Net Leased CVS
1195 Boblett St, Blaine, WA 98230
For Sale
Contact for pricing
Single tenant CVS property with over 7 years remaining.
Property Size17,340 SF
Price / SF$442.78
Days on Market286
Property Features for 1195 Boblett St
General Information
Standard status
Size
Property subtype
Occupancy
Lease Type
Investment Type
Net Operating Income
Building Details
Year Built
Tenancy
Listing Agency:
Bang Realty
Listed By:
Brian Brockman · License WA #471020548
(859) 581-1113
Source:
Crexi
Added: Jan 29
Changed: Nov 10
Last Checked: Nov 10 at 8:13AM
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 Bang Realty
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Investment Insights
Based on property information with market context.
This single tenant net leased CVS property is located in Blaine, Washington. CVS assumed the lease for this location from Rite Aid in 2025. The lease is absolute triple net (NNN), with no landlord obligations. Over 7 years remain on the lease, and it includes six 5-year renewal options. CVS holds a “BBB” Standard & Poor’s credit rating. The 17,340 square-foot building is positioned at the corner of Boblett Street and State Highway 543, which experiences 10,000 vehicles per day. The property is located just off Interstate 5, which experiences over 22,000 vehicles per day and is directly across from Blaine High School. Located less than one mile from the U.S./Canada border, the site draws from both local and cross-border traffic. The property benefits from limited competition, with the nearest national pharmacy located eight miles away. Surrounding national and regional retailers include IGA Market, Ace Hardware, McDonald’s, O’Reilly Auto Parts, Dollar Tree, Subway, TA Express, Burger King, and Taco Bell. The area is characterized by an average household income of $119,350 and a population of over 16,900 within a five-mile radius. This is a strong performing location that boasts a low rent-to-sales ratio.
Key Highlights
- Absolute NNN lease with CVS (investment grade tenant, “BBB” S&P rating) assumed from Rite Aid in 2025, providing a passive income stream.
- Strong performing CVS location with low rent‑to‑sales ratio.
- Over 7 years remaining on the lease term with six 5‑year renewal options.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$227,595
Cap Rate
2.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,551,900
$4.6M
Cap Rate 7%
$3,251,357
$3.3M
Cap Rate 9%
$2,528,833
$2.5M
Market Conditions
NOI Build-Up for 17,340 SF
Gross rent
$320.4K $18.48/SF
− Vacancy
−$17.0K −$0.98/SF
EGI
$303.5K $17.50/SF
− OpEx
−$75.9K −$4.38/SF
NOI
$227.6K $13.13/SF
Area
Whatcom County, WA
Vacancy
5.30%
Lease Rate
$18.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,551,900
Cap Rate 7%
$3,251,357
Cap Rate 9%
$2,528,833
Alternative Uses
Best Use
Specialty Retail
$3.25M
$2.84M – $3.79M
NOI $227,595 @ 7.0% cap · market cap 2.96%
Second Best
Retail
$2.96M
$2.59M – $3.45M
NOI $206,904 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$4.09M
$3.58M – $4.77M
NOI $286,345 @ 7.0% cap · market cap 3.73%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
58k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 49%
Groceries 21%
Shops & Services 19%
Home Improvements & Furnishings 11%
McDonald's
Dining
14,238 visits/mo
0.2 miles
IGA Market Blaine
Groceries
12,103 visits/mo
0.3 miles
Burger King
Dining
7,099 visits/mo
0.3 miles
Blaine Ace Hardware
Home Improvements & Furnishings
6,240 visits/mo
0.2 miles
Taco Bell
Dining
5,551 visits/mo
0.2 miles
Demographics for 98230, WA
18,754
Population
9,395
Households
2
Avg Household Size
48
Median Age
32%
College-Educated
95%
High-School Grad
42.5 sq mi
ZIP Area
441
Density / Sq Mi
$82,716
Median Household Income
$45,603
Median Earnings
$1,255
Median Rent
$467,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
Similar Off Market Nearby
- QuikPlus — 1124 Fir Ave #176, Blaine, WA 98230
- Rite Aid Pharmacy — 1195 Boblett St, Blaine, WA 98230
- Rite Aid Photo — 1195 Boblett St, Blaine, WA 98230
- Sun Force International Products Inc. — 1685 H St, Blaine, WA 98230
- Benjamin Li — 1733 H St #500, Blaine, WA 982305156
Frequently Asked Questions
What type of property is this?
Drug store - Single tenant CVS property with over 7 years remaining.
Where is this drug store located?
The property is located at 1195 Boblett St Blaine, WA.
What is the asking price?
The asking price for this property is $7,677,728.
What are key features of this property?
This property features: Absolute NNN lease with CVS (investment grade tenant, “BBB” S&P rating) assumed from Rite Aid in 2025, providing a passive income stream.; Strong performing CVS location with low rent‑to‑sales ratio.; Over 7 years remaining on the lease term with six 5‑year renewal options.
