Net-Leased CVS Pharmacy Ground
For Sale
$5,030,000
100 E Main St, Midlothian, TX 76065
Single-tenant absolute-net CVS ground lease on a signalized corner with strong retail corridor access.
Property Size14,000 SF
Price / SF$359.29
Days on Market52
Property Features for 100 E Main St
General Information
Standard status
Active
Size
14,000 SF
Property subtype
Drug Store
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
5%
Amenities
Exceedingly High Store Sales
Below Market Rent | $18.86 Rent per Square Foot
Over Nine Years of Primary Lease Term Remaining
Investment Grade Tenant (BBB - Stable - Standard and Poors)
No Renewal Options Remaining
Building Details
Building Size
14,000 SF
Year Built
2004
Tenancy
Single
Listing Agency:
(248) 415-2606
Listed By:
Graham O'Neill · License #License(s): MI: 6501466010
(248) 415-2606
Source:
Marcusmillichap
Added: Jul 3
Changed: Aug 17
Last Checked: Aug 22 at 3:40AM
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 Graham O'Neill
Investment Insights
Based on property information with market context.
Marcus & Millichap presents a single-tenant net-leased CVS Pharmacy ground lease. The property is operated by CVS under an Absolute-Net structure, designed to provide passive, management-free ownership with minimal landlord responsibilities. CVS has operated at the location since 2004, supporting long-tenured pharmacy operations.
The site is positioned on a hard-corner at the signalized intersection of East Main Street (U.S. Highway 287 Business) and South 9th Street, a primary commercial spine for Midlothian. The property offers direct frontage and strong visibility, with ingress and egress intended to serve both regional commuter traffic along the U.S. 287 corridor between Fort Worth and Waxahachie and local demand from the surrounding residential and retail base.
For investors seeking a credit tenant in the single-tenant net lease market, this CVS ground lease offers a straightforward, long-standing operating model for an essential retail pharmacy use. The location is within Midlothian’s primary trade area, which is supported by major master-planned community development cited in the offering materials, including BridgeWater and MidTowne.
The site is positioned on a hard-corner at the signalized intersection of East Main Street (U.S. Highway 287 Business) and South 9th Street, a primary commercial spine for Midlothian. The property offers direct frontage and strong visibility, with ingress and egress intended to serve both regional commuter traffic along the U.S. 287 corridor between Fort Worth and Waxahachie and local demand from the surrounding residential and retail base.
For investors seeking a credit tenant in the single-tenant net lease market, this CVS ground lease offers a straightforward, long-standing operating model for an essential retail pharmacy use. The location is within Midlothian’s primary trade area, which is supported by major master-planned community development cited in the offering materials, including BridgeWater and MidTowne.
Key Highlights
- Single‑tenant net‑leased CVS Pharmacy ground lease at 100 East Main Street, Midlothian, TX
- Absolute‑net ground lease (management‑free ownership with minimal landlord responsibilities) with CVS Health as the tenant
- Hard‑corner site with direct frontage and signalized ingress/egress at E Main St (US 287 Business) and S 9th St
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
$250,286
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
4.98%
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%
$5,005,720
$5.0M
Cap Rate 7%
$3,575,514
$3.6M
Cap Rate 9%
$2,780,956
$2.8M
Market Conditions
NOI Build-Up for 14,000 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
$349.4K $24.96/SF
− Vacancy
−$15.7K −$1.12/SF
EGI
$333.7K $23.84/SF
− OpEx
−$83.4K −$5.96/SF
NOI
$250.3K $17.88/SF
Area
Ellis County, TX
Vacancy
4.50%
Lease Rate
$24.96 /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%
$5,005,720
Cap Rate 7%
$3,575,514
Cap Rate 9%
$2,780,956
Alternative Uses
Best Use
Specialty Retail
$3.58M
$3.13M – $4.17M
NOI $250,286 @ 7.0% cap · market cap 4.98%
Second Best
Retail
$3.32M
$2.90M – $3.87M
NOI $232,378 @ 7.0% cap · market cap 4.62%
Theoretical Best
Multifamily LT 5
$152.76M
$133.67M – $178.22M
NOI $10,693,415 @ 7.0% cap · market cap 212.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
734
Businesses Nearby
25k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 68%
Shops & Services 32%
SONIC Drive In
Dining
14,440 visits/mo
0.5 miles
Dollar General
Shops & Services
6,236 visits/mo
0.5 miles
Twisted Root Burger Co.
Dining
2,303 visits/mo
0.1 miles
Conoco
Shops & Services
1,780 visits/mo
0.1 miles
Demographics for 76065, TX
42,827
Population
15,081
Households
2.8
Avg Household Size
37
Median Age
36%
College-Educated
92%
High-School Grad
100.9 sq mi
ZIP Area
424
Density / Sq Mi
$123,664
Median Household Income
$61,420
Median Earnings
$1,873
Median Rent
$378,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Drug store - Single-tenant absolute-net CVS ground lease on a signalized corner with strong retail corridor access.
Where is this drug store located?
The property is located at 100 E Main St Midlothian, TX.
What is the asking price?
The asking price for this property is $5,030,000.
What are key features of this property?
This property features: Single‑tenant net‑leased CVS Pharmacy ground lease at 100 East Main Street, Midlothian, TX; Absolute‑net ground lease (management‑free ownership with minimal landlord responsibilities) with CVS Health as the tenant; Hard‑corner site with direct frontage and signalized ingress/egress at E Main St (US 287 Business) and S 9th St
