CVS Absolute NNN
For Sale
Contact for pricing
2515 Shadowlawn Drive, Naples, FL 34112
Established pharmacy tenancy with no landlord responsibilities and scheduled rent increases under the lease.
Property Size13,013 SF
Price / SF$586.12
Days on Market89
Property Features for 2515 Shadowlawn Drive
General Information
Standard status
Active
Size
13,013 SF
Property subtype
Retail
Lease Type
Absolute Net
Net Operating Income
$476,728
Site & Location
Corner Location
Yes
Traffic Count
53,000 vehicles/day
Building Details
Year Built
2004
Stories
1
Tenancy
Single
Listing Agency:
Pharma Property Group
(619) 297-0055
Listed By:
Jason Pongsrikul · License #CA 01918332
Source:
Crexi
Added: Jun 3
Changed: Aug 30
Last Checked: Aug 30 at 11:14AM
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 Pharma Property Group
Investment Insights
Based on property information with market context.
The property is a 13,013-square-foot CVS facility at 2515 Shadowlawn Drive in Naples, Florida. Built in 2004, it operates under an absolute NNN lease with no landlord responsibilities. CVS has occupied the location for over 22 years, and the tenant exercised a 5-year renewal option in May 2026 at increased rent, providing 6 years of guaranteed lease term. The lease also includes ±5% rental increases every 5 years.
Positioned at the intersection of Tamiami Trail, also identified as U.S. 41, and Shadowlawn Drive, the site benefits from combined traffic of approximately 53,000 vehicles per day. The Collier County Government Center is one half mile southwest and encompasses a 45 Acre campus with nearly 3,000 employees. Gulf Gate Plaza, a 206,785-square-foot shopping center with Beall’s, Family Dollar, and McDonald's, is directly across Tamiami Trail. Downtown Naples is just over 2 miles west.
Positioned at the intersection of Tamiami Trail, also identified as U.S. 41, and Shadowlawn Drive, the site benefits from combined traffic of approximately 53,000 vehicles per day. The Collier County Government Center is one half mile southwest and encompasses a 45 Acre campus with nearly 3,000 employees. Gulf Gate Plaza, a 206,785-square-foot shopping center with Beall’s, Family Dollar, and McDonald's, is directly across Tamiami Trail. Downtown Naples is just over 2 miles west.
Key Highlights
- CVS has operated at the location for over 22 years
- Absolute NNN lease with no landlord responsibilities
- 5‑year renewal option exercised in May 2026 at increased rent
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
$256,925
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
3.37%
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%
$5,138,500
$5.1M
Cap Rate 7%
$3,670,357
$3.7M
Cap Rate 9%
$2,854,722
$2.9M
Market Conditions
NOI Build-Up for 13,013 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
$351.4K $27.00/SF
− Vacancy
−$8.8K −$0.68/SF
EGI
$342.6K $26.33/SF
− OpEx
−$85.6K −$6.58/SF
NOI
$256.9K $19.74/SF
Area
Collier County, FL
Vacancy
2.50%
Lease Rate
$27.00 /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%
$5,138,500
Cap Rate 7%
$3,670,357
Cap Rate 9%
$2,854,722
Alternative Uses
Best Use
Specialty Retail
$3.67M
$3.21M – $4.28M
NOI $256,925 @ 7.0% cap · market cap 3.37%
Second Best
Retail
$2.26M
$1.98M – $2.64M
NOI $158,455 @ 7.0% cap · market cap 2.08%
Theoretical Best
Office A
$5.22M
$4.57M – $6.09M
NOI $365,590 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
53,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
1,071
Businesses Nearby
Explore this area
Business Placement
Demographics for 34112, FL
26,625
Population
20,626
Households
1.3
Avg Household Size
60
Median Age
35%
College-Educated
91%
High-School Grad
14.8 sq mi
ZIP Area
1,799
Density / Sq Mi
$68,838
Median Household Income
$34,300
Median Earnings
$1,529
Median Rent
$293,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Established pharmacy tenancy with no landlord responsibilities and scheduled rent increases under the lease.
Where is this nnn property located?
The property is located at 2515 Shadowlawn Drive Naples, FL.
What is the asking price?
The asking price for this property is $7,627,148.
What are key features of this property?
This property features: CVS has operated at the location for over 22 years; Absolute NNN lease with no landlord responsibilities; 5‑year renewal option exercised in May 2026 at increased rent
