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CVS 103 S Ohio St 7,500 SF Retail Building Culver, IN 46511 $1,377,778 ($183.70/SF) 6.75% Cap Rate
Investment Highlights
- Absolute NNN Lease - Tenant is responsible for all repairs, replacements, and maintenance to the premises, with zero landlord responsibilities.
- Drive-Thru Pharmacy - A 2016 landlord-funded exterior remodel added a drive-thru pharmacy lane, modernizing the asset and enhancing customer convenien
- 50+ Years of Continuous Operation - CVS has operated a pharmacy at this location without interruption since 1974
Executive Summary
The Boulder Group is pleased to exclusively market for sale a single tenant net leased CVS Pharmacy located in Culver, Indiana. The tenant has operated at this location for over 50 years, having exercised multiple renewal options that demonstrate a long-term commitment to the site. The current lease runs through January 2032 and features only one remaining five-year renewal option. Additionally, the next rental escalation occurs February 2027. CVS Health Corporation carries an investment-grade “BBB” rating from Standard & Poor’s.
The 7,500 square-foot property is positioned at the intersection of West Jefferson Street and South Ohio Street, within Culver’s historic downtown commercial corridor. The property benefits from a 2016 landlord-funded exterior remodel that added a drive-thru pharmacy lane, modernizing the asset and enhancing customer convenience. The site is within walking distance of Lake Maxinkuckee (Indiana’s second-largest natural lake) and Culver Academies, a college-preparatory boarding school with approximately 840 students that anchors the local economy and drives consistent daytime traffic. The property also shares its compact downtown corridor with Ace Hardware and other established local businesses and sits within a five-mile trade area with an average household income exceeding $90,000.
CVS Health is one of the largest healthcare companies in the United States, operating through several major business segments including CVS Pharmacy retail stores, CVS Caremark pharmacy benefit management, and Aetna health insurance. Founded in 1963 by Stanley and Sidney Goldstein along with Ralph Hoagland as a health and beauty aid retailer in Lowell, Massachusetts, the company has grown into a Fortune 500 corporation headquartered in Woonsocket, Rhode Island, operating approximately 9,000 retail pharmacy locations across the country alongside walk-in medical clinics (MinuteClinic), specialty pharmacy services, and health insurance offerings following its 2018 acquisition of Aetna.
The 7,500 square-foot property is positioned at the intersection of West Jefferson Street and South Ohio Street, within Culver’s historic downtown commercial corridor. The property benefits from a 2016 landlord-funded exterior remodel that added a drive-thru pharmacy lane, modernizing the asset and enhancing customer convenience. The site is within walking distance of Lake Maxinkuckee (Indiana’s second-largest natural lake) and Culver Academies, a college-preparatory boarding school with approximately 840 students that anchors the local economy and drives consistent daytime traffic. The property also shares its compact downtown corridor with Ace Hardware and other established local businesses and sits within a five-mile trade area with an average household income exceeding $90,000.
CVS Health is one of the largest healthcare companies in the United States, operating through several major business segments including CVS Pharmacy retail stores, CVS Caremark pharmacy benefit management, and Aetna health insurance. Founded in 1963 by Stanley and Sidney Goldstein along with Ralph Hoagland as a health and beauty aid retailer in Lowell, Massachusetts, the company has grown into a Fortune 500 corporation headquartered in Woonsocket, Rhode Island, operating approximately 9,000 retail pharmacy locations across the country alongside walk-in medical clinics (MinuteClinic), specialty pharmacy services, and health insurance offerings following its 2018 acquisition of Aetna.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
7,500 SF
Building Class
C
Year Built/Renovated
1974/2016
Price
$1,377,778
Price Per SF
$183.70
Cap Rate
6.75%
NOI
$93,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.48
Lot Size
0.36 AC
Frontage
13’ on Ohio St
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Retailer
- -
- -
- Jan 2032
CVS Pharmacy began as Consumer Value Stores in Lowell, Massachusetts in 1963 and introduced pharmacies inside stores a few years later in Cranston, Rhode Island. The business operates as part of CVS Health, a broader health care company that combines retail pharmacy with pharmacy services, mail order, specialty pharmacy, prescription delivery, vaccinations, and clinical support. CVS Pharmacy serves consumers through a wide network of neighborhood pharmacies and offers services tied to medication access, counseling, and wellness needs. Over time, the company expanded from a single store format into a major U.S. pharmacy presence with a national footprint in health care delivery.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Retailer | - | - | Jan 2032 |
Fairly walkable
50/100
Moderately drivable
70/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 50-21-17-404-022.000-014 | Improvements Assessment | $230,100 |
| Land Assessment | $237,600 | Total Assessment | $467,700 |
Property Taxes
Parcel Number
50-21-17-404-022.000-014
Land Assessment
$237,600
Improvements Assessment
$230,100
Total Assessment
$467,700
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