CVS Bellevue Covered Land
For Sale
Contact for pricing
1701 Galvin Rd S, Bellevue, NE 68005
Prime location with redevelopment potential and stable income stream.
Property Size13,331 SF
Lot Size2.29 Acres
Price / SF$328.89
Days on Market174
Property Features for 1701 Galvin Rd S
General Information
Standard status
Active
Size
13,331 SF
Class
C
Lot size
2.29 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Net Operating Income
$350,756
Building Details
Year Built
2010
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Bang Realty
(888) 737-2264
Listed By:
Brian Brockman · License #BRK.200900214
Source:
Crexi
Added: Feb 18
Changed: Aug 8
Last Checked: Aug 9 at 12:29PM
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.
The property at 1701 Galvin Rd S, Bellevue, NE 68005, presents a covered land investment opportunity. The property consists of a 13,331 square foot building on a 2.29-acre parcel. Constructed in 2010, the property is strategically located near Offutt Air Force Base and Bellevue East High School. The investment is secured by an Absolute Triple Net lease with a Corporate CVS guarantee, providing income during the remaining lease term. There are approximately 11 years of remaining lease term, including a 36-month free rent period. CVS has over 60 years of operating history and approximately $372 billion in annual revenue.
Key Highlights
- Absolute Triple Net lease with Corporate CVS guarantee provides stable, creditworthy income.
- Large ±2.29 AC parcel offers strong access, visibility, and future redevelopment potential.
- Net price of $3,332,184 with a 10.53% year 1 cap rate due to full rent credit for the 3‑year rent holiday.**
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
$174,757
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
3.99%
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%
$3,495,140
$3.5M
Cap Rate 7%
$2,496,529
$2.5M
Cap Rate 9%
$1,941,744
$1.9M
Market Conditions
NOI Build-Up for 13,331 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
$244.8K $18.36/SF
− Vacancy
−$11.7K −$0.88/SF
EGI
$233.0K $17.48/SF
− OpEx
−$58.3K −$4.37/SF
NOI
$174.8K $13.11/SF
Area
Sarpy County, NE
Vacancy
4.80%
Lease Rate
$18.36 /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%
$3,495,140
Cap Rate 7%
$2,496,529
Cap Rate 9%
$1,941,744
Alternative Uses
Best Use
Specialty Retail
$2.50M
$2.18M – $2.91M
NOI $174,757 @ 7.0% cap · market cap 3.99%
Second Best
Retail
$2.34M
$2.05M – $2.73M
NOI $163,791 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$3.58M
$3.13M – $4.17M
NOI $250,421 @ 7.0% cap · market cap 5.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
729
Businesses Nearby
49k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 44%
Dining 36%
Home Improvements & Furnishings 14%
Electronics 5%
Dollar Tree
Shops & Services
9,188 visits/mo
0.2 miles
Runza
Dining
9,104 visits/mo
0.2 miles
Westlake Ace Hardware
Home Improvements & Furnishings
6,549 visits/mo
0.1 miles
Burger King
Dining
6,115 visits/mo
0.4 miles
Dollar General
Shops & Services
5,497 visits/mo
0.1 miles
Demographics for 68005, NE
23,236
Population
9,778
Households
2.4
Avg Household Size
37
Median Age
29%
College-Educated
92%
High-School Grad
18.7 sq mi
ZIP Area
1,243
Density / Sq Mi
$66,347
Median Household Income
$41,702
Median Earnings
$1,033
Median Rent
$193,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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- Michaela Tomsu — 1802 Galvin Rd S, Bellevue, NE 680053813
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Frequently Asked Questions
What type of property is this?
Drug store - Prime location with redevelopment potential and stable income stream.
Where is this drug store located?
The property is located at 1701 Galvin Rd S Bellevue, NE.
What is the asking price?
The asking price for this property is $4,384,452.
What are key features of this property?
This property features: Absolute Triple Net lease with Corporate CVS guarantee provides stable, creditworthy income.; Large ±2.29 AC parcel offers strong access, visibility, and future redevelopment potential.; Net price of $3,332,184 with a 10.53% year 1 cap rate due to full rent credit for the 3‑year rent holiday.**
