Building Details

Year Built 2000

Tenancy Single

Listing Agency: Colliers | Birmingham Show Phone

Listed By: Joe Sandner III, SIOR Show Phone

Source: Moodyscre

Added: Dec 23, 2025 Changed: Oct 6 Last Checked: Oct 15 at 1:37AM

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Investment Insights

Based on property information with market context.

This 10,406-square-foot retail property in Gadsden, Alabama, was constructed in 2000 for CVS Pharmacy and is leased under an absolute NNN structure. The lease has more than 14 years remaining, with no rent holiday, and includes a CVS corporate guarantee. In 2019, the tenant executed a 20-year extension, continuing its occupancy of the building and supporting the established retail use.

The property is offered debt-free and carries a 6.85% cap rate. Its single-tenant configuration and documented lease extension provide a straightforward format for an investor seeking an occupied retail asset with defined lease obligations.

Key Highlights

• 10,406‑square‑foot CVS Pharmacy building in Gadsden, AL
• Absolute NNN lease with more than 14 years remaining
• 20‑year lease extension completed in 2019

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$119,100

Cap Rate

4.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,382,000 $2.4M

Cap Rate 7%

$1,701,429 $1.7M

Cap Rate 9%

$1,323,333 $1.3M

Market Conditions

NOI Build-Up for 10,406 SF

Gross rent

$168.6K $16.20/SF

− Vacancy

−$9.8K −$0.94/SF

EGI

$158.8K $15.26/SF

− OpEx

−$39.7K −$3.82/SF

NOI

$119.1K $11.45/SF

Area

Etowah County, AL

Vacancy

5.80%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,382,000

Cap Rate 7%

$1,701,429

Cap Rate 9%

$1,323,333

Alternative Uses

Best Use

Specialty Retail

$1.70M

$1.49M – $1.99M (±1% cap)

NOI $119,100 @ 7.0% cap · market cap 4.77%

Second Best

Retail

$1.37M

$1.20M – $1.60M (±1% cap)

NOI $96,151 @ 7.0% cap · market cap 3.85%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

CVS Photo (Bike/Boat/Book/etc) Store CVS Pharmacy Pharmacy CDReload - Online Bitcoin ... Currency Exchange Service Coinhub Bitcoin ATM ... Atm Redbox Cinema

Suggested Use

Top Pick Real Estate Agency Law Firm Spa & Massage Center Hair Salon Auto Parts Store Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

488

Businesses Nearby

Explore this area Business Placement

Demographics for 35903, AL

17,344

Population

8,338

Households

2.1

Avg Household Size

41

Median Age

16%

College-Educated

87%

High-School Grad

68.2 sq mi

ZIP Area

254

Density / Sq Mi

$50,063

Median Household Income

$35,361

Median Earnings

$823

Median Rent

$170,000

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this nnn properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

NNN property - Absolute NNN retail asset leased to CVS with a long-term extension and no rent holiday.

Where is this nnn property located?

The property is located at 806 Hoke St Gadsden, AL.

What is the asking price?

The asking price for this property is $2,497,810.

What are key features of this property?

This property features: 10,406‑square‑foot CVS Pharmacy building in Gadsden, AL; Absolute NNN lease with more than 14 years remaining; 20‑year lease extension completed in 2019