Freestanding CVS Pharmacy Investment
596 RIVER AVE Lakewood, NJ 08701
596 RIVER AVE, Lakewood, NJ, 08701
Contact for pricing
NNN leased CVS Pharmacy with drive-thru and long-term operating history.
Property Size14,838 SF
Lot Size1.51 Acres
Price / SF$365.86
AddedMay 12
Days on Market66
Last RefreshJul 16 at 3:33 am
Property Features for 596 RIVER AVE
General Information
- Standard status
- Active
- Size
- 14,838 SF
- Lot size
- 1.51 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 2006
Listing office Triple Net Brokers
Listing date May 12, 2026
Source Crexi
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 Triple Net Brokers
Investment Insights
Based on property information with market context.
The property at 596 River Avenue, Lakewood, New Jersey, is a 14,838 square foot freestanding CVS Pharmacy situated on 1.51 acres. It is located at a high-visibility corner site and features a drive-thru. The property is leased to CVS Pharmacy under an absolute NNN ground lease with zero landlord responsibilities, providing passive income supported by a corporate guarantee from CVS Pharmacy Inc. There are approximately 11.5 years remaining on the current term, with rent through January 31, 2038, and eight 5-year renewal options, each featuring 5% rental increases. Positioned directly across River Avenue from Monmouth Medical Center Southern Campus, the site benefits from a built-in customer base of patients, staff, and visitors. The surrounding trade area is exceptionally dense, with 29,340 residents within 1 mile and average household income of $111,149. Traffic counts approach 29,767 vehicles per day.
Key Highlights
- Absolute NNN ground lease with zero landlord responsibilities, providing passive income.
- Corporate guarantee from CVS Pharmacy Inc.
- Approximately 11.5 years remaining on the current lease term, with rent through January 31, 2038, and eight 5‑year renewal options with 5% rental increases.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $320.5k | $21.60 |
| − Vacancy | −$17.9k | −$1.21 |
| EGI | $302.6k | $20.39 |
| − OpEx | −$75.6k | −$5.10 |
| NOI | $226.9k | $15.29 |
14,838 SF · lease $21.60/SF/yr · vacancy 5.60% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$3.24M
$2.84M – $3.78M
NOI $226,915 @ 7.0% cap · market cap 4.18%
Second Best
Retail
$3.03M
$2.65M – $3.53M
NOI $211,787 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$3.87M
$3.39M – $4.52M
NOI $271,215 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
CVS Photo
(Bike/Boat/Book/etc) Store
CVS
Cosmetic Store
Coinhub Bitcoin ATM ...
Atm
LibertyX Bitcoin ATM
Atm
MoneyGram
Bank
Similar For Sale Nearby
Similar Off Market Nearby
- Stop & Shop Pharmacy — 2360 Lakewood Rd, Toms River, NJ 08755
- Nature's Trove — 2360 Lakewood Rd, Toms River, NJ 08755
- Pure Teva — 1328 River Ave #17, Lakewood, NJ 08701
- COVID-19 Drive-Thru Testing at Walgreens — 2353 US-9, Toms River, NJ 08755
- Walgreens Pharmacy — 2353 US-9, Toms River, NJ 08755
FAQs
What type of property is this?
Drug store - NNN leased CVS Pharmacy with drive-thru and long-term operating history.
Where is this drug store located?
The property is located at 596 RIVER AVE Lakewood, NJ.
What is the asking price?
The asking price for this property is $5,428,571.
What are key features of this property?
This property features: Absolute NNN ground lease with zero landlord responsibilities, providing passive income.; Corporate guarantee from CVS Pharmacy Inc.; Approximately 11.5 years remaining on the current lease term, with rent through January 31, 2038, and eight 5‑year renewal options with 5% rental increases.
