CVS NNN Investment
For Sale
Contact for pricing
955 N 21st St, Newark, OH 43055
Long-term CVS lease with corporate guaranty in Newark, OH.
Property Size10,242 SF
Price / SF$245.56
Days on Market176
Property Features for 955 N 21st St
General Information
Standard status
Active
Size
10,242 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$125,730
Building Details
Year Built
1998
Tenancy
Single
Listing Agency:
SRS Real Estate Partners McLean
(703) 268-0854
Listed By:
Andrew Fallon · License #VA 0225193951
Source:
Crexi
Added: Feb 17
Changed: Aug 8
Last Checked: Aug 11 at 2:09PM
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
Investment Insights
Based on property information with market context.
This commercial property features a CVS location with a history of over 25 years of operation. The tenant, CVS Corporation, has an investment grade rating (S&P: BBB) and has demonstrated commitment to the site by recently exercising a 5-year option. The lease is corporate guaranteed. CVS is a leading retail pharmacy with approximately 216,000 employees and 10,000 locations. The property operates under an absolute NNN lease, making it a management-free investment with zero landlord responsibilities, as the tenant covers CAM, taxes, insurance, and all maintenance. The property is positioned at the signalized intersection of N. 21st St. & Meadowbrook Dr., with traffic averaging 32,800 vehicles per day. Its location benefits from the proximity to State Highway 16 (47,200 VPD) and State Highway 79 (31,000 VPD), providing accessibility. The surrounding area includes national retailers such as Walmart Supercenter, Kroger, and The Home Depot. The location is supported by over 73,000 residents and 34,000 employees within a 5-mile radius, with an average household income of $87,992. The property is located less than 40 minutes from Columbus, OH. According to Placer.io data, this CVS location ranks in the top 40% of all CVS stores nationwide and in the top 19% of all Ohio locations. The building size is 10,242 square feet. CVS added a minute clinic to this location in 2015.
Key Highlights
- Investment Grade Tenant (S&P: BBB) with Corporate Guaranty from CVS Corporation
- Absolute NNN Lease with Zero Landlord Responsibilities
- High‑Performing CVS Location: Top 40% Nationwide, Top 19% in Ohio (per Placer.io)
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
$186,644
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
7.42%
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%
$3,732,880
$3.7M
Cap Rate 7%
$2,666,343
$2.7M
Cap Rate 9%
$2,073,822
$2.1M
Market Conditions
NOI Build-Up for 10,242 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
$276.5K $27.00/SF
− Vacancy
−$9.9K −$0.97/SF
EGI
$266.6K $26.03/SF
− OpEx
−$80.0K −$7.81/SF
NOI
$186.6K $18.22/SF
Area
Licking County, OH
Vacancy
3.58%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,732,880
Cap Rate 7%
$2,666,343
Cap Rate 9%
$2,073,822
Alternative Uses
Best Use
Retail
$2.67M
$2.33M – $3.11M
NOI $186,644 @ 7.0% cap · market cap 7.42%
Second Best
Specialty Retail
$609.4K
$533.3K – $711.0K
NOI $42,661 @ 7.0% cap · market cap 1.70%
Theoretical Best
Flex RnD
$8.23M
$7.20M – $9.60M
NOI $575,790 @ 7.0% cap · market cap 22.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43055, OH
62,590
Population
27,046
Households
2.3
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
112.7 sq mi
ZIP Area
555
Density / Sq Mi
$61,807
Median Household Income
$39,412
Median Earnings
$920
Median Rent
$185,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- CVS — 955 N 21st St, Newark, OH 43055
- CVS Pharmacy — 955 N 21st St, Newark, OH 43055
- Ashley Waugh — 955 N 21st St, Newark, OH 430552921
- Kroger Pharmacy — 1155 N 21st St, Newark, OH 43055
Frequently Asked Questions
What type of property is this?
Drug store - Long-term CVS lease with corporate guaranty in Newark, OH.
Where is this drug store located?
The property is located at 955 N 21st St Newark, OH.
What is the asking price?
The asking price for this property is $2,515,000.
What are key features of this property?
This property features: Investment Grade Tenant (S&P: BBB) with Corporate Guaranty from CVS Corporation; Absolute NNN Lease with Zero Landlord Responsibilities; High‑Performing CVS Location: Top 40% Nationwide, Top 19% in Ohio (per Placer.io)
