Freestanding CVS Pharmacy Retail
For Sale
Contact for pricing
29015 FM2978, Magnolia, TX 77354
Freestanding CVS Pharmacy in Magnolia, TX, leased until 2044.
Property Size14,857 SF
Price / SF$584.57
Days on Market138
Property Features for 29015 FM2978
General Information
Standard status
Active
Size
14,857 SF
Class
A
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$477,685
Building Details
Year Built
2023
Tenancy
Single
Listing Agency:
Cushman & Wakefield - San Francisco, California
Listed By:
Christopher Sheldon · License #CA 01806345
Source:
Crexi
Added: Mar 27
Changed: Aug 8
Last Checked: Aug 11 at 4:20PM
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 Cushman & Wakefield - San Francisco, California
Investment Insights
Based on property information with market context.
This 14,857 square foot freestanding CVS Pharmacy retail store with a drive-thru pharmacy is located in Magnolia, Texas. The property is leased until January 31, 2044, with 18 years of primary term remaining. It is strategically located in a new construction retail development on the high traffic corridor of FM 2978, which sees 31,295 vehicles per day, at the western entrance of The Woodlands. Other tenants in the center include AutoZone, Sonic, Mister Car Wash, and Public Storage. A two acre parcel is currently in negotiations with a future automotive user and a proposed QSR tenant. Nearby retail tenants along FM 2978 include Walmart Supercenter, Starbucks, Subway, Whataburger, Chase Bank, and Wells Fargo. The surrounding demographics include an average household income over $190,900 and a population over 112,300 within 5 miles.
Key Highlights
- Freestanding CVS Pharmacy with drive‑thru, leased until January 31, 2044, providing 18 years of primary term remaining.
- Located in Magnolia, Texas, a high‑income North Houston suburb, near the affluent master‑planned community of The Woodlands.
- Strategically positioned on high‑traffic FM 2978 (31,295 VPD) at the entrance to The Woodlands.
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
$262,548
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
3.02%
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%
$5,250,960
$5.3M
Cap Rate 7%
$3,750,686
$3.8M
Cap Rate 9%
$2,917,200
$2.9M
Market Conditions
NOI Build-Up for 14,857 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
$370.8K $24.96/SF
− Vacancy
−$20.8K −$1.40/SF
EGI
$350.1K $23.56/SF
− OpEx
−$87.5K −$5.89/SF
NOI
$262.5K $17.67/SF
Area
Montgomery County, TX
Vacancy
5.60%
Lease Rate
$24.96 /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%
$5,250,960
Cap Rate 7%
$3,750,686
Cap Rate 9%
$2,917,200
Alternative Uses
Best Use
Specialty Retail
$3.75M
$3.28M – $4.38M
NOI $262,548 @ 7.0% cap · market cap 3.02%
Second Best
Retail
$2.88M
$2.52M – $3.36M
NOI $201,455 @ 7.0% cap · market cap 2.32%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
1k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Storage King USA
Shops & Services
697 visits/mo
0.3 miles
Public Storage
Shops & Services
684 visits/mo
0.4 miles
Demographics for 77354, TX
40,625
Population
15,747
Households
2.6
Avg Household Size
38
Median Age
42%
College-Educated
93%
High-School Grad
74.2 sq mi
ZIP Area
548
Density / Sq Mi
$112,093
Median Household Income
$58,832
Median Earnings
$1,850
Median Rent
$379,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- CVS — 29015 FM2978, Magnolia, TX 77354
- CVS Pharmacy — 29015 FM2978, Magnolia, TX 77354
Frequently Asked Questions
What type of property is this?
Drug store - Freestanding CVS Pharmacy in Magnolia, TX, leased until 2044.
Where is this drug store located?
The property is located at 29015 FM2978 Magnolia, TX.
What is the asking price?
The asking price for this property is $8,685,000.
What are key features of this property?
This property features: Freestanding CVS Pharmacy with drive‑thru, leased until January 31, 2044, providing 18 years of primary term remaining.; Located in Magnolia, Texas, a high‑income North Houston suburb, near the affluent master‑planned community of The Woodlands.; Strategically positioned on high‑traffic FM 2978 (31,295 VPD) at the entrance to The Woodlands.
