Single-Tenant Drug Store with
New
For Sale
$4,261,000
474 Winton Pkwy, Livingston, CA 95334
CVS Pharmacy location with an Absolute NNN lease, extended occupancy, and convenient customer access.
Property Size16,500 SF
Price / SF$258.24
Days on Market3
Property Features for 474 Winton Pkwy
General Information
Standard status
Active
Size
16,500 SF
Total Parking Spaces
59
Property subtype
Drug Store
Lease Type
Triple Net (NNN)
Site & Location
Drive-Thru
Yes
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
6%
Amenities
Investment-Grade Tenant – Leased to CVS Pharmacy, the largest pharmacy chain in the United States.
Essential Retail Location – Primary pharmacy serving the Livingston market with limited direct competition.
Long-Term Lease – Approximately 14.5 years remaining on the initial lease term.
Absolute NNN Lease – Zero landlord responsibilities, providing passive ownership.
Excellent Traffic Exposure – Located immediately off Highway 99 with approximately 62,000 vehicles per day and an additional 9,500 vehicles per day at Winton Parkway & B Street.
Drive-Thru Pharmacy – Enhances customer convenience while supporting operational efficiency and sales.
Growing Trade Area – New apartment developments directly across the street provide an expanding residential customer base.
Building Details
Building Size
16,500 SF
Buildings
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - Reno
(916) 724-1308
Listed By:
Eddie Nelson II · License #License(s): CA: 02328257
(916) 724-1308
Source:
Marcusmillichap
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 4:12PM
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 Marcus & Millichap - Reno
Investment Insights
Based on property information with market context.
This 16,500 SF drug store is occupied by CVS Pharmacy and includes a drive-through pharmacy, supporting customer convenience. The property is leased under an Absolute NNN structure, with approximately 14.5 years remaining and no landlord responsibilities described. The lease runs through 2041 and includes ten (10) five-year renewal options.
The property is located at 474 Winton Pkwy in Livingston, immediately off California State Route 99. Highway 99 carries approximately 62,000 vehicles per day, while the signalized intersection of Winton Parkway and B Street records an additional 9,500 vehicles per day. On-site parking includes approximately 59 spaces. New apartment developments directly across the street are increasing nearby residential density.
The property is located at 474 Winton Pkwy in Livingston, immediately off California State Route 99. Highway 99 carries approximately 62,000 vehicles per day, while the signalized intersection of Winton Parkway and B Street records an additional 9,500 vehicles per day. On-site parking includes approximately 59 spaces. New apartment developments directly across the street are increasing nearby residential density.
Key Highlights
- 16,500 SF drug store occupied by CVS Pharmacy
- Absolute NNN lease with approximately 14.5 years remaining
- Lease term extends through 2041 with ten (10) five‑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
$250,460
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
5.88%
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%
$5,009,200
$5.0M
Cap Rate 7%
$3,578,000
$3.6M
Cap Rate 9%
$2,782,889
$2.8M
Market Conditions
NOI Build-Up for 16,500 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
$356.4K $21.60/SF
− Vacancy
−$22.5K −$1.36/SF
EGI
$333.9K $20.24/SF
− OpEx
−$83.5K −$5.06/SF
NOI
$250.5K $15.18/SF
Area
Merced County, CA
Vacancy
6.30%
Lease Rate
$21.60 /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%
$5,009,200
Cap Rate 7%
$3,578,000
Cap Rate 9%
$2,782,889
Alternative Uses
Best Use
Specialty Retail
$3.58M
$3.13M – $4.17M
NOI $250,460 @ 7.0% cap · market cap 5.88%
Second Best
Retail
$482.4K
$422.1K – $562.8K
NOI $33,766 @ 7.0% cap · market cap 0.79%
Theoretical Best
Healthcare Medical
$3.64M
$3.19M – $4.25M
NOI $254,826 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
243
Businesses Nearby
75k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 53%
Dining 47%
TA
Shops & Services
22,301 visits/mo
0.5 miles
Shell
Shops & Services
17,703 visits/mo
0.5 miles
Jack in the Box
Dining
15,055 visits/mo
0.5 miles
Panda Express
Dining
11,997 visits/mo
0.4 miles
Carl's Jr.
Dining
7,841 visits/mo
0.5 miles
Demographics for 95334, CA
16,594
Population
4,411
Households
3.8
Avg Household Size
32
Median Age
11%
College-Educated
56%
High-School Grad
56.5 sq mi
ZIP Area
294
Density / Sq Mi
$75,867
Median Household Income
$35,426
Median Earnings
$1,340
Median Rent
$346,300
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 — 500 Main St, Livingston, CA 95334
- CVS Pharmacy — 474 Winton Pkwy, Livingston, CA 95334
- CVS — 474 Winton Pkwy, Livingston, CA 95334
- GNC at Rite Aid — 500 Main St, Livingston, CA 95334
- LCH Pharmacy — 600 B St Building B, Room 100, Livingston, CA 95334
Frequently Asked Questions
What type of property is this?
Drug store - CVS Pharmacy location with an Absolute NNN lease, extended occupancy, and convenient customer access.
Where is this drug store located?
The property is located at 474 Winton Pkwy Livingston, CA.
What is the asking price?
The asking price for this property is $4,261,000.
What are key features of this property?
This property features: 16,500 SF drug store occupied by CVS Pharmacy; Absolute NNN lease with approximately 14.5 years remaining; Lease term extends through 2041 with ten (10) five‑year renewal options
