CVS Leased Investment
For Sale
Contact for pricing
734 E Washington St, New Castle, PA 16101
NNN leased CVS with 9 years remaining on base term.
Property Size10,125 SF
Price / SF$307.27
Days on Market197
Property Features for 734 E Washington St
General Information
Standard status
Active
Size
10,125 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$210,000
Building Details
Year Built
1999
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Northmarq NYC
Listed By:
John Rotunno · License #NY 10301211565
Source:
Crexi
Added: Jan 27
Changed: Aug 8
Last Checked: Aug 8 at 6:34AM
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 Northmarq NYC
Investment Insights
Based on property information with market context.
The property is fully occupied by CVS Health Corporation, operating under a NNN lease agreement that assigns limited responsibilities to the landlord. The lease has a remaining base term of 9 years, with four 5-year renewal options available. The lease includes rent increases of 7% at the start of each renewal period. Located approximately two miles from the property is UPMC Jameson, a full-service community hospital. The hospital is licensed for 146 beds and employs more than 300 physicians along with nearly 800 healthcare professionals.
Key Highlights
- 100% occupied by CVS Health Corporation, a nationally recognized tenant.
- NN lease structure limits landlord responsibilities.
- 9 years remaining on the base lease term provides stable income.
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
$99,366
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
3.19%
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%
$1,987,320
$2.0M
Cap Rate 7%
$1,419,514
$1.4M
Cap Rate 9%
$1,104,067
$1.1M
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
$142.2K $14.04/SF
− Vacancy
−$9.7K −$0.95/SF
EGI
$132.5K $13.09/SF
− OpEx
−$33.1K −$3.27/SF
NOI
$99.4K $9.81/SF
Area
Lawrence County, PA
Vacancy
6.80%
Lease Rate
$14.04 /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%
$1,987,320
Cap Rate 7%
$1,419,514
Cap Rate 9%
$1,104,067
Alternative Uses
Best Use
Specialty Retail
$1.42M
$1.24M – $1.66M
NOI $99,366 @ 7.0% cap · market cap 3.19%
Second Best
Retail
$1.20M
$1.05M – $1.40M
NOI $84,200 @ 7.0% cap · market cap 2.71%
Theoretical Best
Warehouse
$12.30M
$10.76M – $14.35M
NOI $860,851 @ 7.0% cap · market cap 27.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
544
Businesses Nearby
4k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Sunoco
Shops & Services
1,973 visits/mo
0.0 miles
O'Reilly Auto Parts
Shops & Services
1,110 visits/mo
0.2 miles
Advance Auto Parts
Shops & Services
859 visits/mo
0.1 miles
Demographics for 16101, PA
31,960
Population
14,755
Households
2.2
Avg Household Size
44
Median Age
18%
College-Educated
92%
High-School Grad
69.2 sq mi
ZIP Area
462
Density / Sq Mi
$50,481
Median Household Income
$36,670
Median Earnings
$706
Median Rent
$109,600
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
- Medical Arts Center Pharmacy — 1000 S Mercer St # 102, New Castle, PA 16101
- Michael V. Fornataro, RPH — 708 E Washington St, New Castle, PA 16101
- CVS — 734 E Washington St, New Castle, PA 16101
- New Castle Pharmacy — 1112 S Mill St, New Castle, PA 16101
- CVS Pharmacy — 734 E Washington St, New Castle, PA 16101
Frequently Asked Questions
What type of property is this?
Drug store - NNN leased CVS with 9 years remaining on base term.
Where is this drug store located?
The property is located at 734 E Washington St New Castle, PA.
What is the asking price?
The asking price for this property is $3,111,100.
What are key features of this property?
This property features: 100% occupied by CVS Health Corporation, a nationally recognized tenant.; NN lease structure limits landlord responsibilities.; 9 years remaining on the base lease term provides stable income.
