Net Leased CVS
For Sale
Contact for pricing
1195 Boblett St, Blaine, WA 98230
Single tenant CVS property with over 7 years remaining.
Property Size17,340 SF
Price / SF$442.78
Days on Market194
Property Features for 1195 Boblett St
General Information
Standard status
Active
Size
17,340 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$537,441
Building Details
Year Built
2014
Tenancy
Single
Listing Agency:
Bang Realty
(888) 737-2264
Listed By:
Brian Brockman · License #BRK.200900214
Source:
Crexi
Added: Jan 29
Changed: Aug 8
Last Checked: Aug 9 at 3:46PM
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
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 = 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
$227,595
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
2.96%
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%
$4,551,900
$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
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
$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 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%
$4,551,900
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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
380
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
0.3 miles
IGA Market Blaine
Groceries
12,103 visits/mo
0.4 miles
Burger King
Dining
7,099 visits/mo
0.3 miles
Blaine Ace Hardware
Home Improvements & Furnishings
6,240 visits/mo
0.3 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
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Rite Aid Pharmacy — 1195 Boblett St, Blaine, WA 98230
- QuikPlus — 1124 Fir Ave #176, Blaine, WA 98230
- Rite Aid Photo — 1195 Boblett St, Blaine, WA 98230
- Benjamin Li — 1733 H St #500, Blaine, WA 982305156
- Sun Force International Products Inc. — 1685 H St, Blaine, WA 98230
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.
