CVS For Sale
There are a number of different types of CVS properties for sale when compared to other freestanding net leased tenants.
CVS property for sale can range in square footage, tenant operations, building type, lease structure and ownership structure. These factors directly impact the value of any CVS for sale and should be considered in addition to the typical valuation factors of real estate quality and lease term remaining before the options. Some CVS for sale are zero cash flow ownership structures where the entire rental payments go to the lender to pay down the debt giving the landlord zero cash flow during the primary lease term. Many times these CVS properties for sale have a rent holiday for CVS at the end of the primary term before the lease options.
These zero cash flow CVS investments are valued completely differently than the typical CVS for sale. Most CVS for sale are fee simple ownership structures; however, there are some CVS for sale that are infill ground lease structures that may have increases in the primary lease term or have larger increases in the renewal option periods versus a typical CVS lease. Another ownership type that is more prevalent with CVS for sale are the leasehold ownership structures. These CVS properties have a ground owner but then also a leasehold position that can become available for sale.
Another differentiator between CVS properties for sale is the lease structure.
Some CVS for sale are absolute net with zero landlord responsibilities and other CVS for sale are double net with varying landlord responsibilities. Of the double net CVS property for sale some have roof, structure or parking lot responsibilities and some may have reimbursable expenses pertaining to common areas if located within a shopping center. CVS properties all have varying business operations which directly affect store profitability.
CVS properties for sale have a minute clinic or are 24 hour operations which are preferred by many net lease investors. Most CVS stores for sale have store operating hours until 8 PM to 10 PM. Some CVS stores may have beer, wine or liquor sales as well.These are all smaller factors that help investors value CVS for sale especially when stores sales volumes are not available to the landlord. If a CVS for sale has a few of these positive subtle differences over another CVS for sale then it provides comfort to an investor in the likelihood of CVS remaining as a tenant for years to come.
In addition to these factors, two main drivers in pricing of CVS property for sale are the primary lease term remaining before the renewal options and the real estate quality. CVS for sale that have over 15 years of primary lease term before the options may trade 125 basis points lower or more versus other CVS properties that have less than 5 years of lease term remaining. As with most net leased properties, the main value is the credit strength of the tenant and the lease in place but obviously all investors regardless of property type consider the real estate quality.
The difference with CVS for sale is that an investor must understand the backfill rent per square foot and compare that with the likelihood of CVS renewing the lease to see if they are purchasing the risk at a fair CAP rate. The factors mentioned in this article will allow any investor considering a purchase of a CVS investment a way to gauge value between one CVS for sale versus another CVS for sale when real estate quality is even. Due to these varying factors in CVS properties for sale it’s important to work with a broker who has a firm understanding of drugstore properties and who has closed a variety of CVS properties for sale.
Does CVS own real estate?
CVS owns some of their real estate that they have either developed internally or purchased through acquiring another pharmacy chain. Over the years, CVS has sold many locations that they developed through sale leasebacks.
How big is the average CVS?
CVS buildings typically range from 9,000 square feet up to 30,000 square feet. Most CVS freestanding buildings are in the 10,000 square feet to 16,000 square feet range. There are some CVS buildings, mostly in California, that are shopping center anchors or supplementary inline space that are over 20,000 square feet.
- The intersection of Davis Boulevard and Santa Barbara Boulevard is undergoing significant commercial expansion with proposed developments including Wawa, McDonald’s, AutoZone, and Whole Foods in the immediate surrounding area, further strengthening the long-term retail fundamentals of the corridor.
- CVS occupies a highly visible signalized hard corner with combined traffic counts exceeding 54,000 vehicles per day.
- The immediate 3-mile trade area has experienced nearly 15% population growth over the past five years and is projected to continue growing at an estimated annual rate of approximately 1.8% through 2030.
- The property serves an affluent and expanding customer base with average household incomes exceeding $96,000 within a 3-mile radius and more than 66,000 residents in the immediate trade area.
- Numerous multifamily and residential developments have recently been completed or are currently under construction surrounding the property, adding hundreds of new housing units to the immediate area.
- The property qualifies for accelerated depreciation due to it being a Qualified Indian Reservation Property (QIRP).
- This CVS lease has over 14 years of guaranteed lease term before the tenant's next option to renew.
- The current lease runs through January 31, 2041 with no landlord responsibilities whatsoever.
- Less that 2 miles from Oral Roberts University, a 4-year university with over 7,000 students.
- Approximately 204,210 residents within a 5-mile radius with the average household income ±$94K.
- This CVS is located directly across the street from Southern Hills Country Club, a privately owned golf course that has hosted 17 major championships including the 2022 PGA Championship.
- Located less than 0.5 mile from The Villages at Southern Hills, a senior‑living and skilled‑nursing community.
- CVS guarantees the rental income which has 5% increases in the options and does not include a rent holiday.
- In 2019, CVS agreed to extend the lease to a 20 year firm term showing their commitment to the location.
- This property is located in the heart of Summerville and benefits from limited drugstore competition with no other CVS or Walgreens for over 14 Miles.
- Located just a 5-minute drive to the northeast is Atrium Health Floyd Chattooga, which serves as the primary healthcare facility for Summerville and the surrounding communities.
- Open until 12 AM, the store generates over $23 million in annual sales and ranks in the top 20% of CVS locations in Texas by customer visits (Placer.ai).
- CVS is paying replaceable market rents at this location.
- The average household income within one mile is $135,373, and League City’s population grew 36.9% from 83,560 in 2010 to 114,392 in 2020.
- Only CVS west of Interstate 45; primary provider for households on the west side of League City.
- Commercial development is anchored by the Highway 96 & 146 mixed-use project (70,000 SF retail and 220,000 SF warehouse/flex) and Grand Oak Village, a 16-acre retail project
- This CVS lease has over 13 years of firm term before the next option with no rent holiday.
- This is only the CVS location for over 23 miles.
- Less than 2 miles from the Mayo Clinic Health System - Red Cedar, which serves residents of Menomonie and surrounding cities like Eau Claire, Barron, Chippewa Falls and more.
- Located less than 0.5 mile from the University of Wisconsin-Stout, a public university with approximately 7,000 students.
- Estover Terrace, a 13 building community consisting of 136 multi-family units, was recently completed and is located less than 2 miles from the subject property.
- Buyer benefits from higher in-place rent through January 31, 2030; See OM for Details.
- CVS recently extended the lease an additional 10 years showing commitment to this location.
- CVS closed a nearby store (3.9 Mi S) and transferred prescriptions to this location adding to customer base.
- Monroe Road is one of the major thoroughfares heading south from Charlotte towards Matthews and connects commuters heading into Downtown Charlotte.
- Infill Charlotte area demographics include 3110,306 residents with an average household income of $117,381 within a 5-mile radius.
- Signalized corner with heavy combined traffic count on N Sharon Amity and Monroe Road of over 43,000 vehicles per day.
- This CVS includes a MinuteClinic, one of approximately 800+ locations within CVS’s 9,000+ store network.
- CVS has operated at this location since 1997 and has demonstrated a consistent history of lease renewals, having exercised all three renewal options, underscoring its long-term commitment to the site.
- Mauldin has experienced approximately 1.9% annual population growth and is projected to grow at ~1.6% annually within the 1-, 3-, and 5-mile trade areas.
- The subject property is located approximately 10 miles from downtown Greenville, with direct access via Interstate 385, a primary corridor serving the Upstate region.
- The property is situated within a dense residential trade area, with over 52,000 residents and average household incomes of $111,919 within a 3-mile radius. The store serves approximately 3,500 households within a 1-mile radius.
- According to Placer.ai, this location ranks in the top 7% of Walgreens stores in Georgia and is in the 20% nationwide with over 391,000 annual customer visits.
- Walgreens reports above‑average sales at this location, reinforcing its position as a top‑producing, high‑traffic store within the trade area.
- Constructed in 2012, the store was designated as a Walgreens ‘Well Experience’ location, incorporating an improved floor plan, an upgraded pharmacy model, and expanded product offerings.
- The property is located approximately 36 miles east of Downtown Atlanta and situated along Interstate 20 (63.4K VPD), a major corridor that feeds directly into the city.
- Close proximity to General Mills (400 Employees), Becton Dickinson (700 Employees), Pactiv Evergreen (370 Employees) with ±24.9 million square feet of industrial space in the area.
- Located less than one mile from Piedmont Newton, a 107 bed hospital supported by more than 475 physicians and 650 employees.
- Walgreens signed a new 15-year lease in 2021 with 5% increases every 5 years, showing their commitment to the long term viability of the location.
- Located less than 3 miles from Lenoir-Rhyne University (2,230 Students | 127 Faculty).
- Hamptons of Hickory, a 340 home housing project and Walnut Reserve are currently under construction and are located within 3 miles from the property.
- Frontage on Springs Road NE (31.5K VPD) and 24th Street NE (14.5K VPD).
- Located within one-hour of Downtown Charlotte via US‑321/I‑40, giving residents and employers direct access to a major metro.
- The average household income is $108,000 within 3 miles of the property.
- Walgreens exercised their first 5-Year option in 2021, showing their long-term commitment to the location.
- Walgreens operates under an NNN lease with zero landlord responsibilities.
- Located less than 8 miles from Downtown Dallas, the property has 116,000 residents within a 3-mile radius.
- There are over 36 million square feet of industrial space within 3 miles, supported by the Miller Business Park and the Shiloh Industrial Area, making this area a vital trade area for the Dallas market.
- Walgreens has a 24+ year operating history at this location.
- Located with frontage on East Northwest Highway, the property has a traffic count of 35,000 VPD. The property is located less than a mile from I-635 with traffic counts of 165,000 VPD.
- Walgreens operates on an absolute net lease with no landlord responsibilities whatsoever.
- The property benefits from limited drugstore competition, with the next nearest Walgreens store being a 25-minute drive across the state line, over 8.5 miles away.
- Located across the street from a CVS store and is the last Walgreens leaving Kansas City to the north for over 36 miles and the last Walgreens west of the Missouri River for 132 miles.
- The property is located less than a half mile from Saint John Hospital and Dwight D. Eisenhower VA Medical Center, serving as the closest Walgreens location.
- Situated 4 miles to the north, Fort Leavenworth is the second oldest active U.S. Army post west of Washington D.C., spanning 5,600 acres and home to the United States Army Combined Arms Center.
- Less than a quarter of a mile south, the University of Saint Mary offers more than 30 undergraduate and master's programs.
- The lease is on an absolute net basis with 3.75 years of primary lease term remaining, ten (5-year) options and no landlord responsibilities whatsoever.
- This Walgreens is located directly across the street from CVS, making this a strategic location for both CVS and Walgreens. These are the only two national brand drugstores in Crawfordsville.
- The property is located in the heart of Crawfordsville at the main intersecting roads in the city, North Washington Street and West Market Street with a combined traffic count of approximately 30,000 vehicles per day.
- Two miles south of Franciscan Health Crawfordsville (103 beds) and Wellbrooke Senior Living.
- Walgreens operates on an absolute net lease with no landlord responsibilities whatsoever.
- In January 2026, the City of Shawnee approved renovations to the Westbrooke Green Shopping Center, which the property is an outparcel to. The anchor tenant has been signed and opened July 2026.
- Adjacent to 'The Chadwick', a recently constructed multifamily complex bringing 345 units to the market at a 96% occupancy rate.
- 1.5 miles east of the property, Advent Health Shawnee Mission is a 504-bed hospital complex that underwent a $35 million expansion in 2017.
- Located less than one mile south, the Pine Ridge Business Park is a 232-acre campus that has over 5.9 million square feet of industrial and manufacturing space.
- Situated 13 miles from downtown Kansas City, the property has over 213,000 residents within 5 miles, supporting an average household income of $105,506.
- Walgreens will be paying $16.80/sf in rent after the next increase, which is in line with the local retail market of $16-18/sf.
- A nearby Walgreens located 2.3 miles away is scheduled to close on July 21, 2026, with prescription counts being transferred to this location.
- According to Placer.AI, the property ranks in the top 25% of Walgreens nationwide.
- The property is located a half mile from the University of Memphis main campus, with over 24,000 full-time students and faculty.
- The property has 8.5 million square feet of existing retail space within a 3-mile radius.
- Located 5.5 miles from Downtown Memphis, the property has 101,000 households within 5 miles, with a population exceeding 245,000.
- Located approximately 12 miles south of downtown Cincinnati within the Cincinnati MSA, providing access to a large employment base.
- Located approximately 1.2 miles from St. Elizabeth Florence Hospital, a 180-bed regional medical campus providing emergency, outpatient, and pediatric services including the Children’s Pavilion, supporting consistent pharmacy utilization.
- Positioned along US-25 with connectivity to Interstate 71/75 and within close proximity to Cincinnati/Northern Kentucky International Airport, a major regional logistics and passenger hub.
- Located approximately 1.5 to 2 miles from a primary Northern Kentucky retail corridor along Mall Road and Houston Road, anchored by Walmart, Target, The Home Depot, Meijer, Sam’s Club, Lowe’s, Kohl’s, ALDI, and Gabe’s.
- Walgreens operated on an absolute net lease with no landlord responsibilities whatsoever.
- Walgreens is currently paying $16.02/psf, which is in line with current market retail rents of $16-18/psf.
- Open until midnight, capturing extended‑hour foot traffic which contributes to its ranking as the 3rd most‑visited national drugstore chain within a 10‑mile radius (316K annual visits per Placer.aI).
- In 2025, Walgreens waived its 2028 and 2033 termination options, extending the lease expiration to August 31, 2038.
- Rapid residential expansion with 1,900+ new homes planned or underway within 3 miles, supported by ~4.5% annual population growth since 2020—outpacing Ocala—and driven by proximity to The Villages (20 minutes south), a master‑planned retirement community with 140K residents.
- Located 2.5 SE of the property, a proposal for a major big‑box retailer, a gas station, and roughly 22,500 square feet of additional retail and restaurant space is underway. The development will create 400 jobs.
- 0.5 miles from 234-bed Mercy Health Springfield Regional Medical Center.
- Within 2 miles of Wittenberg University (1,254 students) and Springfield High School (1,602 students).
- Fountain Village, a 16-acre housing development which includes 54 single-family homes, and 109 townhomes.
- Located at North Limestone St (±19K VPD) & (±12K VPD) McCreight Ave, a key north–south arterial with direct connectivity to I-70, Springfield’s main interstate access.
- Springfield employment grew 2.3% (Feb 2020–Mar 2024), led by major employers Mercy Health (4,060), Navistar (4,556), and Clark State College.
- Springfield GDP up 6.1% YoY with growth in healthcare, advanced manufacturing, and air mobility.
- Walgreens is paying $12.22/SF which is significantly lower than the national average.
- Walgreens signed a 10-year lease extension in 2019 demonstrating their long-term commitment to the site.
- Located 2 miles East, Prospect Village is a new $375 million mixed-use project featuring retail, multi-family, hospitality, and sports complexes which will support the growth of the area.
- Freeman Hospital West (339 Beds), Freeman Hospital East (72 Beds), Landmark Hospital (28 Beds) and Mercy Hospital Joplin (191 Beds) are all located in a 3 Mile Radius of the Property.
- Located on the intersection of South Main Street and East 20th Street with over 27,000 VPD.
Recently Sold Drugstores
- Affluent infill location 19 mi. from downtown Chicago, avg. HH income is $112,272 and 260,961 residents in a 5-mi radius.
- Recently extended lease, total of 20 yrs. remaining before the 8 (5-year) options, NNN, 2.5% increases in the options.
- Located 1.4 mi. from Advocate Good Samaritan Hospital with 333 beds and over 3,600 doctors and staff on the signalized SEC of Roosevelt Rd. & S. Westmore Meyers Rd. with a combined traffic count of ±66,355 VPD.
- Located blocks from the Medical District of Memphis with four major hospitals totaling approximately 6.5 million square feet of medical space within a three mile radius.
- Located 2.5 miles outside of downtown Memphis and is part of the Memphis MSA with a population of over 1,340,000 residents.
- Across the street from a Kroger shopping center and near I-69 with traffic counts of over 124,706 VPD.
- High traffic count of 63,111 cars per day and located 3 miles from Highway 99 with approximately 137,000 cars per day.
- Wells Fargo subleases a portion of the space on an absolute net lease basis for an opportunity of supplemental income.
- Average HH income in a 1-mile radius is $79,529, in a 3-mile radius it is $83,335 and $77,942 in a 5-mile radius with a population of 251,698 in a five-mile radius.
- One of only ±400 Walgreens locations with an in-store healthcare clinic.
- Directly across the street from CVS making this a strategic location for both Walgreens and CVS.
- Surrounded by residential neighborhoods and located at Exit 246 of Interstate 10 ±12 miles northwest of downtown Tucson. Average household income is $90,069 in a three-mile radius and $83,659 in a five-mile radius and 281,588 in a ten-mile radius.
- Subject property is located in a two-mile radius of three different hospitals.
- Located in a retail hub with approximately 1.8 million square feet of retail space.
- 50 miles north of Tampa along at the central coast Gulf of Mexico.
- Five mile radius population is 82,480 and household income is $60.598.
- Approx. 13 yrs. of term remaining before 10 (5-year) options, double net lease, landlord responsible for parking only.
- The lease allows for five percent (5%) rental increases in each of the ten (five-year) options.
- The lease structure for this asset does not include a rent holiday.
- Located less than 0.2 of a mile from Russell Medical, a not-for-profit acute care hospital.
- Only national chain drugstore in Alexander City, next nearest Walgreens or CVS over 13 miles away.
- 14+ years of term remaining on an absolute net lease with eleven 5-year options to extend.
- Located in an infill area on main retail corridor leading directly into Downtown Baton Rouge.
- Located on signalized SEC of Florida Blvd. & Lobdell Blvd. with a combined traffic count of ±77,903 VPD.
- Subject property is an outparcel to a 725,000 SF office park on 5.15 acres.
- Dense economic region with 7M square feet of retail space, 3M square feet of office space and 2,600 multi-family units within a 3-mile radius.
- Heavily trafficked intersection with traffic count of over 40,000 vehicles per day.
- Affluent neighborhood with about $140,000 household income within a 1-mile radius.