDOWN RE-ADVANCE: Borrower has the ability to utilize the paydown/re-advance feature as provided in the existing debt.

Offering Summary Zero Cash Flow Explained Lease AbstractInvestment Highlights • Lease Information & Loan Summary •



-- ZERO CASH FLOW EXPLAINED --

DefinitionA highly leveraged property backed by a long-term, bond quality lease that is guaranteed by an investment grade tenant (S&P BBB or better) whereas the property’s rental stream (net operating income) goes to service the underlying loan and thus, provides the investor with “zero” cash flow.

Allows an investor the opportunity to buy an absolute net leased property with a minimal amount of equity.

The fixed rate financing is assumable, non-recourse, and often times fully amortizing.

At the end of the loan term the property is owned free and clear of debt.

Popular with 1031/1033 exchange investors as the loan is already in place and allows for the investor to easily match the loan to meet their individual debt & equity requirement.

Once the tax deferred exchange is completed, the investor can often take advantage of the loan’s paydown/re-advance feature. This allows the investor extract additional equity through refinance to be deployed to other cash flowing assets with full depreciable basis outside of the confines of the 1031/1033 tax differed exchange.

Zero cash flow investments also generate net taxable losses that an investor can use to offset like-kind income elsewhere in an owner’s portfolio.

Offering Summary • Zero Cash Flow Explained • Lease AbstractInvestment Highlights Lease Information & Loan Summary



-- LEASE ABSTRACT --

Property Taxes Tenant shall be responsible for paying all taxes, charges, assessments, ground rents, levies and other items against the Premises.

Insurance Tenant shall maintain All-Risk, General Liability and any other insurance coverage required to be maintained on the Property.

Utilities Tenant agrees to timely pay for all utilities consumed by Lessee in the Premises.

Landlord Repairs/Maintenance None

Tenant Repairs/Maintenance

Tenant shall keep, maintain and repair, at its sole cost and expense, the entire Premises, including, without limitation, the roof, walls, footings, foundations, HVAC, mechanical and electrical equipment and systems in or serving the Premises and structural and nonstructural components and systems of the Premises, parking areas, sidewalks, roadways and landscaping in good repair and appearance, and shall make all repairs and replacements of every kind and nature, whether foreseen or unforeseen, which may be required to be made in order to keep and maintain the Premises in as good repair and appearance as they were when originally constructed, except for ordinary wear and tear.

Termination of Lease N/A

Right of First Offer / Right of First Refusal

If at any time during any Extension Period, Landlord shall desire to sell the Premises, Landlord shall obtain a written offer, acceptable to Landlord, to purchase all or such portion of the Premises; and Landlord shall submit a written copy of the Offer to Tenant and shall give Tenant twenty (20) days within which to elect to purchase the Premises on the precise terms and conditions of the Offer. If Tenant elects to so purchase the Subject Premises, Tenant shall give to Landlord written notice thereof, and closing shall be held within sixty (60) days after the date of the Acceptance Notice, whereupon Landlord shall convey the Subject Premises to Tenant.

Sublease / Assignment

Tenant shall have the right to assign this Lease, or to sublet the whole or any portion of the Premises, provided Tenant and Guarantor shall remain liable for the obligations of Tenant hereunder, which liability of Tenant shall be and remain that of a primary obligor and not a guarantor or surety. Tenant agrees that in the case of an assignment of this Lease, Tenant shall, within fifteen (15) days after the execution and delivery of any such assignment, deliver to Landlord a duplicated original of such assignment in recordable form and an agreement executed and acknowledged by the assignee in recordable form wherein the assignee shall agree to assume and agree to observe and perform all of the terms and provisions of this Lease.

In the case of a sublease, Tenant shall, within fifteen 915) days after the execution and delivery of such sublease, deliver to Landlord a duplicate original of such sublease.

Estoppel Agreement

Landlord and Tenant agree to deliver to each other, from time to time as reasonably requested in writing, and within a reasonable period of time after receipt of such request, an estoppel certificate certifying that this Lease is unmodified and in full force and effect (or if there have been any modifications, that this Lease is in full force and effect as modified and stating the modifications), the dates to which any Fixed Rent due hereunder has been paid in advance, if any and that to the knowledge of the signer of such certificate, no default hereunder by either Landlord or Tenant exists hereunder, together with such other information as Landlord or Tenant may reasonably require with respect to the status of this Lease and Tenant’s use and occupancy of the Premises.

Offering Summary Zero Cash Flow Explained • Lease Abstract •Investment Highlights Lease Information & Loan Summary

PROPERTY INFORMATIONCVS ZERO CASH FLOW INVESTMENT | EFFORT, PA



-- LOCATION MAPS --

• Location Maps • Property Photos AerialsSite Plan

Jonas Rd

SR 115

State Rd

Atlantic Ocean

BALTIMORE

WASHINGTON

ROCHESTER

BUFFALO

SYRACUSE

Lake Ontario

Lake Erie

PHILADELPHIA

PITTSBURGH

NEW YORK

BOSTON

ATLANTIC CITY

LANCASTER

SPRINGFIELD

PROVIDENCE

PORTLAND

SCRANTONNEW HAVEN

HARTFORD

ALBANY



-- SITE PLAN --

Location Maps Property Photos Aerials• Site Plan •

Drive-Thru Pharmacy

Drive-Thru (D

unkin)

LOAD

ING

STATE RD

JONAS RD

STATE ROU

TE 115



-- PROPERTY PHOTOS --

Location Maps • Property Photos • AerialsSite Plan



-- OVERHEAD VIEW --

Location Maps Property Photos • Aerials •Site Plan

SR 115 (10,000 CPD)STATE RDACCESS

ACCESS

CAR & TRUCK WASH

BRODHEADSVILLE7 MILES

DOWNTOWN EFFORT4 MILES

Planned 15-Acre, 110,000 SF Retail/Commercial Redevelopment with Gerrity’s Grocery Store, Restaurant & Martz Trailways Park & Ride Location

MOUNT EFFORT PLAZA



-- LOOKING NORTH --


STATE RD

JONAS RD

MOUNTAIN TIRE& AUTO

MT CREST PLAZAMIKE’S PIZZERIABEST NAIL CARE

MT CREST TOBACCO OUTLETPRIME DELI

6.5 MILES

BLAKESLEE12 MILES

SR 1

15 (1

0,00

0 CP

D)



-- LOOKING EAST --

STROUDSBURG17 MILES


MOUNT EFFORT PLAZA

STATE RD

Planned 15-Acre, 110,000 SF Retail/Commercial Redevelopment with Gerrity’s Grocery Store,

Restaurant & Martz Trailways Park & Ride Location



-- LOOKING SOUTH --


MOUNT EFFORT PLAZA

STATE RD

SR 115 (10,000 CPD)

CAR & TRUCK WASH

BRODHEADSVILLE7 MILES

DOWNTOWN EFFORT4 MILES

JONAS RD

Planned 15-Acre, 110,000 SF Retail/Commercial Redevelopment with Gerrity’s Grocery Store, Restaurant & Martz Trailways Park & Ride Location



-- LOOKING WEST --


STATE R

D

SR 115 (10,000 CPD)

CAR & TRUCK WASH

JONAS

RD

SR 115 (10,000 CPD)

MOUNT EFFORT PLAZA

JONAS5 MILES

Planned 15-Acre, 110,000 SF Retail/Commercial Redevelopment with Gerrity’s

Grocery Store, Restaurant & Martz Trailways Park & Ride Location

TENANT OVERVIEWCVS ZERO CASH FLOW INVESTMENT | EFFORT, PA



-- ABOUT CVS HEALTH --

• About CVS Health •

CVS Health (previously CVS Corporation and CVS Caremark Corporation) is an American retail pharmacy and health care company headquartered in Woonsocket, Rhode Island. The company began in 1964 with three partners who grew the venture from a parent company, Mark Steven, Inc., that helped retailers manage their health and beauty aid product lines. The business

began as a chain of health and beauty aid stores, but within several years, pharmacies were added. To facilitate growth and expansion, the company joined The Melville Corporation, which managed a string of retail businesses. Following a period of growth in the 1980s and 1990s, CVS Corporation spun off from Melville in 1996, becoming a standalone company trading on the New York Stock Exchange as NYSE: CVS.

It later completed a merger with the pharmacy benefit management company Caremark Rx in 2007 and was consequently renamed CVS Caremark Corporation. The company was renamed CVS Health in 2014 following its decision to remove tobacco products from CVS Pharmacy store shelves. CVS Health’s assets include CVS Pharmacy, CVS Caremark, CVS Specialty, and the retail clinic MinuteClinic. In 2016, it ranked seventh on the Fortune 500 and 18th on the Fortune Global 500 list.

COMPANY OVERVIEW

Company: CVS Health

Founded: 1996

Credit Rating: BBB+

Revenue: $177.5 Billion

Net Income: $5.317 Billion

Total Assets: $94.46 Billion

Locations:

Employees: 158,000

Headquarters: Woonsocket, Rhode Island

Website: www.cvshealth.com

CVS Pharmacy is one of the largest retail pharmacy chains in the United States, with 9,600 stores located in 49 states, the District of Columbia, and Puerto Rico, operating primarily under the CVS Pharmacy, CVS, Longs Drugs, Navarro Discount Pharmacy and Drogaria Onofre names. CVS Pharmacy fills more than one of every five prescriptions in the United States, and 76% of the U.S. population now lives within 5 miles of a CVS Pharmacy.

MinuteClinic retail medical clinics operate inside CVS Pharmacy locations within the United States. It is the largest walk-in medical clinic in the United States, with over 1,100 locations in 33 states and the District of Columbia. More than 50 percent of the U.S. population now lives within 10 miles of a MinuteClinic.

CVS Caremark provides comprehensive prescription benefit management services including mail order pharmacy services, specialty pharmacy and infusion services, plan design and administration, formulary management and claims processing. The company’s clients are primarily employers, insurance companies, unions, government employee groups, health plans, Managed Medicaid plans and other sponsors of health benefit plans and individuals throughout the United States.

CVS Specialty is the specialty pharmacy division that provides specialty pharmacy services for individuals with chronic or genetic diseases who require com-plex and expensive drug therapies. CVS Health operate 24 retail specialty pharmacy stores and 11 specialty mail order pharmacies, making them the largest specialty pharmacy in the United States.

Drogaria Onofre is a Brazilian drug chain acquired by CVS Health in February 2013. It has 47 stores in five states in the country and operates branches in the cities of São Paulo, Rio de Janeiro, Belo Horizonte, São José do Rio Preto, Sao Jose dos Campos and Santos.

Longs Drugs is a retail pharmacy chain with approximately 40 drug stores throughout the state of Hawaii. The company was acquired by CVS Health in October 2008 and is operated as a separate brand.

Navarro Discount Pharmacies is a pharmacy chain, photo service, and pharmacy benefit manager in the United States. The company was acquired by CVS Health in September, 2014 and is operated as a separate brand of CVS Health. The company mainly operates in Miami-Dade and Broward Counties and cur-rently has 33 stores.

Accordant provides rare disease case management and care management services for patients with rare, chronic diseases and their caregivers. Clients are primarily health plans, employers, and third party administrators (TPAs). The company is operated as a wholly owned subsidiary of CVS Health Corporation.

Coram is one of the nation’s largest providers of infusion services, clinical and compliance monitoring and individual patient counseling and education. Coram cares for 140,000 patients annually through a national network of more than 85 locations as well as the largest home infusion network in the United States. The company was acquired by CVS Health in August 2015 and is operated as a wholly owned subsidiary of CVS Health Corporation.

Omnicare is a provider of pharmacy services to the long-term care market for patients in skilled nursing and assisted living facilities throughout North America. The company was acquired by CVS Health in August 2015 and is operated as a wholly owned subsidiary of CVS Health Corporation.

SUBSIDIARIES OF CVS HEALTH

AREA OVERVIEWCVS ZERO CASH FLOW INVESTMENT | EFFORT, PA



-- EFFORT OVERVIEW --

Less than two hours from Times Square, Effort, Pennsylvania is located in the growing Pocono Mountain resort area of Northeastern Pennsylvania. The Pocono Mountains are a popular recreational destination for local and regional visitors. The Pocono Mountains Visitors Bureau reports that this four season resort region receives more than 25 million visitors each year, representing more than $3 billion of commerce and supporting over 35% of the region’s workforce. The Poconos have been a tourist draw for more than a century and now feature numerous resorts, camping, casinos, horse racing, auto racing and snow skiing, as well as hunting, boating and fishing in the abundant forests and on the lakes that dot the area.

While the area has long been a popular tourist destination, many communities have seen a rise in population, especially in Coolbaugh Township and other communities within Monroe County. The region has a population of about 340,300, which is growing at a rapid pace, largely attributable to vacationers from New York and New Jersey turning vacation homes into permanent residences. The region lacks a major population center, although there are municipalities such as Stroudsburg, East Stroudsburg, Mount Pocono, and the townships around them which are all in Monroe County where the population is 165,058, which is about half of the total population in the Poconos.

Kayaking on the Lehigh River, Poconos

Demographics• Effort & Monroe County Overview •

-- MONROE COUNTY OVERVIEW --

Monroe County is located in eastern Pennsylvania, situated 90 miles north of Philadelphia, 75 miles west of New York and 116 miles east of Harrisburg. Today, the County stretches across 611 square miles of rural terrain, rolling hills, and farmlands to the more populated boroughs. Monroe County is comprised of 16-second class townships and 4 incorporated boroughs with a combined population of approximately 175,000 residents.

Monroe County is known as the “Honeymoon Capital of the World”. Because of the natural appeal, this area has given rise to some of the finest and most elaborate hotels, resorts and recreational areas/facilities in all of Northeastern Pennsylvania. It is also widely recognized as a place for vacationing and romantic weekend “getaways” because of the fiery beauty of the surrounding wooded peaks and valleys. Monroe County has built an industry of service that boasts the finest in personal accommodation anywhere. Visitors and vacationers can find an abundance of activities and places to visit that are guaranteed to be rewarding in any season of the year.

Monroe County is one of the fastest-growing counties in the state of Pennsylvania. Not only has the population increased by over 70% since 1990, but the commercial and retail sectors have grown significantly, as well. There are many new shopping centers, and even more are being constructed and are currently being planned at this time.

Skiing at Big Boulder Resort

Pocono Raceway, also known as the Tricky Triangle, is a superspeedway located in the Pocono Mountains of Pennsylvania at Long Pond. It is the site of two annual Monster Energy NASCAR Cup Series races held just weeks apart in early June and late July/early August, one NASCAR Xfinity Series event in early June, one NASCAR Camping World Truck Series event in late July/early August, and two ARCA Racing Series races in early June and late July/early August. From 1971 to 1989, and again since 2013, the track has also hosted an Indy Car race, currently sanctioned by the IndyCar Series and run in August.

Designed by 3-time Indy 500 winner Roger Ward, Pocono Raceway has a unique design. Turn One (14 degree banking) was modeled after the now defunct Trenton Speedway, Turn Two (also known as “The Tunnel Turn”) is like Indianapolis Motor Speedway (9 degree banking), and Turn 3 (6 degree banking) is similar to The Milwaukee Mile. It could be said to be a tri-oval, but the turns are much more severe than those of a more typical tri-oval such as Daytona and the track is really nearly a triangle.

Pocono is one of a very few NASCAR tracks not owned by either Speedway Motorsports, Inc. or International Speedway Corporation, the dominant track owners in NASCAR.

-- POCONO RACEWAY --

-- POCONO MOUNTAINS --

With 2,400 square miles encompassing northeast Pennsylvania’s Carbon, Monroe, Pike and Wayne counties, the Pocono Mountains region is home to rolling mountain terrain, breathtakingly beautiful waterfalls, thriving woodlands and 170 miles of winding rivers. There are seven state parks in the region as well as one national park, the Delaware Water Gap National Recreation Area.

Winters offer guests the opportunity to ski, snowboard, snow tube and even snowshoe their way through snowy wonderlands encompassing over 163 ski trails, while summers also cater to the active traveler allowing exploration of 261 miles of hiking and biking trails, over 35 golf courses, whitewater rafting, boating, fishing and open access to nine state and two national parks.

Pocono Raceway



Demographic Source: Applied Geographic Solutions 04/2017, TIGER Geography page 1 of 1©2017, Sites USA, Chandler, Arizona, 480-491-1112

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SUMMARY PROFILE2000-2010 Census, 2017 Estimates with 2022 ProjectionsCalculated using Weighted Block Centroid from Block Groups

Lat/Lon: 40.9774/-75.4447RS1

3192 PA-1153 mi radius 5 mi radius 7 mi radius

Effort, PA 18330

PO

PU

LATI

ON

2017 Estimated Population 14,048 29,442 44,121

2022 Projected Population 13,545 28,352 42,461

2010 Census Population 14,598 30,446 45,649


Projected Annual Growth 2017 to 2022 -0.7% -0.7% -0.8%

Historical Annual Growth 2000 to 2017 1.2% 1.3% 1.2%

2017 Median Age 41.2 42.4 43

HO

US

EH

OLD

S

2017 Estimated Households 5,063 10,930 16,559

2022 Projected Households 5,138 11,082 16,781

2010 Census Households 4,965 10,689 16,204


Projected Annual Growth 2017 to 2022 0.3% 0.3% 0.3%


RA

CE

AN

DE

THN

ICIT

Y

2017 Estimated White 77.1% 79.7% 81.5%

2017 Estimated Black or African American 14.2% 12.3% 11.1%

2017 Estimated Asian or Pacific Islander 1.7% 1.7% 1.7%

2017 Estimated American Indian or Native Alaskan 0.2% 0.3% 0.3%

2017 Estimated Other Races 6.8% 6.0% 5.5%

2017 Estimated Hispanic 13.9% 12.2% 11.2%

INC

OM

E 2017 Estimated Average Household Income $78,247 $73,936 $75,933

2017 Estimated Median Household Income $70,450 $64,945 $67,334

2017 Estimated Per Capita Income $28,203 $27,476 $28,533

ED

UC

ATI

ON

(AG

E 2

5+)

2017 Estimated Elementary (Grade Level 0 to 8) 1.8% 2.4% 2.3%

2017 Estimated Some High School (Grade Level 9 to 11) 5.0% 7.3% 7.2%

2017 Estimated High School Graduate 40.8% 40.8% 40.5%

2017 Estimated Some College 21.7% 20.8% 20.1%

2017 Estimated Associates Degree Only 8.8% 8.5% 8.7%

2017 Estimated Bachelors Degree Only 12.7% 13.0% 14.1%

2017 Estimated Graduate Degree 9.3% 7.4% 7.2%

BU

SIN

ES

S 2017 Estimated Total Businesses 130 509 687

2017 Estimated Total Employees 515 4,076 5,329

2017 Estimated Employee Population per Business 4.0 8.0 7.8

2017 Estimated Residential Population per Business 107.8 57.9 64.2BU

SIN

ES

S

Demographic Source: Applied Geographic Solutions 04/2017, TIGER Geography page 1 of 1©2017, Sites USA, Chandler, Arizona, 480-491-1112

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SUMMARY PROFILE2000-2010 Census, 2017 Estimates with 2022 ProjectionsCalculated using Weighted Block Centroid from Block Groups

Lat/Lon: 40.9774/-75.4447RS1

3192 PA-1153 mi radius 5 mi radius 7 mi radius

Effort, PA 18330

PO

PU

LATI

ON

2017 Estimated Population 14,048 29,442 44,121

2022 Projected Population 13,545 28,352 42,461



Projected Annual Growth 2017 to 2022 -0.7% -0.7% -0.8%


2017 Median Age 41.2 42.4 43

HO

US

EH

OLD

S

2017 Estimated Households 5,063 10,930 16,559

2022 Projected Households 5,138 11,082 16,781



Projected Annual Growth 2017 to 2022 0.3% 0.3% 0.3%


RA

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AN

DE

THN

ICIT

Y

2017 Estimated White 77.1% 79.7% 81.5%

2017 Estimated Black or African American 14.2% 12.3% 11.1%

2017 Estimated Asian or Pacific Islander 1.7% 1.7% 1.7%

2017 Estimated American Indian or Native Alaskan 0.2% 0.3% 0.3%

2017 Estimated Other Races 6.8% 6.0% 5.5%

2017 Estimated Hispanic 13.9% 12.2% 11.2%

INC

OM

E 2017 Estimated Average Household Income $78,247 $73,936 $75,933

2017 Estimated Median Household Income $70,450 $64,945 $67,334

2017 Estimated Per Capita Income $28,203 $27,476 $28,533

ED

UC

ATI

ON

(AG

E 2

5+)

2017 Estimated Elementary (Grade Level 0 to 8) 1.8% 2.4% 2.3%

2017 Estimated Some High School (Grade Level 9 to 11) 5.0% 7.3% 7.2%

2017 Estimated High School Graduate 40.8% 40.8% 40.5%

2017 Estimated Some College 21.7% 20.8% 20.1%

2017 Estimated Associates Degree Only 8.8% 8.5% 8.7%

2017 Estimated Bachelors Degree Only 12.7% 13.0% 14.1%

2017 Estimated Graduate Degree 9.3% 7.4% 7.2%

BU

SIN

ES

S 2017 Estimated Total Businesses 130 509 687

2017 Estimated Total Employees 515 4,076 5,329

2017 Estimated Employee Population per Business 4.0 8.0 7.8

2017 Estimated Residential Population per Business 107.8 57.9 64.2

RA

CE

& E

TH

NIC

ITY

INC

OM

EH

OU

SE

HO

LDS

PO

PU

LAT

ION

3 Miles 5 Miles 7 Miles

-- DEMOGRAPHICS --

• Demographics •Effort & Monroe County Overview

Lee & Associates hereby advises all prospective purchasers of Net-Leased Invesment property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Lee & Associates has not and will not verify any of this information, nor has Lee & Associates conducted any investigation regarding these matters. Lee & Associates makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of an investment property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase.This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Lee & Associates expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of an investment property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any investment property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Lee & Associates and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this investment property.

Exclusively Listed By:

No warranty or representation is made as to the accuracy of the foregoing information. Terms of sale, lease, and availability are subject to change or withdrawal without notice.

Ryan Barr760.448.2446

[email protected]

Ryan Bennett760.448.2449

[email protected]&BENNETTNETLEASEDINVESTMENTS

A Lee & Associates Team

Listed in conjuntion with Lee & Associates of Eastern Pennsylvania, LLC

for out of state licensing purposes.

Documents

INVESTMENT OPPORTUNITY CVS PHARMACYimages1.loopnet.com/d2/nZ37J2zP9TV_C2ZX1HdCw0... · 2018-04-03 · Once the tax deferred exchange is completed, the investor can often take advantage