Matthews Logo

Navigation Menu

2429 Martin Luther King Jr Dr, Atlanta, GA, 30311

CVS
$4,284,292

Key Information

Cap Rate
6.5%
$ per SF
$329
Tot. SF
13,013
Year Built
2006
Term Remaining
±6.9 YRS
Type
Retail
NOI
$278,479

Highlights

Strong Real Estate Fundamentals

  • Prime location at the heart of the primary retail corridor with national credit tenants nearby, including Walmart, Home Depot, AutoZone, Wendy’s, McDonald’s, and Burger King, driving strong daily foot traffic.
  • Positioned on the hard corner of M.L.K. Jr Dr SW and Hamilton E Holmes Dr NW, benefiting from combined traffic counts of 35,500 cars per day.
  • First drugstore off the I-20 Freeway exit at Hamilton E Holmes Dr NW, which carries 230,000 vehicles per day, connecting major southern cities.
  • Close proximity to a cluster of universities—Morehouse College, Clark Atlanta University, Georgia Institute of Technology, and Spelman College—totaling nearly 60,000 students.
  • Long-term lease in place with seven (7) years remaining on the base term, plus six (6) additional five (5) year renewal options.

Category-Leading Tenant

  • CVS Health is the largest U.S. drugstore chain by revenue.
  • Corporately guaranteed with investment-grade credit rating of BBB (Standard & Poor’s).
  • Ranked #10 on the Fortune 500 with total revenue of $386.6B (TTM) and market capitalization of $95.87B.

Desirable Unit-Level Attributes

  • RARE HealthHUB & MinuteClinic Location:
    • HealthHUB: Expanded wellness services, chronic condition management, concierge care, licensed therapists/counselors, wellness rooms, and monitoring kiosks (e.g., blood pressure, BMI).
    • MinuteClinic: Walk-in and scheduled care for common illnesses, vaccinations, screenings, and minor health issues.
  • HealthHUB locations provide the added benefit of generating higher ancillary revenue, complementing CVS’s strong brand and recurring patient volume to ensure stable and diversified cash flow.
  • Top 12% performing CVS location in Georgia; ranked among the top 20% nationwide (AlphaMaps).

Atlanta MSA Advantage

  • Atlanta Metro: 5th largest U.S. population with 5.9M+ residents.
  • Home to 30 Fortune 1000 headquarters, including 16 in the Fortune 500.
  • Georgia consistently ranked #1 state for business climate and operational ease for six consecutive years (Site Selection & Development).
  • Atlanta ranks among the top 5 metros for net migration over the past five years.
  • Strong local economy with leading industries in financial services, technology, and telecommunications.
  • Forbes Rankings:
    • #13 Best Place for Business and Careers
    • #34 in Job Growth
    • #41 in Education Quality

Photos

Location

Agents

Financing Agents

Broker of Record

Maxx Bauman

License # 451849 (GA)
Matthews Real Estate Investment Services, Inc
1600 West End, Ste. 1500 Nashville, TN 37203