CVS NNN Investment
For Sale
Contact for pricing
2000 S Naperville Rd, Wheaton, IL
25-year NNN lease with investment-grade CVS tenant.
Property Size13,273 SF
Lot Size1.69 Acres
Price / SF$493.48
Days on Market1323
Property Features for 2000 S Naperville Rd
General Information
Standard status
Active
Size
13,273 SF
Lot size
1.69 Acres
Property subtype
RETAIL
Listing Agency:
Sandor/Sand Capital | Arizona
(480) 949-9011
Listed By:
Andrew Lau
(480) 385-1327
Source:
Moodyscre
Added: Jan 20, 2023
Changed: Aug 16
Last Checked: Sep 1 at 11:33PM
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 Sandor/Sand Capital | Arizona
Investment Insights
Based on property information with market context.
This property features a triple-net (NNN) lease structure, assigning all maintenance and repair responsibilities, including roof and structure, to the tenant. The tenant, CVS, holds investment-grade credit and demonstrates strong financials. The property is under a long-term, 25-year lease, which includes options for 10 additional five-year extensions. Constructed between 2016 and 2017, the property benefits from assumable self-amortizing financing with a fixed 3.901% interest rate. The debt structure allows for limited equity investment and can generate passive losses that may offset taxable income from other investments. The structure also allows for low equity contributions with high long-term return on initial investment and allows withdrawal of money over and above percentage over the debt. The property is located in Wheaton, IL.
Key Highlights
- Strong Credit Tenant: CVS, with its investment‑grade credit rating (S&P: BBB) and robust financials, guarantees a dependable income stream.
- Long‑Term Lease: Benefit from a 25‑year lease with 10 five‑year extension options, securing stable, long‑term cash flow.
- Zero Cash Flow Financing: Take advantage of assumable self‑amortizing financing featuring a below‑market fixed interest rate of 3.901%.
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
$222,190
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
3.39%
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%
$4,443,800
$4.4M
Cap Rate 7%
$3,174,143
$3.2M
Cap Rate 9%
$2,468,778
$2.5M
Market Conditions
NOI Build-Up for 13,273 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
$318.6K $24.00/SF
− Vacancy
−$22.3K −$1.68/SF
EGI
$296.3K $22.32/SF
− OpEx
−$74.1K −$5.58/SF
NOI
$222.2K $16.74/SF
Area
DuPage County, IL
Vacancy
7.00%
Lease Rate
$24.00 /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%
$4,443,800
Cap Rate 7%
$3,174,143
Cap Rate 9%
$2,468,778
Alternative Uses
Best Use
Specialty Retail
$3.17M
$2.78M – $3.70M
NOI $222,190 @ 7.0% cap · market cap 3.39%
Second Best
Retail
$2.63M
$2.30M – $3.07M
NOI $184,231 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$4.58M
$4.01M – $5.35M
NOI $320,779 @ 7.0% cap · market cap 4.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,441
Businesses Nearby
490k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 28%
Shops & Services 21%
Apparel 21%
Groceries 13%
Jewel-Osco
Groceries
44,904 visits/mo
0.1 miles
T.J. Maxx
Apparel
44,762 visits/mo
0.2 miles
Chick-fil-A
Dining
42,652 visits/mo
0.5 miles
HomeGoods
Home Improvements & Furnishings
30,708 visits/mo
0.1 miles
McDonald's
Dining
25,638 visits/mo
0.0 miles
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Harmony Polo, Personal Development, Sacred Haircuts & Kundalini Yoga — 285 W Loop Rd, Wheaton, IL 60189
- GNC — 120 Danada Square W, Wheaton, IL 60187
- Jewel-Osco Pharmacy — 30 Danada Square W, Wheaton, IL 60189
- COVID-19 Drive-Thru Testing at Walgreens — 2020 S Naperville Rd, Wheaton, IL 60189
- CVS — 2000 S Naperville Rd, Wheaton, IL 60189
Frequently Asked Questions
What type of property is this?
Drug store - 25-year NNN lease with investment-grade CVS tenant.
Where is this drug store located?
The property is located at 2000 S Naperville Rd Wheaton, IL.
What is the asking price?
The asking price for this property is $6,550,000.
What are key features of this property?
This property features: Strong Credit Tenant: CVS, with its investment‑grade credit rating (S&P: BBB) and robust financials, guarantees a dependable income stream.; Long‑Term Lease: Benefit from a **25‑year lease with 10 five‑year extension options**, securing stable, long‑term cash flow.; Zero Cash Flow Financing: Take advantage of assumable self‑amortizing financing featuring a below‑market fixed interest rate of 3.901%.
