CVS NNN Leasehold
For Sale
Contact for pricing
1990 Boston Rd, Wilbraham, MA 01095
Leasehold interest with more than a decade remaining on the base term and four five-year extension options.
Property Size10,125 SF
Price / SF$394.98
Days on Market142
Property Features for 1990 Boston Rd
General Information
Standard status
Active
Size
10,125 SF
Total Parking Spaces
50
Property subtype
Retail
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$239,948
Building Details
Year Built
2001
Tenancy
Single
Listing Agency:
Gendron Commercial
Listed By:
John Gendron · License #ME 104572
Source:
Crexi
Added: Apr 10
Changed: Aug 29
Last Checked: May 9 at 10:29PM
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 Gendron Commercial
Investment Insights
Based on property information with market context.
The offering consists of the leasehold interest associated with a CVS pharmacy at 1990 Boston Road. The original lease was signed in 2005 and includes more than 10 years remaining in its base term, followed by four five-year options. The lease is structured as double net, with scheduled rental escalations of 6% in December 2021 and 3% at the start of each option period.
The property occupies the signalized intersection of Boston Road and Stony Hill Road, with direct frontage along Boston Road, also identified as Route 20. The corridor functions as a primary retail and commuter route through Wilbraham and includes national and regional retailers such as Home Depot, Lowe’s, Stop & Shop, Big Y, Ford, Red Robin, Bank of America, Monro Muffler, Subway, Friendly’s, and Mobil. Reported traffic volume exceeds 20,000 vehicles per day, and the five-mile population base exceeds 114,000.
The property occupies the signalized intersection of Boston Road and Stony Hill Road, with direct frontage along Boston Road, also identified as Route 20. The corridor functions as a primary retail and commuter route through Wilbraham and includes national and regional retailers such as Home Depot, Lowe’s, Stop & Shop, Big Y, Ford, Red Robin, Bank of America, Monro Muffler, Subway, Friendly’s, and Mobil. Reported traffic volume exceeds 20,000 vehicles per day, and the five-mile population base exceeds 114,000.
Key Highlights
- CVS leasehold interest with 10+ years remaining on the original 25‑year double net lease
- Four five‑year extension options follow the base lease term
- Scheduled rental increases include 6% in December 2021 and 3% at each option period
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
$166,358
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
4.16%
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%
$3,327,160
$3.3M
Cap Rate 7%
$2,376,543
$2.4M
Cap Rate 9%
$1,848,422
$1.8M
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
$243.0K $24.00/SF
− Vacancy
−$5.3K −$0.53/SF
EGI
$237.7K $23.47/SF
− OpEx
−$71.3K −$7.04/SF
NOI
$166.4K $16.43/SF
Area
Hampden County, MA
Vacancy
2.20%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,327,160
Cap Rate 7%
$2,376,543
Cap Rate 9%
$1,848,422
Alternative Uses
Best Use
Retail
$2.38M
$2.08M – $2.77M
NOI $166,358 @ 7.0% cap · market cap 4.16%
Second Best
Specialty Retail
$1.87M
$1.64M – $2.18M
NOI $130,947 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$6.24M
$5.46M – $7.28M
NOI $436,817 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
779
Businesses Nearby
130k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 33%
Groceries 29%
Shops & Services 20%
Dining 15%
Big Y World Class Market
Groceries
37,863 visits/mo
0.4 miles
The Home Depot
Home Improvements & Furnishings
33,359 visits/mo
0.3 miles
Starbucks
Dining
10,465 visits/mo
0.2 miles
Harbor Freight Tools
Home Improvements & Furnishings
8,664 visits/mo
0.5 miles
Friendly's Ice Cream
Dining
7,730 visits/mo
0.3 miles
Demographics for 01095, MA
14,694
Population
5,678
Households
2.6
Avg Household Size
47
Median Age
53%
College-Educated
98%
High-School Grad
22.5 sq mi
ZIP Area
653
Density / Sq Mi
$124,682
Median Household Income
$67,070
Median Earnings
$972
Median Rent
$383,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Leasehold interest with more than a decade remaining on the base term and four five-year extension options.
Where is this nnn property located?
The property is located at 1990 Boston Rd Wilbraham, MA.
What is the asking price?
The asking price for this property is $3,999,125.
What are key features of this property?
This property features: CVS leasehold interest with 10+ years remaining on the original 25‑year double net lease; Four five‑year extension options follow the base lease term; Scheduled rental increases include 6% in December 2021 and 3% at each option period
