Freestanding CVS Pharmacy Investment
For Sale
Contact for pricing
596 RIVER AVE, Lakewood, NJ 08701
NNN leased CVS Pharmacy with drive-thru and long-term operating history.
Property Size14,838 SF
Lot Size1.51 Acres
Price / SF$365.86
Days on Market111
Property Features for 596 RIVER AVE
General Information
Standard status
Active
Size
14,838 SF
Total Parking Spaces
62
Lot size
1.51 Acres
Property subtype
Retail
Occupancy
100%
Investment Type
Net Lease
Net Operating Income
$285,000
Building Details
Year Built
2006
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Triple Net Brokers
Listed By:
Frank Caporrino · License #NY 10491205822
Source:
Crexi
Added: May 12
Changed: Aug 23
Last Checked: Aug 29 at 7:28AM
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.
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
$226,915
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
4.18%
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%
$4,538,300
$4.5M
Cap Rate 7%
$3,241,643
$3.2M
Cap Rate 9%
$2,521,278
$2.5M
Market Conditions
NOI Build-Up for 14,838 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
$320.5K $21.60/SF
− Vacancy
−$17.9K −$1.21/SF
EGI
$302.6K $20.39/SF
− OpEx
−$75.6K −$5.10/SF
NOI
$226.9K $15.29/SF
Area
Ocean County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /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%
$4,538,300
Cap Rate 7%
$3,241,643
Cap Rate 9%
$2,521,278
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
886
Businesses Nearby
7k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Sunoco
Shops & Services
6,638 visits/mo
0.3 miles
Demographics for 08701, NJ
135,256
Population
33,539
Households
4
Avg Household Size
20
Median Age
33%
College-Educated
91%
High-School Grad
24.7 sq mi
ZIP Area
5,476
Density / Sq Mi
$62,811
Median Household Income
$34,970
Median Earnings
$1,701
Median Rent
$430,700
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Walgreens — US-9, Lakewood, NJ 08701
- LAKEWOOD DRUGS — 101 Prospect St # 115, Lakewood, NJ 08701
- CVS Pharmacy — 596 River Ave, Lakewood, NJ 08701, United States
- CVS — 596 River Ave, Lakewood, NJ 08701
- Christina Moraites — 596 River Ave, Lakewood, NJ 087015287
Frequently Asked Questions
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.
