Single-Tenant CVS NNN
For Sale
Contact for pricing
676 Southbridge St, Auburn, MA 01501
Single-tenant CVS property with remaining lease term through 2029 and renewal options.
Property Size10,125 SF
Price / SF$482.85
Days on Market142
Property Features for 676 Southbridge St
General Information
Standard status
Active
Size
10,125 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$330,000
Additional Details
Highway Access
Yes
Building Details
Year Built
1997
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Horvath & Tremblay
Listed By:
Mark Taylor · License #PA AB050069L
Source:
Crexi
Added: Apr 16
Changed: Aug 27
Last Checked: Aug 29 at 5:47AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
Horvath & Tremblay presents the opportunity to acquire a single-tenant CVS investment property. Originally constructed for CVS in 1997, the site is held under a Triple Net (NNN) lease. In 2004, CVS modified the agreement to a full 25-year term that expires in 2029, with 3+ years of term currently remaining and four (4) five-year renewal options. The lease includes 6.0% rent increases at the start of each renewal option.
The property is located along Southbridge Street in Auburn’s primary commercial corridor at the signalized intersection with Faith Avenue and Goulding Drive, providing visibility, frontage, and convenient access. Regional connectivity is supported by the nearby interchange of Interstate 290 and the Massachusetts Turnpike (I-90), offering efficient routes to Worcester, Boston, and Central Massachusetts communities. The surrounding retail environment is established, with nearby national retailers and traffic generators including BJ’s Wholesale Club, Walmart Supercenter, and the Auburn Mall.
The property is located along Southbridge Street in Auburn’s primary commercial corridor at the signalized intersection with Faith Avenue and Goulding Drive, providing visibility, frontage, and convenient access. Regional connectivity is supported by the nearby interchange of Interstate 290 and the Massachusetts Turnpike (I-90), offering efficient routes to Worcester, Boston, and Central Massachusetts communities. The surrounding retail environment is established, with nearby national retailers and traffic generators including BJ’s Wholesale Club, Walmart Supercenter, and the Auburn Mall.
Key Highlights
- Single‑tenant CVS property in Auburn, MA built in 1997
- 25‑year NNN lease modified in 2004; current term through 2029 with 3+ years remaining
- Four 5‑year renewal options remain, with 6.0% rent increases at the start of each renewal option
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
$160,416
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
3.28%
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%
$3,208,320
$3.2M
Cap Rate 7%
$2,291,657
$2.3M
Cap Rate 9%
$1,782,400
$1.8M
Market Conditions
NOI Build-Up for 10,125 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
$218.7K $21.60/SF
− Vacancy
−$4.8K −$0.48/SF
EGI
$213.9K $21.12/SF
− OpEx
−$53.5K −$5.28/SF
NOI
$160.4K $15.84/SF
Area
Worcester County, MA
Vacancy
2.20%
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%
$3,208,320
Cap Rate 7%
$2,291,657
Cap Rate 9%
$1,782,400
Alternative Uses
Best Use
Specialty Retail
$2.29M
$2.01M – $2.67M
NOI $160,416 @ 7.0% cap · market cap 3.28%
Second Best
Retail
$2.14M
$1.87M – $2.50M
NOI $149,722 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$3.46M
$3.03M – $4.03M
NOI $242,028 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
385
Businesses Nearby
323k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 25%
Shops & Services 24%
Dining 18%
Apparel 17%
BJ's Wholesale Club
Superstores
82,075 visits/mo
0.3 miles
T.J. Maxx
Apparel
51,720 visits/mo
0.2 miles
The Home Depot
Home Improvements & Furnishings
44,416 visits/mo
0.3 miles
BJ's Gas
Shops & Services
41,289 visits/mo
0.2 miles
Dunkin' Donuts
Dining
16,571 visits/mo
0.2 miles
Demographics for 01501, MA
16,731
Population
7,040
Households
2.4
Avg Household Size
44
Median Age
42%
College-Educated
93%
High-School Grad
15.3 sq mi
ZIP Area
1,094
Density / Sq Mi
$101,929
Median Household Income
$62,296
Median Earnings
$1,241
Median Rent
$363,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- CVS — 676 Southbridge St, Auburn, MA 01501
- CVS Pharmacy — 676 Southbridge St, Auburn, MA 01501
- Auburn Pharmacy & Home Health Care — 689 Southbridge St, Auburn, MA 01501
- Emmanuel Armanious — 676 Southbridge St, Auburn, MA 015011801
Frequently Asked Questions
What type of property is this?
Drug store - Single-tenant CVS property with remaining lease term through 2029 and renewal options.
Where is this drug store located?
The property is located at 676 Southbridge St Auburn, MA.
What is the asking price?
The asking price for this property is $4,888,888.
What are key features of this property?
This property features: Single‑tenant CVS property in Auburn, MA built in 1997; 25‑year NNN lease modified in 2004; current term through 2029 with 3+ years remaining; Four 5‑year renewal options remain, with 6.0% rent increases at the start of each renewal option
