Our team is very active in the investment sales of CVS & Walgreen’s properties throughout the United States. The sale price for the property is primarily dependent on the rent (NOI) and the years remaining on the lease. Ultimately it comes down to Cash Flow and Risk.
For example, we sold a 6 store CVS portfolio, and all of the stores have low rents, NOI of $100,000, and short-term leases. So those CVS sold at around $1,500,000 at 6.4% cap rates. We also have our listing for a Walgreens in Miami Beach under contract for over $34,000,000, just for that one store, because Walgreens is paying $1,620,000 in rent with a long-term lease.
In general, CVS cap rates will range from a low of 4.25% for the lowest risk properties, and 6.5% for the higher risk properties.
Below is a link to open a PDF summary of some of our recent CVS and Walgreens listings to give you a better sense of our team’s capabilities.
