5902 Read BlvdNew Orleans, LA 70127

Property Details for 5902 Read Blvd

Year built

2013

Lot size

2.40 AC

Property size (Sq ft)

13,363 SF

Property type

Retail properties

Property subtype

Drug stores

APN

39W086408

APU

39W086408

Description

This exceptional investment opportunity presents a fee-simple, absolute NNN leasehold interest in a 13,363 square foot CVS Pharmacy located at 5902 Read Blvd, New Orleans, LA 70127. The property, built in 2013, sits on an oversized 2.39-acre lot and boasts a strong remaining lease term of 14.2 years, extending to January 31, 2039, with ten five-year renewal options. The current lease commenced December 19, 2013, and features a corporate guarantee from CVS, the nation's largest pharmacy chain. The property enjoys a high occupancy rate of 100% and generates a substantial net operating income (NOI) of $363,039, translating to a compelling 6.95% cap rate and a price per square foot of $390.98. The asking price is $5,224,604. This strategically located property benefits from high traffic counts exceeding 28,014 vehicles per day at the busy intersection of Read Blvd and I-10 Service Road. Proximity to significant residential areas (over 84,378 residents within a 5-mile radius), Lake Forest Senior Apartments (less than 0.5 miles), and New Orleans East Hospital (less than 0.5 miles), along with substantial medical office space nearby, ensures consistent customer traffic. The recent acquisition of a former Lowe's by Goodwill, resulting in a large-scale operation nearby, further enhances the property's long-term value and potential. This is a rare opportunity to acquire a stable, high-performing asset with significant upside potential in a thriving New Orleans market.

• CAP approach

  CAP return

  Valuation

  6%

  $3,115,113

  6.5%

  $2,875,489

  7%

  $2,670,097

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,568,740

  Geo Method

  $2,393,939

• Alternative Use

  Use

  Valuation

  Residential

  $2,425,582

  Hospitality

  $2,221,820

  Educational

  $1,848,529

  Medical

  $1,912,102

  Retail

  $2,875,489

Location Insight

City

New Orleans

County

Orleans

State

Louisiana

Latitude

30.0355

Longitude

-89.9761

CBSA code

35380

CBSA name

NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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