Listing Summary
CVS Pharmacy Hemingway, SC | Investment Grade Net Lease for Sale
Low Rent Retail Opportunity | 30-Year Operating History | Dominant Market Share
Address: 206 S Main St, Hemingway, SC 29554
Price: $1,310,000 | Cap Rate: 7.25% | NOI: $95,000
Investment Executive Summary
Lee & Associates and Bang Realty are pleased to present the exclusive opportunity to acquire a fee simple interest in a single-tenant CVS Pharmacy located at 206 S Main Street in Hemingway, South Carolina.
Full Description
Low Rent Retail Opportunity | 30-Year Operating History | Dominant Market Share
Address: 206 S Main St, Hemingway, SC 29554
Price: $1,310,000 | Cap Rate: 7.25% | NOI: $95,000
Investment Executive Summary
Lee & Associates and Bang Realty are pleased to present the exclusive opportunity to acquire a fee simple interest in a single-tenant CVS Pharmacy located at 206 S Main Street in Hemingway, South Carolina. This essential-needs asset is situated within the expanding Florence MSA and represents a rare entry-level price point for a corporate-guaranteed pharmacy investment.
The property features an 11,475-square-foot building on a generous 1.33-acre lot. Fully leased to CVS Health Corporation (NYSE: CVS), an investment-grade tenant with a BBB rating from S&P, this site offers the security of a top-tier credit profile coupled with a proven, three-decade track record of successful operations.
Key Investment Highlights
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Established 30-Year History: CVS has successfully operated at this location since 1996, demonstrating long-term commitment and making this a "proven" site for the tenant.
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Dominant Market Position: This is the only investment-grade drugstore within a 20-mile radius, granting the tenant a virtual monopoly on regional pharmacy demand and health-related retail.
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Low Replaceable Rent: At just $8.28 per square foot, the rent is significantly below market averages, providing the tenant with a low occupancy cost and the investor with a secure, highly replaceable income stream.
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Stable Lease Term: The current Double-Net (NN) lease extends through November 2032, providing approximately 6.7 years of guaranteed term with three (3) five-year renewal options.
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Contractual Rent Growth: The lease includes 5% rental increases in each option period, offering a built-in hedge against inflation.
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High Yield Opportunity: Offered at a 7.25% Cap Rate, this asset provides a superior yield compared to traditional net lease pharmacy offerings in primary markets.
Strategic Location & Demographics
The property is strategically located on South Main Street (US-51), the primary commercial artery through Hemingway. Its position directly adjacent to a Food Lion-anchored shopping center ensures constant daily traffic and cross-shopping synergy from the area's main grocery hub.
Hemingway serves as the vital service center for Williamsburg and surrounding counties, drawing consumers from rural communities who rely on this location for essential prescriptions and retail needs. The site benefits from its connectivity to major regional economic engines, including Florence, Myrtle Beach, and Charleston.
Property & Lease Specifications
| Feature |
Details |
| Gross Leasable Area (GLA) |
11,475 SF |
| Lot Size |
± 1.33 Acres |
| Year Built / Renovated |
1985 / 1996 |
| Price Per Square Foot |
$114 |
| Lease Type |
Double-Net (NN) |
| Guarantor |
CVS Health Corporation (Corporate) |
| Remaining Options |
Three (3), 5-Year Options |
Why Invest in Hemingway, SC?
Investing in South Carolina commercial real estate offers significant advantages, including a business-friendly environment and a growing population base. As an essential healthcare provider, CVS is a recession-resistant tenant. This property’s low price-per-foot ($114) and dominant market presence make it an ideal acquisition for 1031 exchange buyers looking for a stable, high-yield asset with a globally recognized tenant.
Contact Information: For the full Offering Memorandum (OM) or to schedule a site visit, please contact Lee & Associates. This CVS Pharmacy Hemingway location is a prime example of a high-yield, credit-backed retail investment.
Quick Glance
- Listing ID:
CL-South Carolina-27
- Status:
Active
- Year Build:
1985
- Building Size:
11,475 SqFt
- Lot Size:
1.33 Acre