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9502 176th St E 17,762 SF Retail Building Puyallup, WA 98375 $8,898,000 ($500.96/SF) 5.50% Cap Rate
Executive Summary
Faris Lee Investments is pleased to offer for sale a CVS Pharmacy situated at a signalized
hard corner in Puyallup, WA. CVS is an investment-grade credit tenant (S&P: BBB) with
a market capitalization of $114 billion and TTM revenue exceeding $407 billion.
This location is a top-tier performer, currently ranked as the highest-producing CVS
pharmacy in Washington. The site benefits from a significant recent influx of “scripts”
following the closure of five regional Rite Aid locations, further solidifying its dominant
market share. This high-volume store is supported by two full-time pharmacists and
seven technicians, with a major remodel scheduled for August to include recently
installed coolers, demonstrating a long-term commitment to the site.
CVS Pharmacy has grown into one of the most trusted healthcare brands in the U.S.,
operating over 9,000 locations nationwide with a workforce of 300,000 employees.
As a dominant industry leader, CVS continues to expand its integrated healthcare model,
ensuring its position as a staple of institutional real estate portfolios. This specific location
serves as a critical healthcare hub for the trade area, standing as the only CVS within
the immediate region and one of only three drugstores within a five-mile radius.
The subject property is strategically located at the signalized hard corner of 176th St
and Gem Heights Rd, which sees over 24,000 VPD. It sits as a high-profile outparcel
to a top-performing WinCo Foods, which ranks in the top 10% of the chain with
annual sales exceeding $90 million. The surrounding area features affluent and dense
infill demographics, with over 175,000 residents and an average household income
surpassing $140,000 within a 5-mile radius. This NNN investment offers ideal ease of
management for a passive investor or 1031 exchange buyer, as WinCo oversees the CAM
management. The property’s exceptional sales performance and prime positioning
make it a premier investment opportunity.
hard corner in Puyallup, WA. CVS is an investment-grade credit tenant (S&P: BBB) with
a market capitalization of $114 billion and TTM revenue exceeding $407 billion.
This location is a top-tier performer, currently ranked as the highest-producing CVS
pharmacy in Washington. The site benefits from a significant recent influx of “scripts”
following the closure of five regional Rite Aid locations, further solidifying its dominant
market share. This high-volume store is supported by two full-time pharmacists and
seven technicians, with a major remodel scheduled for August to include recently
installed coolers, demonstrating a long-term commitment to the site.
CVS Pharmacy has grown into one of the most trusted healthcare brands in the U.S.,
operating over 9,000 locations nationwide with a workforce of 300,000 employees.
As a dominant industry leader, CVS continues to expand its integrated healthcare model,
ensuring its position as a staple of institutional real estate portfolios. This specific location
serves as a critical healthcare hub for the trade area, standing as the only CVS within
the immediate region and one of only three drugstores within a five-mile radius.
The subject property is strategically located at the signalized hard corner of 176th St
and Gem Heights Rd, which sees over 24,000 VPD. It sits as a high-profile outparcel
to a top-performing WinCo Foods, which ranks in the top 10% of the chain with
annual sales exceeding $90 million. The surrounding area features affluent and dense
infill demographics, with over 175,000 residents and an average household income
surpassing $140,000 within a 5-mile radius. This NNN investment offers ideal ease of
management for a passive investor or 1031 exchange buyer, as WinCo oversees the CAM
management. The property’s exceptional sales performance and prime positioning
make it a premier investment opportunity.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Drug Store
Building Size
17,762 SF
Building Class
B
Year Built
2007
Price
$8,898,000
Price Per SF
$500.96
Cap Rate
5.50%
NOI
$489,398
Tenancy
Single
Building Height
1 Story
Building FAR
0.03
Lot Size
12.36 AC
Zoning
CC
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 602550-0020 | Improvements Assessment | $10,586,600 |
| Land Assessment | $8,279,400 | Total Assessment | $18,866,000 |
Property Taxes
Parcel Number
602550-0020
Land Assessment
$8,279,400
Improvements Assessment
$10,586,600
Total Assessment
$18,866,000
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9502 176th St E
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