Seekonk Stop & Shop, CVS Plaza Hit Market for $17 Million
Here is a sweet little investment deal if you just happen to have a few bucks burning a hole in your pocket. It could be a worthwhile venture if you like to eat, too.
The Stop & Shop store at 1475-1479 Newman Avenue in Seekonk is for sale. Also included in the deal is a CVS store with a drive-thru window and a 7,810 rentable square foot vacant unit "on a massive parcel" of land.
If you've ever wondered what it might cost to buy your own supermarket and pharmacy, the commercial real estate investment sales brokerage and capital markets advisory firm Marcus & Millichap lists the sales price at $17,550,376.
I suppose owning your own market could come in handy these days.
Marcus & Millichap said the Stop & Shop store is about 40,734 rentable square feet and has 16.7 years remaining on its lease with the current owner. The current annual rent is listed at $264,771.
CVS occupies 12,900 rentable square feet and has a 25-year lease. It pays an annual rent of $550,000.
According to the agency's website, the entire package sits on a 9.13-acre parcel of land.
It's not every day that an opportunity to purchase a supermarket, a pharmacy, a vacant storefront, and a whole lot of land comes your way all in one package.
I'm not too sure what the down payment on all of that would be or what the monthly mortgage payment might look like. One thing is for sure: it's more than I have in the bank. I guess I'll let you have it.