Former CVS Pharmacy 2700 W Main St 12,268 SF Retail Building League City, TX 77573 $2,300,000 ($187.48/SF)

• Excellent Owner-User Opportunity to Purchase Property Below Replacement Cost
• Potential to Achieve Pro Forma Cap Rate of 10 to 15 Percent
• Situated at West Main Street and Landing Boulevard, a Signalized Intersection: 35,000 Vehicles Per Day
• Located Across from Walmart Neighborhood Market and Other National Retailers
• High-Growth Area of Population and Commerce
Marcus & Millichap is pleased to offer for sale a Former CVS Pharmacy, located at 2700 West Main Street in League City, Texas. The offering is comprised of 12,268 square feet of gross leasable area on 2.10 acres. The freestanding building property is available for purchase at a price of $2,300,000.
An investor or owner occupier is able to purchase the property below-replacement cost at a price of $187.48/SF. This is an excellent opportunity for a user to own their own real estate to build up equity in the property, rather than to lease property elsewhere. Current retail rental rates in this submarket average $28 per square foot plus triple-nets. Owning the property saves a user $343,000 in base rent, which can be utilized towards building equity in the property and putting savings towards business operations. If an investor purchases this property and leases it at a market rental rate of $28 per square foot plus triple nets, the pro forma Net Operating Income is $343,504. This results in a pro forma cap rate of almost 15 percent.
This former CVS is located at the signalized intersection of Main Street and Landing Boulevard, which sees 35,000 vehicles per day in the traffic flow of East Pearland and Friendswood. The Property is located across from Walmart Neighborhood Market and prominent retailers including AutoZone, Chevron, Wellby Financial, U-Haul, Exxon, Amegy Bank, Take 5, and more.
League City is experiencing significant residential growth; its population grew by 36.9 percent from 83,560 residents in 2010 to 114,392 in 2020, according to the U.S. Census Bureau. Webster is home to many medical facilities including UTMB Health Clear Lake Campus Hospital. Additionally, new developments have come to the area, including an 80+ acre entertainment development called Flyway and the region’s only Great Wolf Lodge indoor waterpark resort hotel and conference center.