CVS Pharmacy

CVS Pharmacy – Garner, NC (Raleigh–Durham MSA)

This CVS Pharmacy property in Garner, North Carolina is backed by a long-term absolute triple-net lease with CVS Health, a Fortune 500, investment-grade tenant. Located within the highly desirable Raleigh–Durham metropolitan area, this investment presents an opportunity to acquire a passive, income-generating net lease asset anchored by one of the most recognized and essential service retailers in the United States.

Tenant Overview – CVS Health

CVS Pharmacy is the retail pharmacy division of CVS Health (NYSE: CVS), one of the largest and most trusted healthcare companies in the U.S., operating over 9,000 locations nationwide. CVS provides a wide range of high-frequency, essential services including prescription fulfillment, immunizations, over-the-counter medication sales, health screenings, and walk-in clinic services through its MinuteClinic brand. The stores also offer convenience retail including personal care products, household goods, and grocery items.

CVS continues to expand its healthcare model, integrating in-store care with insurance, telemedicine, and chronic condition management. The result is a resilient tenant with an evolving role in modern community healthcare and a strong presence across suburban, urban, and rural markets alike.

Lease Structure – Absolute Triple-Net

This property operates under an absolute triple-net lease structure, where CVS is responsible for all property operating expenses including real estate taxes, insurance, common area maintenance, and capital improvements. There are no landlord obligations, offering investors a truly passive income stream.

The lease includes a long base term with multiple extension options and periodic rental increases. This creates a reliable income source with inflation protection and minimal rollover risk. Absolute NNN leases are ideal for investors seeking stabilized cash flow, minimal management, and tax-deferral benefits through 1031 exchanges.

Garner Market Overview – Raleigh–Durham MSA

Garner is a well-established and fast-growing suburb located just southeast of downtown Raleigh. As part of the Research Triangle region, Garner benefits from the economic and demographic growth that has made Raleigh–Durham one of the most attractive real estate markets in the country. The region is supported by world-class universities, a robust healthcare and life sciences sector, and a rapidly growing technology base.

Garner offers a combination of suburban comfort and urban proximity, drawing in new residents and employers each year. With infrastructure investments, residential expansion, and a growing retail corridor, Garner continues to develop as a key submarket within the Triangle.

Demographics and Economic Drivers

Garner demonstrates strong demographic and economic fundamentals:

• Steady population growth fueled by Raleigh-area migration and development
• High homeownership rates and family-oriented communities
• Median household incomes above state averages
• Access to employment centers in downtown Raleigh, Research Triangle Park, and surrounding suburbs
• Close proximity to higher education institutions including NC State, Duke University, and UNC-Chapel Hill

These demographics support consistent demand for retail pharmacy services, walk-in care, and daily essentials—key pillars of CVS’s business model. The surrounding area is experiencing ongoing housing and commercial development, further reinforcing retail stability.

Retail Location and Visibility

The property benefits from strong retail fundamentals, including frontage on a primary roadway with high daily traffic counts. It is situated near residential neighborhoods, schools, and other retail anchors, contributing to regular foot traffic and repeat customer visits.

Well-located CVS sites like this one act as neighborhood health and retail centers, drawing consistent activity from both local residents and daytime population. The store’s presence on a visible and easily accessible site enhances tenant performance and long-term viability.

Creditworthiness and Tenant Strength

CVS Health is a highly regarded net lease tenant due to its credit rating, scale, and operational resilience. The company maintains investment-grade ratings and generates hundreds of billions in annual revenue. As a tenant, CVS offers:

• Corporate-backed lease guarantees
• National brand recognition and customer loyalty
• Recession-resistant essential services
• Long-term real estate occupancy strategy

The company’s focus on integrated healthcare positions it as a core service provider in communities nationwide, making it a reliable and long-term occupant of retail properties.

Investment Highlights

• Absolute NNN lease structure with no landlord responsibilities
• Lease backed by CVS Health, a Fortune 500 and investment-grade tenant
• Located in Garner, a high-growth suburb within the Raleigh–Durham MSA
• Essential service retail model with strong recurring customer base
• High-income, expanding residential population
• Strategic retail location with strong visibility and access
• Long-term lease with renewal options and built-in rent escalations
• Ideal for 1031 exchange buyers and passive real estate investors
• Recession-resistant healthcare and convenience retail model

Conclusion

The CVS Pharmacy in Garner, North Carolina offers an outstanding opportunity to acquire a net lease investment in one of the Southeast’s most dynamic and stable metropolitan areas. With a corporate-backed absolute NNN lease, no landlord obligations, and location in a rapidly growing Raleigh suburb, this asset aligns with investor objectives seeking passive income, credit strength, and demographic upside. The combination of tenant quality, lease structure, and market fundamentals makes this CVS an attractive long-term hold in today’s competitive investment landscape.