CVS Pharmacy - Crystal River, FL

327 NE US Highway 19, Crystal River, FL 34429

Accepting Offers
CVS Pharmacy - Crystal River, FLCVS Pharmacy - Crystal River, FLCVS Pharmacy - Crystal River, FLCVS Pharmacy - Crystal River, FL
Asking Price

$5,479,167

CVS Pharmacy - Crystal River, FL

327 NE US Highway 19, Crystal River, FL 34429

Asset Type: Real Estate

Estate: Fee Simple

Year Built: 1999

Land Area: 1.79 Acres

Number of Units: 1

Property Size: 11,200 SF

Property Type: Retail

Occupancy %: 100

Year Renovated: 2024

Number of Floors: 1

NOI: 268,477

Investment Highlights

  • *CVS Pharmacy | Absolute NNN with Zero Landlord Responsibilities
  • *$5,479,167 Offering Price | 4.90% Cap Rate on In Place Rent of $268,477
  • *National Pharmacy Tenancy at This Location Since 1999; 27+ Years of Continuous Operation
  • *Store Sales of $12.86M, Up About 166% From the FY2018 Low
  • *Sales Within About 4% of the $13.4M Percentage Rent Breakpoint; 2% Override Upside Not Priced Into the Cap
  • *Two Consecutive Renewal Options Exercised (2018 and July 2023); Current Term Through January 26, 2029
  • *Two Additional 5 Year Options to Approximately 2039 With Rent Steps to $273,931 and $279,385
  • *Holiday CVS, L.L.C. Direct Lease Obligor Within the CVS Corporate Organization
  • *Tenant Responsible for Taxes, Insurance, Utilities, Roof, Structure and HVAC
  • *Approximately $200,000 of Tenant Funded Improvements Completed 2024
  • *Signalized Hard Corner of US-19 and SR-44 | About 62,000 Vehicles Per Day
  • *1.79 Acres | 11,200 SF | 72 Parking Spaces | Drive Thru
  • *Nature Coast Growth: Suncoast Parkway Extension Open, Crystal Ridge Adding 957 Homes, 1.6M+ Annual Visitors

CVS Pharmacy | Absolute NNN | 27 Year Tenant Approaching Percentage Rent Breakpoint | Crystal River, FL

The eXp Commercial team is pleased to present this absolute NNN leased CVS Pharmacy at the signalized hard corner of U.S. Highway 19 and State Road 44 in Crystal River, Florida. A national pharmacy has operated at this location continuously since 1999. CVS has exercised two consecutive five year renewal options, in 2018 and again in July 2023, extending the current term through January 26, 2029, with two additional five year options providing potential occupancy through approximately 2039 at contractual rent steps of $273,931 and $279,385. Store performance is the story. Annual net sales have grown from approximately $4.84 million in the 2017 to 2018 lease year to approximately $12.86 million in the latest reported lease year, an increase of roughly 166%. The lease provides 2% percentage rent on net sales above an annual breakpoint of $13,423,848, and sales now sit within approximately 4% of that threshold. Continued growth at recent rates would begin generating percentage rent above the minimum base; that contractual upside is not reflected in the in place 4.90% cap rate. Percentage rent is subject to the Section 33 real estate tax credit; buyer to verify. Holiday CVS, L.L.C. is the direct lease obligor and tenant of record within the CVS corporate organization. The original Eckerd Corporation lease was formally assigned in 2004 to a CVS affiliated entity that expressly assumed the property specific lease obligations; subsequent renewal documentation identifies Holiday CVS, L.L.C. as the current tenant. Buyer to verify the corporate succession chain and credit support during due diligence. The property consists of an approximately 11,200 square foot freestanding building on approximately 1.79 acres within Crystal River's highest trafficked commercial corridor, with exposure to approximately 62,000 vehicles per day. Following the 2023 renewal, the tenant completed approximately $200,000 of capital improvements in 2024, including interior renovations and exterior ADA and site improvements, on top of prior roof replacement, HVAC replacement and exterior building work. The lease is absolute NNN with zero landlord responsibilities: the tenant is responsible for real estate taxes, insurance, utilities, roof, structure, HVAC, building systems and maintenance. In place rent of $268,477 prices the offering at a 4.90% cap rate. Crystal River and Citrus County continue to benefit from population migration, more than 1.6 million annual visitors, the Suncoast Parkway extension opened in 2025, and the Crystal Ridge development adding 957 homes and a town center to the trade area. All figures per the offering memorandum and executed leases; buyer to verify.

Sale FAQs

Investment Sales Broker

Mercedes Martin

Mercedes Martin

eXp Commercial

FL License: bk3257231

Phone: XXXXXXXXXX

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