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OFFERING
MEMORANDUM
955 W 23RD ST | PANAMA CITY, FL
REPRESENTATIVE PHOTO
JASON GRIBIN JORDAN UTTAL TERESA CORDOVA BRIAN BROCKMAN
213.225.7245 213.225.7246 213.225.7228 Broker of Record
jason.gribin@kidder.com jordan.uttal@kidder.com teresa.cordova@kidder.com Bang Realty - Naples Inc
LIC N° 01819611 LIC N° 01512755 LIC N° 02104073 LIC N° BK3327646 KIDDER.COM
TABLE OF 01
INVESTMENT SUMMARY
CONTENTS
Investment Highlights
Investment Summary
Tenant Overview
02
FINANCIALS
Rent Roll
03
LOCATION OVERVIEW
Panama City, FL
Aerial
Location Map
EXCLUSIVELY LISTED BY
JASON GRIBIN JORDAN UTTAL TERESA CORDOVA
213.225.7245 213.225.7246 213.225.7228
jason.gribin@kidder.com jordan.uttal@kidder.com teresa.cordova@kidder.com
LIC N° 01819611 LIC N° 01512755 LIC N° 02104073 KIDDER.COM
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the
written consent of Kidder Mathews.
This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due
diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square
footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business
prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified,
and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.
All potential buyers must take appropriate measures to verify all of the information set forth herein.
This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must
verify the information and bears all risk for any inaccuracies.
01
INVESTMENT
SUMMARY
INVESTMENT HIGHLIGHTS
INVESTMENT SUMMARY
TENANT OVERVIEW
955 W 23RD ST OFFERING MEMORANDUM KIDDER MATHEWS 3
INVESTMENT
SUMMARY
INVESTMENT
HIGHLIGHTS $4,200,000 7.75%
SALE PRICE CAP RATE
Kidder Mathews is pleased to offer INVESTMENT SUMMARY
for sale the fee simple interest in a
single-tenant, triple-net investment 955 W 23rd St
one of the most populous beach Address
grade asset, leased to CVS Pharmacy Panama City, FL 32405
destinations and is attracting over
located in Panama City, FL. The
17 million tourists a year. It is the Tenant CVS Health
property is listed for $4,200,000,
largest city between Pensacola and
a 7.75% cap rate on in-place NOI. ABSOLUTE NNN LEASE – zero
Tallahassee with approximately over Building SF 10,908 SF
CVS has successfully operated at this landlord responsibilities
36,000 residents. This is an excellent
location since 2001. Additionally, Net Operating Income $325,401
investment opportunity to purchase NEARBY NATIONAL/CREDIT
this investment has absolutely
an investment grade tenant with a tenants include Walmart
no landlord responsibilities, and Year Built/Remodeled 2001
corporate guaranteed lease in a tax- Superstore, McDonald’s, Dollar
features a drive-thru pharmacy.
free state. Tree, Hobby Lobby, and more. Original Lease Term 20 Years
The lease includes rental increases
during every extension period
INVESTMENT HIGHLIGHTS
LOCATED on signalized, hard Lease Term Remaining 1.5 Years
with four-five-year options years
corner intersection
remaining. STRONG CREDIT TENANT CVS Expiration Date March 2021
has investment grade credit and RENTAL ESCALATION in each
This property is located at the corner
strong financials renewal option period Lease Type Absolute NNN
of a signalized intersection along
23rd Street and Stanford Rd (VPD: PROTOTYPICAL Freestanding LOCATED within the Panama
36, 208) Panama City has become CVS Equipped with Drive-Thru City-Lynn Haven, FL MSA
955 W 23RD ST OFFERING MEMORANDUM KIDDER MATHEWS 4
TENANT OVERVIEW
CVS HEALTH
CVS Pharmacy is a publicly traded company operates 9,800+ locations in 49 states, the
on the New York Stock Exchange (Symbol: District of Columbia, Puerto Rico and Brazil.
CVS) with a market capitalization in excess of CVS Pharmacy is the nation’s drugstore
CVS HEALTH COMPANY
$80 billion. CVS is an investment grade rated chain and total prescription revenue. CVS
tenant with a Standard & Poor’s rating of BBB+. is headquartered in Woonsocket, Rhode
The company has launched assertive growth
plans in recent quarters. CVS is currently the
Island and was founded in 1963.
In December of 2017, CVS announced
CVS NYSE
only integrated pharmacy health care company
with the capability to have an influence on it would buy Aetna for more than $69
consumers, payors, and providers with
innovative resolutions. They have a profound
billion. This acquisition would combine
CVS’ drugstores and pharmacy benefits BBB+ / CREDIT RATING (S&P)
outlook of their diverse needs through their
unique integrated model, and are bringing
manager platform with Aetna’s insurance
business. This merger brings together two STABLE
them innovative solutions that help increase complementary businesses with unique
access to quality care, deliver better health capabilities, the goal being to reshape the
outcomes and lower overall health care costs. consumer health care experience, putting
people at the center of health care delivery $184.7B TOTAL REVENUE (2017)
to ensure they have access to high-quality,
MARKET LEADING TENANT
more affordable care.
CVS Health Corporation is engaged in the
retail drugstore business. The company CVS.COM
203K TOTAL EMPLOYEES
REPRESENTATIVE PHOTO
955 W 23RD ST OFFERING MEMORANDUM KIDDER MATHEWS 502
FINANCIALS
RENT ROLL
955 W 23RD ST OFFERING MEMORANDUM KIDDER MATHEWS 6PHOTO BY PHILLIP PESSAR
FINANCIALS
RENT ROLL
Tenant Info GLA Lease Terms Current Rent Rent Increases Options
Commencement
Tenant Name SF GLA % Date Expiration Date Annual Base Rent Date PSF
CVS Health 10,908 100% 03/07/01 03/06/21 $325,401 In Options 1st Renewal $330,855
2nd Renewal $336,309
3rd Renewal $341,763
4th Renewal $347,217
Total 10,908 $325,401
955 W 23RD ST OFFERING MEMORANDUM KIDDER MATHEWS 703
LOCATION
OVERVIEW
PANAMA CITY, FL
AERIAL
LOCATION MAP
955 W 23RD ST OFFERING MEMORANDUM KIDDER MATHEWS 8LOCATION OVERVIEW
LOCATED WITHIN THE PANAMA CITY-LYNN HAVEN,
FL MSA
Panama City, Florida is located along route 98 and is
the largest city between Tallahassee and Pensacola.
St. Andrews Bay surrounds much of Panama City and PHOTO BY DCONVERTINI
provides a protected harbor for facilities at the growing
Port of Panama City complex.
RETAIL MARKET STATISTICS
DEMOGRAPHICS
PANAMA CITY, FL
Panama City is a city and the county seat of Bay County,
Florida, United States. It is situated along U.S. Route 98,
1-Mile Radius 3-Mile Radius 5-Mile Radius
1,354
2019 Population 4,359 39,554 77,445 NO. OF BUILDINGS
it is the largest city between Tallahassee and Pensacola.
It is the more populated of two principal cities of
Avg. HH Income $63,231 $63,952 $69,507
the Panama City-Lynn Haven, Florida Metropolitan
Statistical Area. It also was the closest development
Median HH Income $50,150 $45,425 $51,113
10.7M SF
port between the US Mainland and the Caribbean in TOTAL INVENTORY
regards to the Panama Canal. Panama City is one of the
more popular beach cities in the Florida Panhandle. Some < College 21.7% 24.2% 23.4%
PANAMA CITY-LYNN HAVEN, FL MSA
132K SF
2014–2018 NET DELIVERIES
Panama City is located in Northwest Florida on the MARKET RENT VS. VACANCY
Gulf Coast along U.S. Highway 98, south of I-10. With
over 36,000, residents, it is the largest city between
Pensacola and Tallahassee and serves as the Bay County
2.0%
seat. It is the heart of the Panama City-Lynn Haven- TOTAL VACANCY
Panama City Beach MSA which includes almost 170,000
people and is the anchor of a 60-mile workforce drive-
time area of 573,000 people. $1.08
YTD NNN RENT OVERALL
Panama City has seen the job market increase by 2.0%
over the last year. Future job growth over the next ten
$12.96
years is predicted to be 27.2%, which is lower than the
US average of 33.5%.
YTD NNN RENT ANNUAL
The population density is 1,050 per sq. mi which is
258% higher than the Florida average and 1059%
higher than the national average.
955 W 23RD ST OFFERING MEMORANDUM KIDDER MATHEWS 9Strong retail
location
on a major
thoroughfare
near many
retail amenities
JENKS AVE
Sunbelt Rentals, Jay
Care Pharmacy, Beltone
Hearing Center
AI
RP
O
RT
RD W 23RD ST
SUBJECT PROPERTY
PHOTO BY MIKE MOZART
NORTHSIDE ELEMENTARY SCHOOL
955 W 23RD ST OFFERING MEMORANDUM KIDDER MATHEWS 10EXCLUSIVELY
REPRESENTED BY
JASON GRIBIN
213.225.7245
jason.gribin@kidder.com
LIC N° 01819611
JORDAN UTTAL
213.225.7246
jordan.uttal@kidder.com
LIC N° 01512755
TERESA CORDOVA
213.225.7228
teresa.cordova@kidder.com
LIC N° 02104073
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