Sell Your CVS Property

Considering selling your CVS property? CVS is opening stores again after several years of closures, and buyers continue to value its investment grade parent and corner locations. NNN Realty explains what drives your property’s value, how buyers evaluate CVS leases, and what to expect during the sale.

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The CVS Market at a Glance

Short Answer

A CVS property is valued on its rent and the cap rate buyers accept, and because rent is usually flat through the primary term, value tends to decline as the remaining term shortens. Most leases are NNN, so the tenant covers taxes, insurance and upkeep, but buyers still check whether a lease is NN and who guarantees it. Leases signed by CVS Pharmacy, Inc. and guaranteed by CVS Health Corporation, with ten or more years left, generally attract the strongest pricing.

Typical cap rate
6.5% to 8%
Typical sale price
$3M to $4M
Typical term left at sale
5 to 10 years
Typical lease type
NNN

Approximate ranges from NNN Realty’s tracking of CVS listings and reported sales, with data as of September 30, 2026. They are a starting point, not an appraisal or a quote of current pricing: your property’s value depends on its lease, location and condition.

How to Sell Your CVS Property

Selling a CVS property is largely a question of timing and documentation: how many years remain on a flat-rent lease and which entity stands behind it. Our process prices the property against those factors, reaches buyers active in pharmacy net lease, and manages the sale through closing.

  1. Property Review & Valuation

    We review the remaining primary term, the renewal options and any rent increases they carry, the NNN or NN structure, and whether CVS Health Corporation guarantees the lease. We also look at the corner, access and traffic, building and site condition, local demographics, whether the store absorbed prescription files from nearby closed pharmacies, and recent CVS sales. From that we recommend a value and an asking price grounded in current demand.

  2. Market Positioning & Buyer Targeting

    Our offering memorandum presents the lease, the guarantee and the corner location, supported by professional photography and drone imagery of the site and access points. We then target buyers active in investment grade pharmacy properties, including 1031 exchange buyers, private investors, family offices and institutional net lease funds, with nationwide marketing exposure.

  3. Offers, Buyer Qualification & Negotiations

    We assess each offer’s price, the buyer’s acquisition history, financing or proof of funds, and the proposed due diligence and closing schedule. For shorter remaining terms, we also discuss how the buyer is underwriting renewal. We help negotiate a non-binding Letter of Intent (LOI) on key terms, then move to a formal Purchase and Sale Agreement (PSA).

  4. Due Diligence & Closing

    Once the Purchase and Sale Agreement is signed, the buyer typically has a due diligence period of about 30–45 days to review the lease and guarantee, title, survey, environmental reports and the physical condition of the property.

    We coordinate document delivery, site visits and the tenant estoppel from CVS, and keep the buyer, attorneys, title company and lender on schedule. Depending on the purchase agreement, the deposit may become nonrefundable after due diligence expires, subject to contractual exceptions. Closing commonly follows within about 15–30 days, although timelines vary by transaction.

What Is My CVS Property Worth?

The value of a CVS property is primarily determined by its net operating income (NOI) and the capitalization rate (cap rate) buyers are willing to accept. However, not every CVS trades at the same cap rate. With rent usually flat, the remaining term, the guarantor, the lease structure and the strength of the corner have an outsized effect on price.

How Cap Rates Affect Your Property’s Value

A cap rate represents the relationship between a property’s annual net operating income and its purchase price. Generally, a lower cap rate results in a higher property value, while a higher cap rate results in a lower value.

Example: $250,000 annual NOI at 7.25% cap rate = approximately $3,448,276 estimated property value.

Property Value = Annual NOI ÷ Cap Rate

Cap rate calculator

7.25%

Estimated property value$3,448,276

Illustrative calculation only. Actual sale prices depend on property characteristics and market conditions.

Factors That Influence CVS Property Values

  • Remaining Primary Term

    Because rent is usually flat until the options, value falls as the term shortens. Leases with ten or more years left generally sell at the strongest pricing, while shorter terms draw more questions about renewal.

  • Tenant Entity & Parent Guarantee

    A lease signed by CVS Pharmacy, Inc. and guaranteed by CVS Health Corporation is typically valued more highly than one without the parent guarantee. The guarantee should be confirmed from the lease rather than assumed.

  • Lease Structure

    Most CVS leases are NNN, with the tenant covering taxes, insurance and maintenance. An NN lease that leaves the roof and structure with the owner usually trades at a higher cap rate.

  • Corner Location & Real Estate

    Many CVS stores sit on corner sites of about 1.5 acres with strong access and visibility. Land value and reuse potential give buyers comfort beyond the lease.

  • Store Performance & Prescription Volume

    Buyers look for signs the store is one CVS will keep, such as prescription volume and its role in the local market. Stores that took on prescription files from closed Rite Aid pharmacies may be busier, which is worth sharing if it applies.

CVS as a Tenant

CVS Pharmacy is the retail pharmacy business of CVS Health, which also owns Aetna and a pharmacy benefits business, and it operates its stores itself rather than franchising. Leases are commonly signed by CVS Pharmacy, Inc., and many are guaranteed by CVS Health Corporation. The tenant entity and any guarantee vary by lease, so confirm both from your lease documents.

CVS reported approximately 9,000 retail locations as of June 30, 2026. In 2025 it opened 87 locations and closed 243, and in March 2026 a company spokesperson said it plans about 60 openings this year, including about 20 small pharmacy-only sites, while closing a few dozen stores. In October 2025 it completed the purchase of 63 former Rite Aid and Bartell Drugs stores in Idaho, Oregon and Washington, along with prescription files from 626 pharmacies in 15 states.

Parent company
CVS Health Corporation (NYSE: CVS)
Stores
Approximately 9,000 retail locations as of June 30, 2026
Credit rating
BBB from S&P Global Ratings and Baa3 from Moody’s (as of December 31, 2025)
Common lease terms
Often a 15- to 25-year primary term with flat rent and renewal options; most leases are NNN, some NN. Confirm the guarantor and landlord duties in your lease.
Typical building
About 12,000 square feet on about 1.5 acres, often a corner site

Company facts checked October 20, 2026. Sources:

What Is Your CVS Property Worth?

Considering selling your CVS property? NNN Realty can estimate its current market value through a review of your lease term and guarantee, the corner real estate, recent CVS sales, and current buyer demand.

Whether you plan to sell while term remains or want to understand your options first, we can provide an informed assessment of your investment.

Request a Property Valuation

NNN Realty is not affiliated with CVS Health Corporation. Market ranges are approximate, based on listings and sales tracked through September 30, 2026, and the calculator is illustrative. Nothing here is tax, legal or investment advice.