Drug Store
New
For Sale
Contact for pricing
6900 Grand Mission Boulevard, Richmond, TX 77407
A long-term triple-net lease includes a scheduled 5.00% increase during the option period.
Property Size12,900 SF
Lot Size1.71 Acres
Price / SF$408.89
Days on Market5
Property Features for 6900 Grand Mission Boulevard
General Information
Standard status
Active
Size
12,900 SF
Lot size
1.71 Acres
Property subtype
Retail
Additional Details
Gross Income
$356,040
Building Details
Tenancy
Single
Listing Agency:
SURMOUNT
Listed By:
Glen Kunofsky · License #NY 49KU1129178
(332) 345-4222
Source:
Crexi
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 3:31PM
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 SURMOUNT
Investment Insights
Based on property information with market context.
The pharmacy building contains approximately 12,900 rentable square feet and occupies an estimated 1.71-acre parcel. CVS leases the property under a triple-net agreement that commenced October 13, 2008, with a stated term of 25.32 years. A 5.00% rent increase is scheduled in the option period.
Key Highlights
- Approximately 12,900 rentable square feet of pharmacy space
- Estimated 1.71‑acre parcel
- Triple‑net lease with a stated 25.32‑year term
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
$187,215
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
3.55%
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%
$3,744,300
$3.7M
Cap Rate 7%
$2,674,500
$2.7M
Cap Rate 9%
$2,080,167
$2.1M
Market Conditions
NOI Build-Up for 12,900 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
$264.7K $20.52/SF
− Vacancy
−$15.1K −$1.17/SF
EGI
$249.6K $19.35/SF
− OpEx
−$62.4K −$4.84/SF
NOI
$187.2K $14.51/SF
Area
Fort Bend County, TX
Vacancy
5.70%
Lease Rate
$20.52 /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%
$3,744,300
Cap Rate 7%
$2,674,500
Cap Rate 9%
$2,080,167
Alternative Uses
Best Use
Specialty Retail
$2.67M
$2.34M – $3.12M
NOI $187,215 @ 7.0% cap · market cap 3.55%
Second Best
Retail
$2.50M
$2.18M – $2.91M
NOI $174,734 @ 7.0% cap · market cap 3.31%
Theoretical Best
Multifamily LT 5
$160.70M
$140.61M – $187.49M
NOI $11,249,173 @ 7.0% cap · market cap 213.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
129
Businesses Nearby
26k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 69%
Dining 31%
7-Eleven
Shops & Services
17,060 visits/mo
0.0 miles
Popeyes Louisiana Kitchen
Dining
8,115 visits/mo
0.0 miles
Caliber Collision
Shops & Services
921 visits/mo
0.2 miles
Demographics for 77407, TX
74,657
Population
25,284
Households
3
Avg Household Size
34
Median Age
53%
College-Educated
91%
High-School Grad
20.0 sq mi
ZIP Area
3,733
Density / Sq Mi
$101,595
Median Household Income
$51,273
Median Earnings
$1,993
Median Rent
$353,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Similar Off Market Nearby
- CVS Pharmacy — 6900 Grand Mission Blvd, Richmond, TX 77407
Frequently Asked Questions
What type of property is this?
Drug store - A long-term triple-net lease includes a scheduled 5.00% increase during the option period.
Where is this drug store located?
The property is located at 6900 Grand Mission Boulevard Richmond, TX.
What is the asking price?
The asking price for this property is $5,274,667.
What are key features of this property?
This property features: Approximately 12,900 rentable square feet of pharmacy space; Estimated 1.71‑acre parcel; Triple‑net lease with a stated 25.32‑year term
