CVS Pharmacy
$7,818,181
2326 61st St., Galveston, TX 77551
5.5
Cap Rate
430,000
NOI
Details:
Highlights:
- Absolute NNN Lease – Zero landlord responsibilities, offering a fully passive, management-free investment
- Tax-Free Income State – Texas has no state income tax, allowing investors to maximize after-tax return
- Long-Term Security – Over 16 years remaining on the initial lease term, providing stable and predictable cash flow
- High-Performing Location – Ranked in the 72nd percentile in Texas and 66th percentile nationally by Placer.ai
- Prototypical Design – Drive-thru equipped positioned on a hard-corner, signalized intersection with five points of ingress/egress
- Investment-Grade Credit – Backed by a corporate tenant with an S&P “BBB+” rating
- Prime Coastal Market – Located in Galveston, TX, a major coastal city and nationally recognized tourist destination
- Strong Demographics – Over 58,815 residents within a 5-mile radius
- Affluent Trade Area – Average household income of $74,371+ within 1 mile radius
- Excellent Visibility & Traffic – Situated along Stewart Road (24,828 VPD ±) and 61st Street (23,269 VPD ±) with combined exposure of more than 48,000 vehicles per day
- Dominant Retail Corridor – Surrounded by national tenants including Walgreens, Kroger, Bank of America, KFC, Panda Express, Firestone, Whataburger, Jack in the Box, and others, driving consistent cross-shopping and consumer traffic
Description:
Original Loan: $4,888,420
Down Payment: $4,164,211
Acquisition Price: $9,052,631
Current Loan Balance as 09/01/2025: $4,467,117
Annual Cash Flow since after Debt Service: $180,291+/-
Total Cash Return since Purchase: $720,000
Galveston is a coastal resort city and port off the Southeast Texas coast on Galveston Island and Pelican Island in the state of Texas. The community had a population of 53,695 at the 2020 census, and is the county seat of surrounding Galveston County and second-largest municipality in the county. It is also within the Houston–The Woodlands–Sugar Land metropolitan area at its southern end on the northwestern coast of the Gulf of Mexico.
During the 19th century, Galveston became a major U.S. commercial center and one of the largest ports in the United States. It was, for a time, Texas' largest city, known as the "Queen City of the Gulf". Much of Galveston's economy is centered in the tourism, health care, shipping, and financial industries. The 84-acre University of Texas Medical Branch campus with an enrollment of more than 2,500 students is a major economic force of the city. Galveston is home to six historic districts containing one of the largest historically significant collections of 19th-century buildings in the U.S., with over 60 structures listed on the National Register of Historic Places, maintained by the National Park Service in the United States Department of the Interior.
American National Insurance Company, one of the largest life insurance companies in the United States, is based in Galveston. The company and its subsidiaries operate in all 50 U.S. states, the District of Columbia, Puerto Rico, and American Samoa. Through its subsidiary, American National de México, Compañía de Seguros de Vida, it provides products and services in Mexico. Moody National Bank, with headquarters in downtown Galveston, is one of the largest privately owned Texas-based banks. Its trust department, established in 1927, administers over 12 billion dollars in assets, one of the largest in the state. In addition, the regional headquarters of Iowa-based United Fire & Casualty Company are located in the city.
The city's tourist attractions include the Galveston Island Historic Pleasure Pier, Galveston Schlitterbahn waterpark, Moody Gardens botanical park, the Ocean Star Offshore Drilling Rig & Museum, Galveston Railroad Museum, a downtown neighborhood of historic buildings known as The Strand, many historical museums and mansions, and miles of beach front from the East End's Porretto Beach, Stewart Beach to the West End pocket parks
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