CVS Pharmacy NNN Properties for Sale in Florida
CVS Pharmacy, owned by CVS Health (NYSE: CVS), is one of the largest pharmacy chains in America with approximately 9,000 retail locations. CVS NNN properties typically trade at slightly tighter cap rates than Walgreens due to the parent company's stronger credit rating (BBB vs. Walgreens' BBB-) and diversified healthcare business including Aetna insurance and MinuteClinic. Hard-corner drive-thru pharmacy locations are the most sought-after profile.
Typical Cap Rate
5.50% - 6.50%
Lease Term
20 - 25 years
Price Range
$3.5M - $9M+
Building Size
8,000 - 15,000 SF
Lot Size
1.25 - 2.00 acres
Credit Rating
S&P: BBB
Investment Highlights
- Strong investment-grade corporate guarantee from CVS Health
- 20-25 year initial lease terms with renewal options
- Absolute NNN structure — zero landlord responsibility
- Drive-thru pharmacy locations preferred
- Diversified parent company (CVS Health includes Aetna, MinuteClinic)
- Lower cap rates than Walgreens due to stronger credit
Lease Structure
CVS leases are typically Absolute NNN with 20-25 year initial terms and multiple 5-year renewal options. Rent increases are commonly 5-10% every 5 years. Tenant pays all property taxes, insurance, maintenance, structural, and roof. Corporate guarantee from CVS Health (not the individual store).
CVS Pharmacy Tenant Profile
CVS Health operates approximately 9,000 retail pharmacies, 1,100 MinuteClinics, and owns Aetna (one of America's largest health insurance companies). The integrated pharmacy-insurance-clinic model creates revenue diversification and data synergies. Credit: S&P BBB, Moody's Baa2 (solid investment grade). CVS Health generates $350B+ in annual revenue, among the largest companies in America.
CVS Pharmacy in Florida
Florida has over 700 CVS locations, with strong concentration in South Florida (Miami-Dade, Broward, Palm Beach) and solid coverage across Central Florida. Signalized corner locations with drive-thru pharmacies in growth corridors trade at 5.5-6.25% cap rates. Properties in secondary markets or with shorter remaining lease terms trade 6.25-7%.
Why Buy CVS Pharmacy
- +Stronger credit profile than most NNN tenants
- +Diversified parent company reduces tenant-specific risk
- +Prime drive-thru pharmacy locations with real estate value
- +Long-term lease commitments with predictable income
- +Institutional buyer demand for quality CVS assets supports pricing
Considerations
- •CVS Health has announced some store closings — verify specific location
- •Pharmacy retail headwinds apply industry-wide
- •Lease term remaining significantly impacts cap rate
- •Corporate guarantee is from CVS Health, not the individual store entity
Related Pharmacy Tenants
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