CVS Pharmacy | Double-Net (NN) Lease

718 N. Main Street, Taylor, AZ




Cap Rate



Cap Rate
Building Size
4,215 sqft
Lot Area
40,511 sqft
Lease Type
Double Net
Year Built
Price Per Sqft

Lee & Associates is pleased to exclusively offer for sale to qualified investors the opportunity to purchase a 100% fees simple interest (land & building) in a CVS property located at 718 N Main Street, in Taylor, Arizona, in Navajo County (the “Property”). Built in 1988, the property consists of a 4,215 square foot building that sits on an approximately 40,511-square-foot parcel.

The property is leased to CVS (NASDAQ: CVS) who is currently the largest pharmacy chain in the United States by number of locations (over 9,700 as of December 31, 2016) and total prescription revenue. CVS Health ranked #8 on the Fortune 500 list in 2017 and reported revenue of $195 billion.

The original 15-year double-net (NN) lease commenced in July 2017 and features 10% rent increases every five years in the Primary term and in each of the (3) 5-year Option Periods, providing for excellent income growth over the term. The property is located on an outparcel in a Basha’s Grocery Store anchored center, with co-tenants including Taco Bell, Pizza Hut, Little Caesar’s, Dollar Tree, Aliberto’s, Hudson’s Furniture, and Simply Sleep Mattress. It is located across from a new 24 hour Walmart Supercenter, with co-tenants Burger King and Circle K, Verizon Wireless, and Swirlz ‘n Whirlz, with future retail planned for other pads and outparcels in the center.

The subject property fronts Main St, which sees traffic counts of 14,068 cars per day. This corridor is the main travel artery in/out of Taylor, carrying travelers to nearby Snowflake, Show Low, the White Mountains, and beyond. This corridor is home to national retailers including Dollar General, O’Reilly, Verizon Wireless, USPS, Giant, and CarQuest, with national restaurants such as Sonic, Subway, and Arby’s, providing for an outstanding draw to the trade area.

The subject property is located within the town of Taylor, in Navajo County. Taylor lies in a broad valley in east-central Arizona, approximately 120 hours southeast of Flagstaff and 173 miles northeast of Phoenix, and sits at an elevation of 5,640 feet, with the Mogollon Rim to the west and the White Mountains to the south. The mountains form an almost continues barrier protecting Taylor from severe winters and creating a semi-arid climate. The local population has grown dramatically in recent years with prosperous industry, commercial expansion and modern infrastructure. Taylor and its sister-town, Snowflake, are among the fastest growing communities in northeastern Arizona, where their cultural history, mild climate, and housing and recreational opportunities have come to attract new residents to the area.

Taylor is part of the Real AZ Corridor, a region in northern Arizona that spans two counties and nine communities. The region offers abundant water resources, renewable energy assets, biomass and forest industry potential, as well as development opportunities in sectors including renewable energy development and storage; transportation; tourism and entrepreneurship. The region is ripe with alternative energy development, diversified energy production and economic development offering ground-floor opportunity and sky-high potential to businesses in the area. The Real AZ Corridor is home to a growing list of companies and initiatives that are putting the region’s abundant, diversified resources, energy potential and access to work to build a strong economy (see Area Overview for more details).

  • Investment Grade Credit Tenant: CVS Health (S&P: BBB+) • Largest Pharmacy Chain in the US.
  • 13 Years of Lease Term Remaining • 10% Rent Increases Every 5 Years in Primary & Options
  • Located on Outparcel to Basha’s Grocery Store Anchored Center • Across From Brand-new 24-hour Walmart Supercenter • Excellent Visibility & Access
  • Strategic Location Along Main ST/SR-77 • Major Traffic Corridor in/out of Taylor (14,000+ Cpd) • National Retailers Create Strong Draw to the Trade Area
  • Located in Taylor • One of the Fastest Growing Cities in Northern Arizona • Proximity to White Mountains, Apache-Sitgreaves National Park
  • Within the Real AZ Corridor, a Region Offering Renewable Energy Assets, Abundant Water Resources, Biomass, Forestry