CVS Pharmacy in Castle
For Sale
Contact for pricing
5712 Castle Hayne Rd, Castle Hayne, NC 28429
Single tenant CVS Pharmacy with a 20-year lease extension.
Property Size12,062 SF
Lot Size2.20 Acres
Price / SF$275.66
Days on Market217
Property Features for 5712 Castle Hayne Rd
General Information
Standard status
Active
Size
12,062 SF
Lot size
2.20 Acres
Property subtype
Industrial, Retail
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$195,200
Building Details
Year Built
2007
Buildings
1
Tenancy
Single
Listing Agency:
Transwestern
Listed By:
CJ Brill · License #02073511
Source:
Crexi
Added: Jan 5
Changed: Aug 7
Last Checked: Aug 10 at 7:09AM
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 Transwestern
Investment Insights
Based on property information with market context.
This single-tenant CVS Pharmacy property is available for sale in Castle Hayne, NC. The property includes an absolute NNN lease with no rent holiday, extended in 2019 for 20 years. Situated on 2.20 acres at a signalized intersection with high traffic volume, the location benefits from significant population growth in the surrounding area, with thousands of residential units planned for future development. As the only pharmacy within a five-mile radius, the CVS is positioned to benefit from the increasing population. The property is located 2.8 miles from the General Electric Aviation facility, which is undergoing a $22 million expansion and is approved to handle higher enrichment level fuels, making it the first commercial facility in the US with this license. The building size is 12,062 square feet.
Key Highlights
- Absolute NNN lease with a rare 20‑year extension signed in 2019 (no rent holiday).
- Located at a signalized intersection with strong traffic counts.
- CVS is the only pharmacy within a five‑mile radius.
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
$184,613
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
5.55%
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%
$3,692,260
$3.7M
Cap Rate 7%
$2,637,329
$2.6M
Cap Rate 9%
$2,051,256
$2.1M
Market Conditions
NOI Build-Up for 12,062 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
$250.4K $20.76/SF
− Vacancy
−$4.3K −$0.35/SF
EGI
$246.2K $20.41/SF
− OpEx
−$61.5K −$5.10/SF
NOI
$184.6K $15.31/SF
Area
New Hanover County, NC
Vacancy
1.70%
Lease Rate
$20.76 /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%
$3,692,260
Cap Rate 7%
$2,637,329
Cap Rate 9%
$2,051,256
Alternative Uses
Best Use
Specialty Retail
$2.64M
$2.31M – $3.08M
NOI $184,613 @ 7.0% cap · market cap 5.55%
Second Best
Retail
$2.46M
$2.15M – $2.87M
NOI $172,305 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$3.91M
$3.43M – $4.57M
NOI $274,043 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
153
Businesses Nearby
46k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 60%
Dining 31%
Home Improvements & Furnishings 9%
Circle K
Shops & Services
19,598 visits/mo
0.1 miles
Hardee's
Dining
9,255 visits/mo
0.2 miles
Dollar General
Shops & Services
4,868 visits/mo
0.2 miles
Hudson's Hardware
Home Improvements & Furnishings
3,953 visits/mo
0.4 miles
Truist
Shops & Services
3,472 visits/mo
0.1 miles
Demographics for 28429, NC
8,802
Population
3,906
Households
2.3
Avg Household Size
43
Median Age
25%
College-Educated
89%
High-School Grad
39.7 sq mi
ZIP Area
222
Density / Sq Mi
$73,259
Median Household Income
$37,337
Median Earnings
$870
Median Rent
$231,900
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
- Glynn Littleton — 5712 Castle Hayne Rd, Castle Hayne, NC 284295112
- CVS Pharmacy — 5712 Castle Hayne Rd, Castle Hayne, NC 28429
- Winifred H. Amox, PharmD — 5712 Castle Hayne Rd, Castle Hayne, NC 28429
- Charles M. Wilson, RPH — 5712 Castle Hayne Rd, Castle Hayne, NC 28429
Frequently Asked Questions
What type of property is this?
Drug store - Single tenant CVS Pharmacy with a 20-year lease extension.
Where is this drug store located?
The property is located at 5712 Castle Hayne Rd Castle Hayne, NC.
What is the asking price?
The asking price for this property is $3,325,000.
What are key features of this property?
This property features: Absolute NNN lease with a rare 20‑year extension signed in 2019 (no rent holiday).; Located at a **signalized intersection with strong traffic counts.**; CVS is the only pharmacy within a five‑mile radius.
