CVS 327 NE Us Hwy 19 10,908 SF Retail Building Crystal River, FL 34428 $5,479,167 ($502.31/SF) 4.90% Cap Rate

The eXp Commercial team is pleased to present this absolute NNN leased CVS Pharmacy at the signalized hard corner of U.S. Highway 19 and State Road 44 in Crystal River, Florida. A national pharmacy has operated at this location continuously since 1999. CVS has exercised two consecutive five year renewal options, in 2018 and again in July 2023, extending the current term through January 26, 2029, with two additional five year options providing potential occupancy through approximately 2039 at contractual rent steps of $273,931 and $279,385. Store performance is the story. Annual net sales have grown from approximately $4.84 million in the 2017 to 2018 lease year to approximately $12.86 million in the latest reported lease year, an increase of roughly 166%. The lease provides 2% percentage rent on net sales above an annual breakpoint of $13,423,848, and sales now sit within approximately 4% of that threshold. Continued growth at recent rates would begin generating percentage rent above the minimum base; that contractual upside is not reflected in the in place 4.90% cap rate. Percentage rent is subject to the Section 33 real estate tax credit; buyer to verify. Holiday CVS, L.L.C. is the direct lease obligor and tenant of record within the CVS corporate organization. The original Eckerd Corporation lease was formally assigned in 2004 to a CVS affiliated entity that expressly assumed the property specific lease obligations; subsequent renewal documentation identifies Holiday CVS, L.L.C. as the current tenant. Buyer to verify the corporate succession chain and credit support during due diligence. The property consists of an approximately 11,200 square foot freestanding building on approximately 1.79 acres within Crystal River's highest trafficked commercial corridor, with exposure to approximately 62,000 vehicles per day. Following the 2023 renewal, the tenant completed approximately $200,000 of capital improvements in 2024, including interior renovations and exterior ADA and site improvements, on top of prior roof replacement, HVAC replacement and exterior building work. The lease is absolute NNN with zero landlord responsibilities: the tenant is responsible for real estate taxes, insurance, utilities, roof, structure, HVAC, building systems and maintenance. In place rent of $268,477 prices the offering at a 4.90% cap rate. Crystal River and Citrus County continue to benefit from population migration, more than 1.6 million annual visitors, the Suncoast Parkway extension opened in 2025, and the Crystal Ridge development adding 957 homes and a town center to the trade area. All figures per the offering memorandum and executed leases; buyer to verify.
Location Description:
Strategically positioned at the signalized hard corner intersection of U.S. Highway 19 and State Road 44, the property sits within Crystal River's dominant retail corridor with exposure to approximately 62,000 vehicles per day. The site benefits from exceptional visibility, regional accessibility, and strong surrounding national retail synergy. Crystal River and Citrus County continue experiencing long term growth driven by population migration, more than 1.6 million annual visitors, infrastructure investment, and ongoing commercial redevelopment throughout Florida's Nature Coast region. The Suncoast Parkway extension opened in August 2025, improving direct access from Tampa, and the Crystal Ridge development is under construction nearby with 957 homes, 288 apartments and a 60,000 square foot town center. Nearby national retailers include Walgreens, Bank of America, McDonald's, Taco Bell and Dunkin', reinforcing the corridor's position as a primary retail and service destination for both residents and tourists.