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

159 CVS net lease properties are observed for sale across 33 states as of November 9, 2026, at a median asking cap rate of 6.35%. Investment Grade Research tracks each one across publicly marketed offerings and broker materials, checks the tenant against the investment grade threshold, and publishes the observations here: what is on the market, what it is asking, how pricing breaks down by term, state and lease type, and how an acquisition or 1031 exchange buyer should work through it. The corporate credit story is on the CVS credit rating and cap rate profile.

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.

Showing the 12 most recently listed of 159 observed listings; listings without a published asking price and cap rate are not shown here.

Market observations aggregated from publicly marketed offerings and broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the offering 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, 1% of listings with a reported build year are new construction, with a stated year built of 2026 or later, and about 6% 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.

The CVS Split: What It Means for CVS NNN Buyers

On November 4, 2026, CVS Health announced that it intends to separate into two independent, publicly traded companies. The separation is expected to be completed in the first half of 2028, subject to final board approval, an effective Form 10 registration statement with the SEC and confirmation that it is tax-free to CVS Health and its shareholders. CVS states that there can be no assurance the separation will occur, or that it will occur on those terms or that timeline.

• CVS Pharmacy: about 9,000 CVS pharmacies, mail pharmacy, MinuteClinic and the Health100 technology business. Prem Shah, currently Group President of CVS Health, is named CEO. This is the company that will run the stores behind CVS net leases.
• CVS Health: the healthcare solutions company, made up of Aetna, CVS Caremark, CVS Specialty, Oak Street Health and Signify Health, led by Chairman and CEO David Joyner.
• Credit: CVS says both companies are expected to have a solid investment grade rating at the time of separation. That is the company’s expectation, not a rating issued by S&P, Moody’s or Fitch.
• Until 2028: CVS says that until the separation is completed it will continue to operate as it does today.

What to check in a CVS lease now

The announcement does not say how existing store leases or parent guaranties will be divided between the two companies. That detail is expected to come with the Form 10. Until then, underwrite each CVS listing on the entity actually named in the lease.

• Tenant and guarantor. Record the exact legal names of the tenant and any guarantor, and whether the guaranty is from the parent, CVS Health Corporation.
• Assignment clause. Check whether the tenant may assign to an affiliate or successor without landlord consent, and whether the original tenant or guarantor is released when it does.
• Hold period. If you plan to hold past the first half of 2028, most of your credit exposure will be to whichever company holds your lease and guaranty after the separation. Check that company’s ratings once the agencies publish them.

Source: CVS Health press release, Exhibit 99.1 to Form 8-K, November 4, 2026.

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 10.07%, against a median of 6.35%. Three variables help explain much of that spread, although these tables describe asking prices and do not isolate any single effect. First, remaining term, shown in the term table above. Second, geography, shown in the state table below. Third, lease structure and real estate quality: longer terms, stronger guarantors, absolute NNN structures and strong access generally ask lower cap rates, while leases with landlord responsibilities (NN) and secondary access generally ask higher ones; ground leases can price on either side, depending on rent and land value. 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

The states with the most observed CVS NNN listings are Texas (19), Florida (14), New York (12), Virginia (10) and Alabama (10). Each state page carries every observed listing in the state.

Current inventory spans 33 states. Differences between states in the table below can reflect local buyer demand, growth, taxes and the mix of lease terms in each state’s listings as much as anything about the tenant, and small state samples can shift quickly.

Shows the 12 states with the most listings, out of 33 states with CVS listings. Use the state filter in the full listing browser above for the rest.

CVS as a 1031 Exchange Replacement Property

The median asking price in the current CVS inventory is $3.80M, 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.
• Certainty of closing 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.
• Obligor after the split. Confirm the tenant and guarantor entities and the assignment language, since CVS plans to move its stores into a separate company, CVS Pharmacy, by the first half of 2028.

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