Asset Type: Real Estate
Estate: Fee Simple
Year Built: 1999
Land Area: 1.79 Acres
Property Size: 11,200 SF
Property Type: Retail
Occupancy %: 100
Year Renovated: 2024
Number of Floors: 1
Investment Highlights
- *Investment Grade Credit Tenant – S&P Rated BBB
- *Absolute NNN Lease Structure – Minimal Landlord Responsibilities
- *CVS Lease Extended Through January 2029
- *Approximately $12.6 Million in Annual Net Sales
- *Recent 2024 Tenant Capital Investment Including Pharmacy Expansion, ADA Improvements, Sidewalk Enhancements, and Site Modernization
- *Signalized Hard Corner Intersection With Approximately 62,000 Vehicles Per Day
- *Established Operating History Exceeding 20 Years
- *Positioned Along Crystal River's Primary Retail and Healthcare Corridor
- *Surrounded by Major National Retailers Including Wawa, Walgreens, McDonald's, Wendy's, Dunkin', Taco Bell, Burger King, and Bank of America
- *Florida Nature Coast Market Benefiting From Population Growth, Tourism, and Infrastructure Investment
- *Strong Underlying Land Value and Long-Term Redevelopment Potential
- *Stable Passive Income With Contractual Rental Increases
CVS Pharmacy | Absolute NNN Investment | Crystal River, FL
The eXp Commercial team is pleased to present this exceptional absolute NNN leased CVS Pharmacy located at the signalized hard corner intersection of U.S. Highway 19 and State Road 44 in Crystal River, Florida. CVS has successfully operated at this location for more than 20 years and recently exercised a five-year lease renewal option extending the current lease term through January 2029, demonstrating continued long-term commitment to the site and market.
Recent operating reports indicate approximately $12.6 million in annual net sales, reinforcing the location's strong operating performance and strategic importance within CVS's national store network.
The property consists of an approximately 10,908-square-foot freestanding retail building situated on approximately 1.79 acres within one of Crystal River's highest-trafficked commercial corridors. The intersection benefits from exposure to approximately 62,000 vehicles per day and serves as a primary retail, healthcare, and commuter corridor throughout Citrus County.
Following the lease renewal, CVS completed significant capital improvements during 2024, including pharmacy expansion, ADA accessibility upgrades, pedestrian connectivity enhancements, sidewalk improvements, and additional site modernization efforts. These investments further demonstrate the tenant's long-term commitment to the location and confidence in the continued growth of the Crystal River market.
The asset offers investors stable passive income backed by an investment-grade tenant, minimal landlord responsibilities under the absolute NNN lease structure, and long-term upside supported by population growth, infrastructure investment, tourism demand, and continued commercial development throughout Florida's Nature Coast region.
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