CVS Pharmacy | Cypress, TX
5.94% CAP | Abs NNN | 12+ Yrs Term
Marketing description
PRICING: $3,350,000
CAP RATE: 5.94%
NOI: $198,925
LEASE EXPIRATION: 10/31/2038
GUARANTEE: CORPORATE
Investment highlights
LONG-TERM OPERATING HISTORY
CVS Pharmacy is operating under a long-term lease with 12.5+ years of term remaining, which expires in October 2038. Additionally, this is an established location for CVS, having occupied this site since 2002 and extended the lease for 20 years in 2018, demonstrating their commitment to this property.
ABSOLUTE TRIPLE NET (NNN) LEASE
The property is subject to an Absolute Triple Net (NNN) lease with CVS Pharmacy, resulting in zero landlord management responsibilities. The tenant is responsible property taxes, insurance, all repairs & maintenance, and the roof & structure.
CORPORATE GUARANTEE FROM INVESTMENT GRADE TENANT
The lease is corporately guaranteed by CVS Health, the largest retail pharmacy chain in the United States. CVS operates over 9,000 locations and boasts an impressive “BBB” investment grade credit rating from S&P.
LOCATED ON HARD, SIGNALIZED CORNER
The subject property benefits from its location on the hard, signalized corner of Louetta Rd and N Eldridge Pkwy. The combined traffic counts at this intersection are 36,639 vehicles per day.
LOCATED IN HOUSTON MSA
Houston is the 5th largest MSA in the country, with a population exceeding 7 million people. In 2023, the Houston MSA’s GDP was an impressive 697 billion. Once rural farm land, Cypress is now one of Houston’s largest suburbs with a thriving economy.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
