Single-Tenant CVS
For Sale
$2,907,586
175 East 4th Street, Dunkirk, NY 14048
CVS operates under a long-term lease with periodic 5% increases and a lease guaranty from CVS Health.
Property Size10,125 SF
Days on Market122
Property Features for 175 East 4th Street
General Information
Standard status
Active
Size
10,125 SF
Property subtype
Commercial
Lease Term
± 12.8 YRS
Net Operating Income
$210,800
Building Details
Building Size
10,125 SF
Year Built
2000
Listing Agency:
Matthews
(512) 430-4466
Listed By:
Christian Becker · License #License No. 794055
(512) 430-4466
Source:
Matthews
Added: Apr 24
Changed: Aug 23
Last Checked: Aug 23 at 5:20AM
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 Matthews
Investment Insights
Based on property information with market context.
Located at 175 E 4th St in Dunkirk, this single-tenant CVS pharmacy property is operated by CVS, which has been at the location since 2000. In 2014, the tenant executed a 25-year lease extension, supporting the long-standing commitment to the site.
The lease includes 5% rental increases every five years throughout the option periods. The property’s pharmacy service area includes more than 25,000 residents within a five-mile radius, with only limited competition cited from Walmart and Tops in Fredonia. The adjacent Walgreens closed in 2022, further strengthening CVS’s position as a full-service pharmacy provider for the region.
CVS is positioned as an integrated healthcare location, with proximity to Brooks Memorial Hospital, The Chautauqua Center, and Dunkirk Pediatrics. The property is also approximately two miles north of SUNY Fredonia, and the lease is guaranteed by CVS Health Corporation, an S&P-rated BBB company.
The lease includes 5% rental increases every five years throughout the option periods. The property’s pharmacy service area includes more than 25,000 residents within a five-mile radius, with only limited competition cited from Walmart and Tops in Fredonia. The adjacent Walgreens closed in 2022, further strengthening CVS’s position as a full-service pharmacy provider for the region.
CVS is positioned as an integrated healthcare location, with proximity to Brooks Memorial Hospital, The Chautauqua Center, and Dunkirk Pediatrics. The property is also approximately two miles north of SUNY Fredonia, and the lease is guaranteed by CVS Health Corporation, an S&P-rated BBB company.
Key Highlights
- CVS has operated at the site since 2000, including a 25‑year lease extension executed in 2014
- Lease includes 5% rental increases every five years throughout option periods
- Lease is guaranteed by CVS Health Corporation, a Fortune 500 company with S&P credit rating of BBB
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
$133,134
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
4.58%
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%
$2,662,680
$2.7M
Cap Rate 7%
$1,901,914
$1.9M
Cap Rate 9%
$1,479,267
$1.5M
Market Conditions
NOI Build-Up for 10,125 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
$182.3K $18.00/SF
− Vacancy
−$4.7K −$0.47/SF
EGI
$177.5K $17.53/SF
− OpEx
−$44.4K −$4.38/SF
NOI
$133.1K $13.15/SF
Area
Chautauqua County, NY
Vacancy
2.60%
Lease Rate
$18.00 /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%
$2,662,680
Cap Rate 7%
$1,901,914
Cap Rate 9%
$1,479,267
Alternative Uses
Best Use
Specialty Retail
$1.90M
$1.66M – $2.22M
NOI $133,134 @ 7.0% cap · market cap 4.58%
Second Best
Retail
$1.78M
$1.55M – $2.07M
NOI $124,258 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$3.03M
$2.65M – $3.54M
NOI $212,139 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
692
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 14048, NY
15,062
Population
7,506
Households
2
Avg Household Size
42
Median Age
18%
College-Educated
87%
High-School Grad
23.0 sq mi
ZIP Area
655
Density / Sq Mi
$52,971
Median Household Income
$34,200
Median Earnings
$905
Median Rent
$98,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast 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 - CVS operates under a long-term lease with periodic 5% increases and a lease guaranty from CVS Health.
Where is this drug store located?
The property is located at 175 East 4th Street Dunkirk, NY.
What is the asking price?
The asking price for this property is $2,907,586.
What are key features of this property?
This property features: CVS has operated at the site since 2000, including a 25‑year lease extension executed in 2014; Lease includes 5% rental increases every five years throughout option periods; Lease is guaranteed by CVS Health Corporation, a Fortune 500 company with S&P credit rating of BBB
