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Zero Cash Flow | St. Louis MSA | Absolute NNN CVS

$5,500,000

9141 Olive Boulevard, Olivette, MO 63132

Active
Last Updated: 05/01/2026

10.75

Cap Rate

591,182

NOI

Details:
Cap Rate:    10.75%
NOI:    $591,182
Building Size:    13,712 sqft
Lot Area:    3 acres
Occupancy:    100%
Lease Type:    Absolute Net
Year Built:    2009
Zoning:    Commercial Retail — Single Tenant Pharmacy
Tenancy:    Single
Highlights:
  • Investment-Grade Corporate Guaranty — CVS Caremark Corporation (NYSE: CVS)
  • Absolute NNN — Zero Landlord Obligations
  • Assumable CMBS Loan — ~$2.78M at 7.507% Fixed, Maturing January 2032
  • Structured Zero-Coupon Design — Disclosed & By Design
  • Debt-Free Ownership by January 2032 — Then $532,064/yr NNN from February 2035
  • ~9 Years of Remaining Guaranteed Term | Two 5-Year Extension Options
  • Significant Depreciation Benefit Available to Buyer
  • Premier Olivette/Ladue Corridor Trade Area — $250M+ Active Development
Description:

CVS Pharmacy Absolute NNN | 9141 Olive Boulevard, Olivette, MO 63132 | $5,500,000 | 10.75% In-Place Cap Rate

Manor Real Estate is pleased to exclusively offer for sale CVS Pharmacy Store #5670, a 13,712 SF single-tenant absolute NNN investment property located on a 3.0-acre signalized corner in Olivette, Missouri. The property is offered at $5,500,000, representing a 10.75% in-place cap rate on current NOI of $591,182 per year.

This is a structured zero-coupon investment — not a current-income vehicle. Phase 1 rent is sized to match CMBS debt service exactly, producing zero net cash flow to the investor through January 2032 by design. Buyers seeking current distributions should not pursue this offering. Buyers targeting long-horizon equity accumulation, mortgage paydown by a Fortune 10 tenant, and significant depreciation benefits will find this structure compelling.

The deal features an assumable CMBS loan of approximately $2.78M at 7.507% fixed interest, fully amortizing to $0 by January 2032 — with CVS rent covering 100% of debt service. A 36-month rent abatement follows (February 2032–January 2035) during which CVS continues to pay all property operating costs. Beginning February 2035, unencumbered NNN income of $532,064/yr commences with no debt and no landlord obligations.

The guaranty is a full corporate guarantee from CVS Caremark Corporation (NYSE: CVS), rated investment-grade by S&P (BBB) and Moody's (Baa3), surviving any assignment. CVS pays all taxes, insurance, roof, structure, HVAC, and maintenance — the landlord holds title and nothing more.

The property sits at the epicenter of one of St. Louis County's most active development corridors, with $250M+ of new retail and residential construction underway including Costco, Target, Dierbergs, and 400+ luxury apartment units.

Offered exclusively by Manor Real Estate | Eddie Cherry, CCIM | 314.322.2510 | Eddie@ManorRealEstate.com

CA required prior to financial disclosure. All-cash, 1031 exchange, and assumable mortgage basis accepted.

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