Fee-Simple CVS Absolute NNN Ground
For Sale
Contact for pricing
106 Boston Road, Groton, MA 01450
Fee-simple interest in the ground of a CVS Pharmacy with an Absolute NNN lease and zero landlord responsibility.
Property Size9,750 SF
Price / SF$251.11
Days on Market56
Property Features for 106 Boston Road
General Information
Standard status
Active
Size
9,750 SF
Total Parking Spaces
42
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Net Operating Income
$146,900
Building Details
Year Built
1999
Buildings
1
Tenancy
Single
Listing Agency:
Northmarq Capital, LLC
Listed By:
Jason Powell · License #GA 313490
Source:
Crexi
Added: Jun 17
Changed: Aug 8
Last Checked: Aug 11 at 12:22PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Northmarq Capital, LLC
Investment Insights
Based on property information with market context.
The property offered for sale is the fee simple interest in the ground of a CVS Pharmacy located at 106 Boston Road in Groton, Massachusetts. The store was built-to-suit in 1999, and CVS has operated at the location for more than 25 years. The current structure of the lease is described as an Absolute NNN agreement, with zero landlord responsibility and no rent holiday, supported by contract rent increases.
According to the provided information, CVS exercised the first of five, ten-year renewals in 2021. The lease also features 8% rent bumps every five years through each of the remaining four, ten-year option periods, creating accelerated scheduled growth within the term framework.
This offering is best suited for investors or buyers seeking an Absolute NNN retail asset with a long-standing pharmacy tenant and a ground-interest ownership position. Because the lease is characterized as having no landlord responsibilities, an owner’s role is reduced to the ownership of the ground interest, aligned with the property’s documented NNN structure.
According to the provided information, CVS exercised the first of five, ten-year renewals in 2021. The lease also features 8% rent bumps every five years through each of the remaining four, ten-year option periods, creating accelerated scheduled growth within the term framework.
This offering is best suited for investors or buyers seeking an Absolute NNN retail asset with a long-standing pharmacy tenant and a ground-interest ownership position. Because the lease is characterized as having no landlord responsibilities, an owner’s role is reduced to the ownership of the ground interest, aligned with the property’s documented NNN structure.
Key Highlights
- Fee‑simple interest in the ground of a CVS Pharmacy at 106 Boston Road, Groton, Massachusetts
- Build‑to‑suit CVS store completed in 1999
- CVS has operated at the location for more than 25 years, with renewal exercised in 2021
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$182,630
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.46%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,652,600
$3.7M
Cap Rate 7%
$2,609,000
$2.6M
Cap Rate 9%
$2,029,222
$2.0M
Market Conditions
NOI Build-Up for 9,750 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$263.3K $27.00/SF
− Vacancy
−$19.7K −$2.03/SF
EGI
$243.5K $24.98/SF
− OpEx
−$60.9K −$6.24/SF
NOI
$182.6K $18.73/SF
Area
Middlesex County, MA
Vacancy
7.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,652,600
Cap Rate 7%
$2,609,000
Cap Rate 9%
$2,029,222
Alternative Uses
Best Use
Specialty Retail
$2.61M
$2.28M – $3.04M
NOI $182,630 @ 7.0% cap · market cap 7.46%
Second Best
Retail
$2.00M
$1.75M – $2.34M
NOI $140,135 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$5.77M
$5.05M – $6.73M
NOI $404,038 @ 7.0% cap · market cap 16.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
155
Businesses Nearby
4k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Mobil
Shops & Services
4,324 visits/mo
0.3 miles
Demographics for 01450, MA
11,298
Population
3,773
Households
3
Avg Household Size
43
Median Age
66%
College-Educated
96%
High-School Grad
32.8 sq mi
ZIP Area
344
Density / Sq Mi
$189,355
Median Household Income
$78,750
Median Earnings
$1,521
Median Rent
$673,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- CVS — 106 Boston Rd #119, Groton, MA 01450
- CVS Pharmacy — 106 Boston Rd #119, Groton, MA 01450
- James Yovino — 106 Boston Rd, Groton, MA 014501860
Frequently Asked Questions
What type of property is this?
Drug store - Fee-simple interest in the ground of a CVS Pharmacy with an Absolute NNN lease and zero landlord responsibility.
Where is this drug store located?
The property is located at 106 Boston Road Groton, MA.
What is the asking price?
The asking price for this property is $2,448,333.
What are key features of this property?
This property features: Fee‑simple interest in the ground of a CVS Pharmacy at 106 Boston Road, Groton, Massachusetts; Build‑to‑suit CVS store completed in 1999; CVS has operated at the location for more than 25 years, with renewal exercised in 2021
