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letter-of-intentCentral California - A well-established (2 years in this location, 12 years under current ownership) full line pharmacy located in a pleasant, middle class city in central California. Located just 15 miles south of Modesto, 80 miles north of Fresno, this store serves a trading area of more than 70,000 people. Only one other independent in this large market, on the opposite end of the city (more than three miles away), the balance of the competition is all large chains who do not provide the services required by local consumers. FYE 12/31/16 showed reported sales of $3.59MM, stable trends over the past three years. 95%+ Rx sales, full store margins of 32%. The store is currently filling 59,000++ Rxs annually, 80% generics, 15% cash, the balance a broad mix of traditional Managed Care plans/payers. Compounding, Assisted Living, Hospice and Group Home Rxs, some with special packaging, make up approximately 1/3rd of the Rx volume by Rx count. The store is open from 9-6 Monday - Friday, 9-12 Saturday, closed Sundays and holidays. 48 hours weekly. It occupies a 2,534 sq. ft. space which includes 100 sq. ft. of storage. The lease expires 7/31/20, has two five-year options to renew. Current base rent is $2,500.00 per month plus $1,000 monthly in CAM and taxes. The required payroll includes 1 FT Pharmacist, 1 PT Pharmacist, 3 FT techs (one is a compounding tech), 1 FT clerk, marketing manager, bookkeeper. All existing personnel are experienced and knowledgeable about the customers and the local market. There is some financing available for a creditworthy and qualified buyer with a reasonable equity contribution. This is an opportunity for an experienced pharmacist, possibly a multi-store owner, to purchase a well-established store in a beautiful and historic Central California city. Close to major recreation areas as well as the ocean, a great place to live and work. This store has ample opportunity to grow, explore new niches and specialty opportunities under new, hands-on, motivated management. The store is well located, has an excellent reputation for customer service and has limited independent competition.

If interested in this listing, please email Steve Wagner.

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