CVS Pharmacy
Infill South Austin | 7 miles from Downtown | 17+ Yr Absolute NNN Lease | 69,000 VPD Intersection
Marketing description
Cushman & Wakefield is pleased to present a 13,225± square foot, freestanding CVS PHARMACY retail store with a drive-thru, ample parking on site, located in Austin, Texas, with over 17 years of primary lease term remaining.
The CVS property is located on the southwest corner of the high-traffic, signalized intersection of West William Cannon Drive and Menchaca Road with combined traffic counts of 69,000 vehicles per day. Surrounding demographics are excellent with more than 120,000 residents within a three-mile radius and average household income over $135,000 within one mile. The immediate area is comprised of dense, residential neighborhoods and daily needs retail with tenants such as Sprouts Farmers Market, PNC Bank, and Wells Fargo, among numerous others. William Cannon Drive is major east-west arterial in Austin that connects the site with South Congress Ave and I-35 to the east and the MoPac Expressway to the west; while Menchaca Road is a major north-south arterial that connects to South Lamar Blvd and downtown Austin to the north.
Conveniently located in infill South Austin with extremely high barriers-to-entry, the property is less than 15 minutes from many of Austin’s trendiest and fastest growing neighborhoods such as South Congress Ave, Zilker, South Lamar and Bouldin Creek, all known for vibrant dining, nightlife and shopping destinations that draw steady consumer traffic. Over the last decade, the surrounding area has seen tremendous economic growth fueled by population inflow, rising home values, and ongoing mixed use and retail development, creating sustained demand for convenience-oriented retailers that serve both local residents and the strong daily traffic counts on the intersection. Additionally, the CVS property is located approximately 7 miles from downtown Austin and 10 miles from Austin-Bergstrom International Airport.
Investment highlights
- Absolute NNN, corporately guaranteed lease with over 17 years remaining (no rent holiday), and rare 10% rent increases at the start of each renewal option
- Hard corner site with drive thru and ample parking strategically situated on the high traffic, signalized intersection of West William Cannon Drive and Menchaca Road (69,000 VPD) with multiple points of ingress/egress
- Outstanding demographics with average household income over $135,000 within one mile and over 120,000 population within 3 miles
- CVS Health Corporation is ranked #5 on the Fortune 500 with $373 billion in 2024 revenues, and rated ‘BBB’ investment-grade by S&P
- CVS operates over 9,000 retail drugstores and over 1,000 healthcare clinics located in 49 states, Puerto Rico, and the District of Columbia
- Infill South Austin site surrounded by dense residential neighborhoods and conveniently located less than 2.5 miles from both I-35 and the MoPac Expressway providing easy access to downtown Austin and regional MSA
- Neighboring tenants on the intersection include Sprouts Farmers Market, PNC Bank, Wells Fargo, and numerous shopping centers in the area including Southpark Meadows, anchored by Walmart Supercenter, Target, Sam’s Club, Best Buy, and Ross, among numerous others.
- William Cannon Drive is major east-west arterial in Austin that connects the site with I-35, South Congress Ave, and the MoPac Expressway, and Menchaca Road is a major north-south arterial that connects to South Lamar Blvd and downtown Austin to the north
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