CVS Pharmacy NNN Investment
For Sale
Contact for pricing
14600 Lawyers Rd, Matthews, NC 28104
NNN leased CVS Pharmacy in Matthews, North Carolina for sale.
Property Size10,856 SF
Price / SF$287.41
Days on Market237
Property Features for 14600 Lawyers Rd
General Information
Standard status
Active
Size
10,856 SF
Total Parking Spaces
64
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Net Operating Income
$202,807
Building Details
Year Built
2001
Buildings
1
Tenancy
Single
Listing Agency:
Northmarq Capital, LLC
(404) 823-6360
Listed By:
Jason Powell · License #GA 313490
Source:
Crexi
Added: Dec 17, 2025
Changed: Aug 8
Last Checked: Aug 10 at 2:24PM
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 Northmarq Capital, LLC
Investment Insights
Based on property information with market context.
The CVS Pharmacy, situated at 14600 Lawyers Road in Matthews, North Carolina, is available for acquisition. CVS has occupied this location since 2001 and has already exercised one renewal option. The Absolute NNN lease stipulates zero landlord responsibilities and includes no rent abatements or decreases throughout the remaining nine, five-year option periods. Positioned as an out-parcel within the Harris Teeter-anchored Stevens Mill Crossing retail development, a subsidiary of The Kroger Co., the property is located approximately 30 minutes southeast of Downtown Charlotte. The property benefits from its location on a signalized corner within a market experiencing substantial population and household income growth, with double-digit population increases recorded across six decades, including a 1,686% increase since 1980. Matthews was recently recognized as the top economy in North Carolina by Consumer Affairs, citing its low poverty and unemployment rates, coupled with strong home appreciation. CVS Health Corp. operates over 9,000 locations nationwide, employing around 300,000 individuals across the U.S., Washington D.C., and Puerto Rico. The company generates over $372 billion in annual revenue and holds the #5 position on the Fortune 500 list. The property size is 10,856 square feet. North Carolina is recognized as a top state for business, earning the #1 spot on CNBC’s “America’s Top States for Business” list in 2025, as well as in 2023 and 2022.
Key Highlights
- Absolute NNN lease with zero landlord responsibility and no rent holiday or rent decrease in any of the remaining nine, five‑year options.
- Located on a hard, signalized corner in Matthews, NC, ranked the #1 economy in North Carolina.
- CVS Pharmacy has been at this location since 2001 and has already renewed once.
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
$159,868
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
5.12%
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%
$3,197,360
$3.2M
Cap Rate 7%
$2,283,829
$2.3M
Cap Rate 9%
$1,776,311
$1.8M
Market Conditions
NOI Build-Up for 10,856 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
$228.0K $21.00/SF
− Vacancy
−$14.8K −$1.37/SF
EGI
$213.2K $19.64/SF
− OpEx
−$53.3K −$4.91/SF
NOI
$159.9K $14.73/SF
Area
Mecklenburg County, NC
Vacancy
6.50%
Lease Rate
$21.00 /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%
$3,197,360
Cap Rate 7%
$2,283,829
Cap Rate 9%
$1,776,311
Alternative Uses
Best Use
Specialty Retail
$2.28M
$2.00M – $2.66M
NOI $159,868 @ 7.0% cap · market cap 5.12%
Second Best
Retail
$1.90M
$1.66M – $2.22M
NOI $132,956 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$3.51M
$3.07M – $4.09M
NOI $245,551 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
129
Businesses Nearby
53k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Groceries 36%
Shops & Services 16%
McDonald's
Dining
23,146 visits/mo
0.1 miles
Harris Teeter
Groceries
19,256 visits/mo
0.2 miles
The UPS Store
Shops & Services
7,228 visits/mo
0.1 miles
SUBWAY
Dining
1,110 visits/mo
0.1 miles
Firestone Complete Auto Care
Shops & Services
1,093 visits/mo
0.2 miles
Demographics for 28104, NC
34,521
Population
12,751
Households
2.7
Avg Household Size
41
Median Age
57%
College-Educated
95%
High-School Grad
29.6 sq mi
ZIP Area
1,166
Density / Sq Mi
$129,775
Median Household Income
$57,493
Median Earnings
$1,705
Median Rent
$482,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Stephanie A. Bosquet, PharmD — 14600 Lawyers Rd, Matthews, NC 28104
- Drive-Thru Pharmacy Full Service — 14600 Lawyers Rd, Stallings, NC 28104
- Cynthia Hundley — 14600 Lawyers Rd, Matthews, NC 281043220
- CVS Pharmacy — 14600 Lawyers Rd, Matthews, NC 28104, United States
Frequently Asked Questions
What type of property is this?
Drug store - NNN leased CVS Pharmacy in Matthews, North Carolina for sale.
Where is this drug store located?
The property is located at 14600 Lawyers Rd Matthews, NC.
What is the asking price?
The asking price for this property is $3,120,107.
What are key features of this property?
This property features: Absolute NNN lease with zero landlord responsibility and no rent holiday or rent decrease in any of the remaining nine, five‑year options.; Located on a hard, signalized corner in Matthews, NC, ranked the #1 economy in North Carolina.; CVS Pharmacy has been at this location since 2001 and has already renewed once.
