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NNN CVS For Sale
CVS is rated BBB by S&P, which is investment grade, and the typical CVS lease is triple net with a 15-year term (The Boulder Group, Net Lease Tenant Profiles, September 2026). For investors, that means steady income from a national pharmacy tenant, with the tenant handling most property expenses.
CVS NNN properties offer a distinct advantage over traditional lease agreements by shifting property management responsibilities to tenants. This arrangement simplifies the investment process while affording owners a steady income stream.
BBB
S&P credit rating
~9,000
Locations
15 Years
Typical lease term
Flat
Rent in the initial term
13,000 SF
Typical building size
Triple Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report, May 2026 (credit rating and locations).
Key Takeaways
Strong Tenant & Credit Profile
CVS Health Corporation (NYSE: CVS) is a publicly traded healthcare company rated BBB by S&P, with roughly 9,000 retail locations (Matthews, 2026 Net Lease Tenant Report, May 2026).
Long-Term Triple Net Leases
Boulder lists the typical CVS lease as triple net with a 15-year term and flat rent in the initial term; Matthews puts the typical term at 20 years, with flat rent or 5% increases in the options.
Lower Cap Rates, Larger Checks
CVS properties currently show asking cap rates of 6.80% – 7.10% with 10 years remaining and 6.25% – 6.55% for a new 15-year lease (The Boulder Group, Net Lease Tenant Profiles, September 2026), below Dollar General at the same terms, with average sale prices around $5.6 million.
Large, Growing Parent
CVS Health reported total revenue of about $402 billion for 2025, up 7.8% from 2024 (CVS Health, February 10, 2026).
CVS NNN Cap Rates and Lease Data
Here’s how the tenant, the lease and the yield fit together on a CVS, and where the two market reports differ.
CVS is rated BBB, which is investment grade, with a typical building of 13,000 SF.1 Boulder lists the typical lease as triple net with a 15-year term and flat rent through the initial term; Matthews puts the typical CVS term at 20 years, with rent flat or increasing 5% in the options. Either way, your income is steady but won’t grow during the initial term.
On pricing, Boulder shows asking cap rates of 6.25% – 6.55% on a new 15-year lease, 6.80% – 7.10% with 10 years left, and 7.90% – 8.20% with 5 years left.2 The longer the lease, the lower the yield, so a fresh 15-year term costs you the most per dollar of rent.
Closed sales have averaged a little higher. Matthews reports average cap rates of 7.58% across 62 CVS deals in the first half of 2025 and 7.32% across 85 in the second half. Those sales had roughly 9 years of lease left on average, a bit under the 10 years in Boulder’s middle range, which may explain part of the gap. So far in 2026, the average is 7.48% across 34 deals.3
In dollars, Boulder puts the average sale price at about $5.58 million with average rent of about $330,000 a year. On a typical 13,000 SF store, that works out to roughly $429 per square foot.4
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 26, and Matthews, 2026 Net Lease Tenant Report, May 2026, p. 25. Credit rating is S&P (both reports list BBB). Boulder lists a typical 15-year term and flat escalations in the initial term; Matthews lists a typical 20-year term and flat rent or 5% increases in the options. ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 26. Asking cap rates as of September 2026. ↩
3. Matthews, 2026 Net Lease Tenant Report, May 2026, p. 25. Average cap rate on closed transactions: 62 in the first half of 2025 (average term remaining 9.1 years) and 85 in the second half (8.6 years). The 2026 figure is year to date as of the report (34 transactions, 8 years remaining). Matthews figures are averages of closed sales, while Boulder’s are asking rates, so the two measure different things. ↩
4. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 26. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation (about $5.58 million across a typical 13,000 SF store). ↩
CVS as a Tenant
How CVS operates
CVS Health is headquartered in Woonsocket, Rhode Island, and operates retail pharmacies alongside a pharmacy benefit manager and the Aetna health insurance business. The typical CVS store is about 12,500 to 13,000 square feet (Matthews, 2026 Net Lease Tenant Report, May 2026; The Boulder Group, Net Lease Tenant Profiles, September 2026).
For net lease investors, the stores are the point. Matthews lists about 9,000 locations with typical annual rent of about $325,000, and Boulder puts average rent at about $330,000.
Financial strength and restructuring
CVS is rated BBB by S&P with a market capitalization of roughly $98.4 billion (Matthews, 2026 Net Lease Tenant Report, May 2026). For 2025, CVS Health reported total revenue of about $402 billion, up 7.8% from 2024 (CVS Health, February 10, 2026; Chain Drug Review). Review its current credit ratings from the major agencies as part of your due diligence.
CVS has also been shrinking its store base. In November 2021 it announced plans to close about 900 stores over three years, roughly 300 a year starting in 2022, out of nearly 10,000 stores at the time (NBC News). Matthews now lists about 9,000 locations.
Why Investors Buy CVS Properties
CVS offers an investment-grade tenant, a long triple net lease and a large building. Both reports list a typical term of 15 to 20 years, so a new CVS lease can lock in income for a long time.
CVS also trades at lower cap rates than the dollar stores and Walgreens. With 10 years remaining, The Boulder Group’s September 2026 asking range of 6.80% – 7.10% compares with 7.20% – 7.50% for Dollar General and 7.40% – 8.00% for Walgreens. You pay more for each dollar of rent, in exchange for the credit and the larger store.
There is also a market to buy into. Matthews tracked 194 CVS properties on the market at an average cap rate of 7.18%, with about 9 years of lease remaining on average, and 147 closed sales in 2025 (Matthews, 2026 Net Lease Tenant Report, May 2026).
Risks and Market Conditions
Investing in CVS properties comes with some risk. Retail pharmacies are dealing with thin prescription reimbursement and rising operating costs (Associated Press), and CVS has been closing stores it considers redundant. A store is only as good as its location, so look at the lease remaining, the store’s sales if available, and how well it fits the local market.
The CVS sales Matthews tracked had about 8 to 9 years of lease left on average, so the renewal decision is often within a decade. Closed sales also averaged 7.32% – 7.58% in 2025, above Boulder’s 10-year asking range, so check pricing against recent comparable sales rather than asking cap rates alone.
Build a Diversified NNN Portfolio
Pairing a CVS with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
CVS NNN FAQs
What lease structure does CVS use?
CVS mainly uses triple-net leases for its commercial real estate. CVS handles property taxes, insurance, and maintenance costs in addition to its operating costs, reducing landlord responsibilities.
How long are CVS leases?
Boulder lists the typical CVS lease as 15 years with flat rent in the initial term, and Matthews lists 20 years with flat rent or 5% increases in the options. Leases also include options to renew.
What should I know about current CVS market trends?
CVS is shifting from a traditional retail pharmacy toward a broader healthcare provider. In November 2021 it announced plans to close about 900 stores over three years to streamline its footprint (NBC News), and Matthews now lists about 9,000 locations.
What location factors matter for a CVS?
Consider the average household income in the surrounding area, typically within a 3-mile radius, along with high-traffic locations such as signalized intersections.
Questions about NNN CVS Properties for Sale?
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Market data, cap rates, and tenant statistics on this page come from third-party reports and company disclosures, cited in the footnotes. We believe these sources are reliable but do not guarantee their accuracy or completeness. Figures reflect the date of each source and change with market conditions, so verify current numbers before relying on them.