CVS BARTLESVILLE - DELIVERING 12.04% CASH-ON-CASH RETURN
ATTRACTIVE 3.82% ASSUMABLE FINANCING (OPTIONAL) DELIVERING 12.04% CASH-ON-CASH RETURN (PG. 14)
Marketing description
Property Overview
Built in 2014, the subject property is a 13,225-square-foot freestanding CVS Pharmacy with a drive-thru, situated on 2.02 acres at the high-traffic intersection of State Highway US-75 (Washington Blvd) and Frank Phillips Blvd in Bartlesville, Oklahoma.
CVS operates under a 25-year corporate lease commenced in 2014 and expiring in January 2040, leaving approximately ±14 years remaining on the initial lease term.
Tenant Credit Profile
CVS Health Corporation (NYSE: CVS) maintains a BBB investment-grade credit rating from Standard & Poor’s with a Stable Outlook. The company reported approximately $402 billion in annual revenue (FY 2025) and maintains a market capitalization exceeding $90 billion, demonstrating substantial financial strength and national scale.
CVS Health is ranked #6 on the Fortune 500, operating more than 9,000 retail locations and employing approximately 300,000 people nationwide, serving communities across all 50 states through its integrated healthcare platform.
Investment Highlights
Corporate-Backed Long-Term Lease – 25-year lease executed in 2014 with approximately ±14 years remaining on the initial term
Absolute NNN Lease Structure – Zero landlord responsibilities for operating or capital expenses
Attractive Rental Increases – Rare 10% rent increases at each of the six (6), five-year renewal options
Investment-Grade Tenant – CVS Health (BBB / Stable Outlook) provides secure, predictable cash flow backed by a nationally recognized healthcare operator
Investment highlights
Location & Market Highlights
Strategically Positioned at Signalized Hard Corner Along Primary Retail Corridor – The property is located at the signalized intersection of State Highway US-75 (Washington Boulevard) and Frank Phillips Boulevard, the area’s primary retail and commuter corridor, with combined daily traffic counts exceeding 35,900 vehicles, providing exceptional visibility and exposure.
Nearest National Pharmacy to Regional Medical Center – The subject property is the closest CVS and national pharmacy chain to Ascension St. John Jane Phillips Medical Center, a 114-bed regional hospital spanning more than 22 acres across six buildings and recognized among the nation’s Top 100 Hospitals.
Positioned Directly in Front of Turkey Creek Shopping Center – Located immediately in front of the 114,357-square-foot Shops at Turkey Creek, a fully redeveloped neighborhood shopping center (formerly K-Mart) anchored by Dollar Tree, Five Below, Burkes Outlet, and Ollie’s Bargain Outlet, generating consistent daily consumer traffic.
Employer-Driven Prescription Demand – Bartlesville’s largest employers, Phillips 66 and ConocoPhillips, utilize CVS Caremark for pharmacy benefit management services, supporting recurring prescription volume and long-term demand fundamentals.
Limited Pharmacy Competition – The property benefits from a highly constrained competitive landscape, with no other freestanding CVS locations within a 36-mile radius and only two Walgreens locations within the immediate trade area.
Adjacent to Eastland Shopping Center – Located next to the 445,731-square-foot Eastland Shopping Center, an open-air retail destination anchored by Hobby Lobby, Planet Fitness, and Big Lots, alongside national tenants including Chick-fil-A, US Cellular, Scooter’s Coffee, and State Farm.
Excellent Ingress & Egress – The signalized hard-corner location provides multiple access points along both Washington Boulevard and Frank Phillips Boulevard, allowing convenient ingress and egress from all traffic patterns.
Strong Residential Consumer Base – The property serves a stable population of more than 34,291 residents within a three-mile radius, encompassing approximately 15,936 housing units, supporting consistent pharmacy and convenience retail demand.
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