CVS Pharmacy
Full CVS Health Corporation Guaranty (NYSE: CVS; S&P: BBB) | 10+ Year Lease Term Remaining
Marketing description
Northmarq, on behalf of ownership, is pleased to present the opportunity to acquire the fee simple interest in the CVS Pharmacy located at 2715 East Battlefield Street in Springfield, Missouri (the “Property”).
This offering features over 10 years of remaining term on CVS’s Absolute NNN lease with zero landlord responsibilities. This includes roughly 7.5 years of rent and 3 years of rent holiday. Additionally, there are ten, five-year option periods to immediately follow – two at fixed rate and eight at fair market value.
CVS Health Corp. (NYSE: CVS) operates more than 9,000 locations nationwide and employs approximately 300,000 people across the U.S., Washington D.C., and Puerto Rico. The company generates over $372 billion in annual revenue and is ranked #5 on the Fortune 500. CVS holds investment-grade credit ratings from all major agencies, including a “BBB” rating with a stable outlook from Standard & Poor’s.
The Property is strategically positioned at a hard, signalized corner. It is less than one mile from US-65 and is within a dense retail market that includes two major shopping centers. Demographics are strong (average household income of $106K+ within one mile, 496K+ trade area population) and retail market fundamentals are among the best in the nation (just 1.9% vacancy, well below the five- and ten-year averages and far outpacing the national average), providing exceptional residual value.
Investment highlights
BEST-IN-CLASS, INVESTMENT-GRADE, PUBLIC GUARANTOR - The lease is fully guaranteed by CVS Health Corporation (NYSE: CVS; S&P: BBB), the largest retail pharmacy chain in the United States with over 9,000 locations in all 50 U.S. states, the District of Columbia and Puerto Rico – 85% of Americans live within five miles of a CVS Pharmacy. The company is one of the world’s most valuable brands and is currently ranked 5th on the Fortune 500 with annual revenue of more than $372 billion.
10+ YEARS BASE REMAINING - The Property offers long-term cash flow through January 2036, to be followed immediately by ten, five-year option periods (two at a fixed rate and eight at fair market).
HIGHLY PASSIVE, ABSOLUTE NNN LEASE - Lease features no Landlord obligations, managerially or financially, offering a completely passive investment opportunity – Tenant is responsible for any and all expenses relating to the Property and the Premises.
EXCELLENT ACCESS & VISIBILITY ON HARD, SIGNALIZED CORNER - The Property is positioned on the hard, signalized corner of East Battlefield Road and South Lone Pine Avenue, offering six lanes of traffic where more than 26,500 vehicles pass daily. Additionally, it is less than one mile from on- and off-ramps to U.S. 65, one of the region’s primary arterials with daily traffic in excess of 65,953.
ATTRACTIVE LOCAL RETAIL MARKET - The Property is surrounded by major retailers with national tenants such as Target, Lowe’s, Walmart, Ross, TJ Maxx, Hobby Lobby, Marshalls, Best Buy and Five Below, as well as numerous others, within two miles. Battlefield Mall (1.2M+ SF; 150+ Stores & Services) and Primrose Marketplace (367K+ SF; 24 Stores & Services) highlight the local retail market, drawing more than 12 million shoppers to the area annually.
DENSE, AFFLUENT DEMOGRAPHICS IN GROWING MARKET - The Property benefits from exceptional demographics with a population of 139,620 within five miles and average household income of $106,647 within one mile. The trade area population expands to reach more than 496,000 residents, encompassing the entire Springfield population and a large portion of southwest Missouri. Springfield is Missouri’s 3rd-largest city, the county seat of Green County and has grown more than 12.5% since 2000.
STRONG REAL ESTATE FUNDAMENTALS OFFER OUTSTANDING RESIDUAL VALUE - The broader Springfield Retail Market has a vacancy rate of just 2.3% as of Q3-2025, near historic lows for the market and among the lowest rates across the country. It is well below the five- and ten-year market averages and far outpaces metrics on the national level. Market rents have now grown in Springfield for 50 straight quarters. More specifically, the submarket where the Property is located (Southeast Springfield) boasts even stronger occupancy with vacancy at just 1.9%, also far below the five- and ten-year average (both 4.4%). It is the largest of Springfield’s 12 retail submarkets.
IDEAL “COUPON CLIPPER” INVESTMENT OPPORTUNITY - Absolute net ground lease with no Landlord responsibility, long-term and growing cash flow, and strong fundamentals in terms of tenant and location make this a perfect “coupon clipper” opportunity for investors.
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