Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Established CVS Pharmacy Investment Opportunity Title is generated by Realmo AI

    780 Martin Luther King Jr Way, Harrisonburg, VA

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Long-term CVS lease with renewal options and rental increases.

    Type:RETAIL
    Property size:
    10,336 SF
    Lot size:
    1.15 Acres
    Price / SF:
    $311/SF
    Added:
    Apr 8, 2025
    Days on Market:
    427
    Last Refresh:
    May 20 at 8:20 pm

    Property Features for 780 Martin Luther King Jr Way

    General Information

    Standard status
    Active
    Size
    10,336 SF
    Lot size
    1.15 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Andrew Fallon
    Andrew Fallon

    Listing agent Andrew Fallon

    Listing office SRS Real Estate Partners | McLean

    Listing date Apr 8, 2025

    Source Moodyscre

    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 SRS Real Estate Partners | McLean

    HighLights

    • Long‑term tenant (CVS) with 27 years of operating history at this location.
    • Passive investment opportunity with minimal landlord responsibilities (roof, structure, foundation, and plumbing).
    • Tenant handles CAM, taxes, insurance, and all premises maintenance.
    • Remaining lease term of 3.5+ years with options to extend.
    • Rental increases of 3% at the beginning of each 5‑year option period.
    • CVS Pharmacy is a leading national retail pharmacy (NYSE: CVS) with a strong presence.

    Overview

    This property features a CVS Pharmacy that has been operating at the location for 27 years. The current lease has 3.5+ years remaining, with options to extend for two additional 5-year periods. The lease includes rental increases of 3% at the beginning of each option period. CVS Pharmacy, a retail division of CVS Health, operates 9,165 retail locations, over 900 walk-in medical clinics, and more than 225 primary care medical clinics. The tenant is responsible for CAM, taxes, insurance, and all aspects of premises maintenance. Landlord responsibilities are limited to the roof, structure, foundation, and plumbing. The property is an ideal, low-management investment for a passive investor. The building has a size of 10336 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Drug stores

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • CVS Pharmacy — 1100 S High St, Harrisonburg, VA 22801
    • Laura A. Kerns, PharmD — 235 Cantrell Ave, Harrisonburg, VA 22801, United States

    Location Insight

    • Map
    • Local Demand
    City
    Harrisonburg
    County
    Harrisonburg
    State
    Virginia
    Longitude
    -78.8579
    Latitude
    38.4411

    Nearby Similar for Sale

    • $999,000
      4,600 SF

      Renovated Commercial Flex Space

      Multi-use commercial space suitable for various business types.
      1090 VIRGINIA AVE, HARRISONBURG, VA 22802
      View Details
    • $1,200,000
      4,779 SF

      Professional Office Building on Route 33

      Thriving therapy office with expansion and storage potential.
      2704 SPOTSWOOD TRL, ROCKINGHAM, VA 22801
      View Details
    • $390,000
      9,640 SF

      Historic Building in Central Business District

      Historic mixed-use building in Harrisonburg's Central Business District.
      301 S MAIN ST, HARRISONBURG, VA 22801
      View Details
    • $1,750,000
      8,171 SF

      Versatile Commercial Building in Harrisonburg

      8171 Sq. Ft. commercial property on 2 acres.
      1207 N LIBERTY ST, HARRISONBURG, VA 22802
      View Details
    • $2,290,000
      10,950 SF

      Medical Office Condo For Sale

      Two-story medical office condo in a prime location.
      1947 MEDICAL AVE, HARRISONBURG, VA 22801
      View Details
    • $995,000
      5,199 SF

      Professional Office Building For Sale

      5,200 SF office building in Rockingham County, Virginia.
      1591 PORT REPUBLIC RD, ROCKINGHAM, VA 22801
      View Details
    • $889,000
      4,960 SF

      Downtown Harrisonburg Two-Story Office Building

      Two-story office building in vibrant downtown Harrisonburg.
      66 W WATER ST, HARRISONBURG, VA 22801
      View Details
    • $2,016,667
      2,940 SF

      Harrisonburg Commercial Building on Market

      Commercial building on a high-traffic corridor with predictable income growth.
      2075 E MARKET ST, HARRISONBURG, VA 22801
      View Details
    • $649,900
      4,540 SF

      Spacious Farmhouse with Creek Access

      6-bedroom home on 5.75 acres with barn and creek.
      11193 INDIAN TRAIL RD, ROCKINGHAM, VA 22802
      View Details
    • $519,000
      4,048 SF

      Fully Leased Triplex Investment

      Triplex with three rental units and recent roof, window, and mini-split upgrades in a multifamily residential zone.
      1341 MT CLINTON PIKE, HARRISONBURG, VA 22801
      View Details
    • $509,000
      2,646 SF

      Rockingham Duplex with Renovated Unit

      Well-maintained duplex near Rockingham with renovated upper unit.
      2502 RIDGEDALE, ROCKINGHAM, VA 22801
      View Details
    • $509,000
      2,646 SF

      Rockingham Duplex: Renovated and Maintained

      Well-maintained duplex in Rockingham County with renovated upper unit.
      2502 RIDGEDALE RD, ROCKINGHAM, VA 22801
      View Details

    FAQs

    What type of property is this?
    Drug store - Long-term CVS lease with renewal options and rental increases.
    Where is this drug store located?
    The property is located at 780 Martin Luther King Jr Way Harrisonburg, VA.
    What is the asking price?
    The asking price for this property is $3,220,000.
    What are key features of this property?
    This property features: Long‑term tenant (CVS) with 27 years of operating history at this location.; Passive investment opportunity with minimal landlord responsibilities (roof, structure, foundation, and plumbing).; Tenant handles CAM, taxes, insurance, and all premises maintenance.
    (202) 286-1542 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Andrew Fallon
    Andrew Fallon
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    780 Martin Luther King Jr Way, Harrisonburg, VA
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!