CVS NNN Investor Hub | Cap Rate Trends, Credit Rating Trends, Lease Terms & Due Diligence
Last Year Cap
6.2%
This Year Cap
7.0%
Cap Change
0.8%
Last Year Rating
BBB
This Year Rating
BBB
Rating Change
No change
CVS – NNN Cap Rate Trend
Cap Rate Trends
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | Tenant | Year | Cap Rate |
|---|---|---|---|---|---|---|---|
| 5779 | admin2 | 2026 04:17 AM | admin2 | 2026 04:17 AM | 7 Brew | 2,020 | 6.5 |
| 5780 | admin2 | 2026 04:17 AM | admin2 | 2026 04:17 AM | 7 Brew | 2,021 | 6.3 |
| 5781 | admin2 | 2026 04:17 AM | admin2 | 2026 04:17 AM | 7 Brew | 2,022 | 6.0 |
| 5782 | admin2 | 2026 04:17 AM | admin2 | 2026 04:17 AM | 7 Brew | 2,023 | 6.3 |
| 5783 | admin2 | 2026 04:17 AM | admin2 | 2026 04:17 AM | 7 Brew | 2,024 | 6.6 |
| 5784 | admin2 | 2026 04:17 AM | admin2 | 2026 04:17 AM | 7 Brew | 2,025 | 6.6 |
| Tenant | Year | Cap Rate |
Credit (what net-lease buyers care about)
Credit Snapshot
CVSCVS Net Lease: Secure, Essential Investment
CVS Pharmacy is a nationally recognized, investment-grade net lease tenant. This guide reviews cap rates, lease terms, tenant credit, and key due diligence for buyers and sellers.
For 1031 exchange buyers, CVS Ground Lease Properties are important to compare against fee simple CVS assets because lease structure can affect pricing, financing, and resale.
Investors often target CVS assets for:
Stable Income Potential
Essential Retail Demand
Tenant Credit Review
1031 Exchange Fit
CVS Ground Lease Properties: Compare rent escalations, remaining lease term, and residual value vs. fee simple.
CVS Ground Lease Properties for 1031 Exchange Buyers
CVS Ground Lease Properties can trade differently than fee simple CVS assets. Buyers should compare lease structure, remaining term, extension options, and reversion rights.
CVS – Credit Trend (S&P vs Moody’s)
Tenant_Rating_Trend
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | TenantKey | Tenant | Year | Moody | SP | Moody_Grade | SP_Grade | Moody_GradeRank | SP_GradeRank |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | admin2 | 2025 03:43 PM | admin2 | 2025 03:43 PM | 7eleveninc | 7-Eleven, Inc. | 2022 | Baa2 | A | Lower Medium Grade | Upper Medium Grade | 5 | 6 |
| 2 | admin2 | 2025 03:43 PM | admin2 | 2025 03:43 PM | 7eleveninc | 7-Eleven, Inc. | 2023 | Baa2 | A | Lower Medium Grade | Upper Medium Grade | 5 | 6 |
| 3 | admin2 | 2025 03:43 PM | admin2 | 2025 03:43 PM | 7eleveninc | 7-Eleven, Inc. | 2024 | Baa2 | A | Lower Medium Grade | Upper Medium Grade | 5 | 6 |
| 4 | admin2 | 2025 03:43 PM | admin2 | 2025 03:43 PM | 7eleveninc | 7-Eleven, Inc. | 2025 | Baa2 | A | Lower Medium Grade | Upper Medium Grade | 5 | 6 |
| 5 | admin2 | 2025 03:43 PM | admin2 | 2025 03:43 PM | 99centsonlystoresllc | 99 Cents Only Stores, LLC | 2022 | Caa2 | CCC+ | Substantial Risk | Substantial Risk | 2 | 2 |
CVS Health Stock Price (NYSE: CVS)
CVS Investment Market Statistics
AVERAGE SALE PRICE
BUILDING SIZE
AVERAGE NOI
LAND
$/SF RANGE
LEASE TERM SHOWN
CVS Investor Snapshot (Quick Facts)
Origins & Growth (Past)
- Grew from retail into pharmacy giant
- Expanded nationwide over decades
- Built one of the biggest U.S. networks
- Formed CVS Caremark (PBM scale)
- Early leader in retail clinics
- Bought Aetna (insurance + pharmacy)
- Shifted toward full healthcare model
Where CVS Stands Today
- Massive U.S. store footprint
- High prescription volume
- Pharmacy + PBM + insurance platform
- Clinics and care services growing
- Strong wellness and vaccine demand
- Easy digital refills and reminders
- Focus on efficiency and cost control
The Road Ahead (Future)
More clinics and community care
More automation/AI in pharmacy
Tighter insurance + pharmacy integration
More virtual and home-based care
More prevention and chronic care
Optimize store locations/formats
Tailwinds from aging population
Why investors buy CVS NNN Properties or CVS ground Lease Properties?
Pros (what buyers like)
Investment-grade tenant (often marketed as “CVS NNN lease” with corporate guarantee)
Essential retail / needs-based traffic (pharmacy is sticky demand)
Prime real estate patterns: many stores are hard corners with strong ingress/egress and visibility
Financeability: many corporate CVS deals qualify for CTL-style financing (market practice; commonly referenced in net-lease marketing)
Cons (what can bite you)
Some leases are NN (not absolute NNN) → landlord may be responsible for roof/structure
Flat rent during primary term is common (bumps may be only in options, or vary by deal)
Replacement rent risk: high in-place rents can be difficult to backfill if the store goes dark
Store rationalization: CVS disclosed a plan to close 271 retail stores in 2025 (risk is location-specific)
Investor Decision Framework (Buy / Hold / Sell)
✓ Strong "Buy Box" for a CVS Net Lease
• 15+ years term remaining (or 10+ with strong bumps)
• Absolute NNN or clean NNN
• Hard corner + signalized intersection + dense rooftops
• Modern prototype + drive-thru (where permitted)
• Rent is reasonable vs market (so re-tenanting isn't impossible)
02
⚠ Yellow Flags (Price Accordingly)
• NN lease with roof/structure on landlord • Flat rent + no bumps until options • Odd format (very small/very large) that limits reuse • Non-prime corridor (weak traffic counts, poor access)
Find out more
CVS Background & History
CVS Health is a national healthcare company best known for CVS Pharmacy, with thousands of neighborhood locations across the U.S. What began as a retail pharmacy business has expanded into a broader healthcare platform that combines prescription access with services that support patients, employers, and health plans.
Over time, the company built a nationwide footprint and added capabilities that go beyond a traditional drugstore. For example, customers now use CVS locations and digital tools for prescriptions, vaccinations, basic care, refills, payments, and care coordination.
Why CVS Matters to NNN Investors
Today, CVS operates across multiple parts of the healthcare system. In addition to its retail pharmacy network, the company plays a major role in pharmacy benefits management (PBM), which helps manage prescription coverage and costs for insured members.
It has also expanded care delivery through MinuteClinic and related health services. As a result, many locations now serve customers seeking routine needs, vaccinations, and basic care in a more convenient format.
This broader healthcare model is one reason the company remains relevant. Meanwhile, management continues adapting as healthcare delivery shifts toward more accessible, neighborhood-based services.
What Buyers and Sellers Should Evaluate
For investors looking at CVS NNN properties, CVS net lease, or a CVS ground lease, the investment thesis is usually straightforward: CVS is an everyday-use tenant tied to ongoing healthcare demand. As a result, many buyers focus more on lease structure, rent coverage, and location quality than on brand recognition alone.
Common searches include CVS Pharmacy real estate, CVS cap rate, CVS lease term, CVS tenant credit, and CVS store closures. Ultimately, CVS net lease value is typically driven by site-level fundamentals, lease terms, and how the property fits within the company’s broader network.
As consumer behavior continues to change, the strongest CVS locations are often the ones that remain mission-critical within their trade area. Therefore, buyers and sellers should evaluate each property on its own merits, including access, visibility, nearby rooftops, traffic drivers, competition, prescription demand, and lease language that defines landlord responsibilities.
In addition, investors should consider long-term cash-flow durability and how the asset may perform under different hold periods and exit scenarios.
our team of experts are here for you
Our team helps investors evaluate NNN properties with practical, market-based guidance. In addition, we support buyers and sellers with lease review, pricing analysis, and due diligence strategy.
Whether you are comparing CVS ground lease properties or fee simple CVS assets, we can help you review the details that affect risk and long-term value. As a result, clients can make more confident decisions based on lease structure, location quality, and investment goals.
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