Net Leased CVS
For Sale
Contact for pricing
10 Gilmer Ave, Tallassee, AL 36078
Single tenant CVS Pharmacy in Tallassee, Alabama for sale.
Property Size11,325 SF
Price / SF$194.22
Days on Market773
Property Features for 10 Gilmer Ave
General Information
Standard status
Active
Size
11,325 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Institutional
Net Operating Income
$157,416
Building Details
Year Built
1997
Year Renovated
2010
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Engel Realty company, LLC
Listed By:
Michael Johnson · License #AL 818050
(205) 939-8233
Source:
Crexi
Added: Jul 24, 2024
Changed: Aug 31
Last Checked: Sep 2 at 2:06AM
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 Engel Realty company, LLC
Investment Insights
Based on property information with market context.
A single tenant net leased CVS Pharmacy is available for sale in Tallassee, Alabama. The property is located 37 miles east of Montgomery, Alabama, and approximately 40 miles west of Auburn, Alabama. The original lease term runs through January 2031, leaving over 7 years remaining. CVS has been operating at this location since 2010 and has 6 options to renew for a period of 5 years each. The lease is triple net, presenting no landlord responsibilities, and features a corporate guaranty from CVS. The property is 11325 square feet.
Key Highlights
- Single tenant net leased CVS Pharmacy with corporate guaranty.
- Over 7 years remaining on the primary lease term through January 2031.
- Triple net lease structure with no landlord responsibilities.
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
$134,704
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
6.12%
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%
$2,694,080
$2.7M
Cap Rate 7%
$1,924,343
$1.9M
Cap Rate 9%
$1,496,711
$1.5M
Market Conditions
NOI Build-Up for 11,325 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
$190.3K $16.80/SF
− Vacancy
−$10.7K −$0.94/SF
EGI
$179.6K $15.86/SF
− OpEx
−$44.9K −$3.96/SF
NOI
$134.7K $11.89/SF
Area
Elmore County, AL
Vacancy
5.60%
Lease Rate
$16.80 /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%
$2,694,080
Cap Rate 7%
$1,924,343
Cap Rate 9%
$1,496,711
Alternative Uses
Best Use
Specialty Retail
$1.92M
$1.68M – $2.25M
NOI $134,704 @ 7.0% cap · market cap 6.12%
Second Best
Retail
$1.80M
$1.57M – $2.10M
NOI $125,724 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$2.35M
$2.05M – $2.74M
NOI $164,385 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
44k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 93%
Electronics 4%
Apparel 3%
McDonald's
Dining
17,409 visits/mo
0.1 miles
Jack's Family Restaurants
Dining
13,605 visits/mo
0.3 miles
Cozumel
Dining
7,550 visits/mo
0.5 miles
Verizon
Electronics
1,774 visits/mo
0.5 miles
American Deli
Dining
1,758 visits/mo
0.5 miles
Demographics for 36078, AL
13,604
Population
5,991
Households
2.3
Avg Household Size
42
Median Age
18%
College-Educated
91%
High-School Grad
177.4 sq mi
ZIP Area
77
Density / Sq Mi
$67,700
Median Household Income
$41,310
Median Earnings
$842
Median Rent
$175,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Tallassee Nutrition — 11 S Ann Ave, Tallassee, AL 36078
- CVS Pharmacy — 10 Gilmer Ave, Tallassee, AL 36078
- Erin Wilson — 10 Gilmer Ave, Tallassee, AL 360781206
- Morgan Lock — 10 Gilmer Ave, Tallassee, AL 360781206
Frequently Asked Questions
What type of property is this?
Drug store - Single tenant CVS Pharmacy in Tallassee, Alabama for sale.
Where is this drug store located?
The property is located at 10 Gilmer Ave Tallassee, AL.
What is the asking price?
The asking price for this property is $2,199,500.
What are key features of this property?
This property features: Single tenant net leased CVS Pharmacy with corporate guaranty.; Over 7 years remaining on the primary lease term through January 2031.; Triple net lease structure with no landlord responsibilities.
