CVS NNN Properties For Sale: Listings, Cap Rates and 1031 Buyer Guide

This page tracks every CVS net lease property observed for sale in the United States, refreshed automatically from listing broker materials, checks the tenant against the investment grade threshold, and walks through how to evaluate one before you make an offer. If you want the corporate credit story, the CVS credit rating and cap rate profile covers it. This page is about the inventory: what is on the market, what it is asking, how the pricing breaks down by term, state and lease type, and how a buyer, especially a 1031 exchange buyer, should work through it.

CVS NNN Properties For Sale: Latest Listings

Up to twelve of the most recently listed single-tenant CVS properties with published pricing. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.

Search all 196 CVS properties on the market

Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the listing party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.

What You Are Actually Buying

CVS leases are corporate obligations of the CVS entity rather than operator leases, and like Walgreens they were typically written with twenty to twenty-five-year initial terms followed by a series of five-year options. Because the initial terms were so long, most of what trades now is seasoned inventory where the remaining term, not the original term, drives the price.

The standard freestanding CVS is roughly 10,000 to 13,000 square feet, usually on a hard corner with a drive-thru. As with any drugstore box, the corner is the asset and the improvements are use-specific. The spread between a CVS with twelve years remaining and one with four years remaining is wider than most buyers expect, and it is almost entirely a residual risk premium.

Across the current inventory, roughly 4% of listings with a reported build year were delivered in the last four years, and about 0% are marketed as NN, NN+ or simply Net, which usually means the landlord retains roof and structure and sometimes parking and HVAC. Read the lease rather than the brochure headline. If the rating framework behind investment grade tenancy is unfamiliar, the investment grade guide explains it.

CVS Cap Rate, Price and Term Distribution

These tables are generated from the live inventory and refresh every few hours. Use them to place any individual listing in context rather than judging an asking cap rate in isolation.

How to read the pricing

The spread inside the CVS inventory runs from 4.89% to 12.20%, against a median of 6.50%, and almost all of it is explained by three variables. First, remaining term, which the term table above prices directly. Second, geography, which the state table below shows. Third, lease structure and real estate quality: absolute NNN, fee simple and strong access trade at the tight end, while NN, ground lease and secondary access trade wider. When a listing sits far outside the band its term and state would predict, there is usually a reason in the lease, and it is worth finding before you write the offer rather than after.

Where CVS NNN Properties Are For Sale

Current inventory spans 38 states. State-level cap rate differences of 50 to 100 basis points are normal and reflect state income tax, population growth and buyer competition more than anything about the tenant.

CVS as a 1031 Exchange Replacement Property

The median asking price in the current CVS inventory is $3.95M, and about 37% of listings fall in the middle of the market between 1.5 and 3.5 million dollars. Whether that fits an exchange depends on the equity coming out of the relinquished property and on the debt you need to replace.

• Identify from the live list, not a stale one. Listings move. Identify two or three specific properties under the three-property rule and keep a backup that is realistically still available.
• Debt replacement is the trap. If the relinquished property carried a mortgage, you must replace that debt or add cash to fully defer gain. Where lender pricing sits above the asking cap rate, financed acquisitions run negative leverage. Run your own debt numbers before you identify.
• Term should match your hold. If you plan to hold through the next exchange or pass the asset to heirs, prioritize term and options over 25 basis points of cap rate.
• Close-ability matters more than price. A clean estoppel, a current lease and no pending relocation are worth paying for on a 45-day clock.

For identification mechanics, timelines and the NNN, DST and UPREIT alternatives, see the 1031 exchange into investment grade property guide.

CVS NNN Due Diligence Checklist

These are the items that change the value of a CVS listing and are rarely resolved by the offering memorandum.

• Remaining term and options. Verify the exact expiration and how many options remain, and whether options are at fixed rent or market.
• Termination and go-dark rights. Some drugstore leases permit the tenant to cease operations while continuing to pay. That changes the asset from an operating store to a rent stream on a dark box.
• Closure program exposure. CVS has been consolidating its store base. Check local unit density and store age.
• Reuse and zoning. Confirm the box can be demised or redeveloped, and that signage, access and parking support an alternative user.

How Investment Grade Works With CVS Buyers

Investment Grade Income Property, LP is a licensed commercial real estate brokerage providing national advisory on acquisitions and dispositions of net lease property, with Broker of Record co-listing partnerships in all 50 states. On a CVS acquisition we screen the live inventory against your criteria, pull the lease abstract behind any listing you want to pursue, benchmark the asking cap rate against the distribution above, and negotiate on your side of the table through closing. On most transactions there is no separate fee to the buyer because compensation is paid from the transaction by the listing side. Where that is not the case we disclose it in writing before you engage.

Owners of existing CVS properties can use this page as a valuation benchmark. If you are weighing a sale, an off market disposition to a qualified 1031 buyer often closes faster and with less retrading than a broad marketing process.

Frequently Asked Questions

• CVS Credit Rating and NNN Cap Rate Profile
• NNN Cap Rates 2026: Tenant by Tenant Benchmarks
• 1031 Exchange Into Investment Grade Property
• Investment Grade Credit Tenant Ratings
• Search All Observed NNN Listings