CVS Pharmacy NNN Properties
Absolute NNN · Baa2 / BBB credit · 5.25–6.75% cap rate · $2.0M–$7.0M
Why Investors Buy CVS Pharmacy NNN Properties
CVS Health is one of the largest healthcare companies in the world — operating pharmacy retail, pharmacy benefit management, and health insurance divisions. CVS NNN properties offer some of the longest lease terms available (20–25 years) with absolute NNN structures and investment-grade corporate guarantees, making them a cornerstone of any institutional-quality NNN portfolio.
Lease Structure
Brand Financials
Why Investors Choose CVS Pharmacy
- Investment-grade corporate guarantee from a $370B+ revenue Fortune 10 company
- 25-year absolute NNN leases — maximum income predictability with zero landlord obligations
- Healthcare essential — pharmacy demand is insulated from economic cycles
- High-traffic corner locations with significant real estate intrinsic value
- CVS's healthcare ecosystem (MinuteClinic, PBM, Aetna) strengthens long-term viability
- Strong secondary buyer market — institutional and private investors compete for quality CVS assets
Key Risks to Underwrite
- Flat rent structures are common — limited inflation protection
- CVS has been closing some underperforming retail pharmacy locations
- Higher price points ($2M–$7M) require larger exchange equity
Ideal Investor Profile
- High-net-worth investors seeking maximum income certainty over 20+ years
- 1031 exchange buyers with $2M–$7M in relinquished property equity
- Estate planning investors wanting ultra-long passive income streams
Is CVS Pharmacy Right for Your 1031 Exchange?
CVS Pharmacy NNN properties are a popular 1031 exchange destination for investors who want to eliminate active management while preserving their equity in a investment-grade corporate-guaranteed asset. With typical prices of $2.0M–$7.0M, these properties fit a wide range of exchange equity positions. The Absolute NNN structure means your 1031 replacement property comes with zero landlord obligations — ideal for investors who have sold multifamily, commercial, or other management-intensive assets and want truly passive income.
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Access Off-Market CVS Pharmacy Properties
We maintain an exclusive inventory of CVS Pharmacy NNN properties — many of which never appear on LoopNet or CoStar. Contact us to see what's available before it trades.