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CVS Pharmacy – Leander, TX (Austin MSA)
This CVS Pharmacy in Leander, Texas—a rapidly growing suburb within the Austin metropolitan statistical area—is backed by a long-term absolute triple-net (NNN) lease with CVS Health, a publicly traded Fortune 500 company and one of the most recognized brands in American healthcare retail. This offering presents an opportunity to acquire a stable, passive-income net lease investment secured by a credit-rated tenant in one of the most dynamic and demographically attractive markets in the country.
Tenant Overview – CVS Health
CVS Pharmacy is the retail division of CVS Health (NYSE: CVS), which operates over 9,000 stores across the United States. CVS Health is a vertically integrated healthcare company, offering prescription services, immunizations, insurance, in-store clinics (MinuteClinic), and convenience retail across thousands of communities nationwide. CVS continues to play a critical role in local healthcare delivery, expanding into virtual health and primary care, making the brand increasingly entrenched in both urban and suburban markets.
As a tenant, CVS Health represents one of the strongest names in the single-tenant net lease space. The company maintains investment-grade credit ratings from all major agencies and benefits from predictable cash flow, essential service offerings, and national brand strength. CVS locations generate consistent foot traffic due to their combination of healthcare access, pharmacy needs, and convenience retail—all of which are resilient across economic cycles.
Lease Structure – Absolute Triple-Net (NNN)
This property operates under an absolute NNN lease, meaning the tenant is responsible for all expenses associated with the property. That includes real estate taxes, insurance, maintenance, and capital expenditures such as roof and structure. For the landlord, this results in a completely passive investment with no ongoing responsibilities.
The lease includes a long primary term, along with multiple five-year renewal options and scheduled rental escalations. This structure ensures long-term cash flow stability, inflation protection, and minimal rollover risk. Investors seeking 1031 exchange properties or retirement income assets will find this deal attractive due to its reliable monthly income and strong tenant covenant.
Leander Market Overview – Austin MSA
Leander is one of the fastest-growing cities in Texas and a prominent suburb within the Austin MSA. Located just 25 miles north of downtown Austin, Leander has seen explosive population growth, driven by the area’s job market, infrastructure investment, quality of life, and affordable housing relative to downtown Austin. The city is part of Williamson County, which consistently ranks as one of the top-performing counties in Texas for residential development and employment expansion.
Leander is known for its family-friendly neighborhoods, highly rated school systems, and proximity to major employers in Austin’s tech and innovation corridors. Its connectivity via the 183A Toll Road and access to public transit options including the Capital Metro rail line make it attractive for professionals commuting to downtown and other business centers. As part of the Greater Austin area, Leander continues to benefit from the broader trend of tech migration, population inflow, and corporate relocation to Central Texas.
Demographics and Growth Drivers
The population in Leander has grown over 100% in the last decade, and current trends show continued expansion due to new home construction, relocation from urban cores, and inbound migration from high-cost coastal states. This growth is paired with strong economic and demographic fundamentals:
These factors contribute to strong demand for retail healthcare services, prescription fulfillment, and daily convenience shopping—all core strengths of the CVS brand.
Strategic Location and Site Fundamentals
The CVS property in Leander is strategically positioned along a well-trafficked retail corridor with excellent visibility and multiple points of ingress and egress. The area includes a strong mix of national retailers, grocers, and neighborhood services. This location provides:
In suburban markets like Leander, pharmacies such as CVS serve not just as convenience stores, but as community health anchors. Their consistent presence in residential nodes further insulates their performance and relevance in evolving economic climates.
Tenant Strength and Investment Security
CVS Health is one of the most secure tenants in the net lease space. With over $300 billion in annual revenue and a commitment to long-term retail occupancy, the company offers the peace of mind that comes with institutional-grade tenancy. CVS has successfully renewed thousands of leases nationally and maintains long-term store performance even in competitive retail environments.
Key financial and operational metrics that underscore CVS’s strength as a net lease tenant include:
For investors focused on cash flow stability, low-risk tenancy, and passive asset management, CVS is one of the most favored tenants in the single-tenant retail sector.
Investment Highlights
Conclusion
The CVS Pharmacy in Leander, TX offers a rare opportunity to acquire a net leased retail investment in a premier growth market. With a fully passive, long-term absolute triple-net lease, corporate tenant strength, and exposure to one of Texas’s most promising suburban communities, this property is an ideal asset for investors seeking reliable income, long-term security, and institutional-quality tenancy in the heart of the Austin MSA.