| Purchase Price | $4,880,000 |
|---|---|
| Annual Rental Income | $325,000 |
| Cap Rate | 6.68% |
| Lease Term | 9 Years |
| City | Murrieta |
"*" indicates required fields
CVS Pharmacy – Murrieta, CA (Inland Empire)
This CVS Pharmacy located in Murrieta, California offers a rare opportunity to acquire a single-tenant net lease asset backed by a long-term absolute triple-net lease with CVS Health, a Fortune 500, investment-grade tenant. Positioned in the heart of the Inland Empire, one of Southern California’s fastest-growing and economically diverse regions, this asset provides stable, passive income in a high-demand healthcare retail corridor.
Tenant Overview – CVS Health
CVS Pharmacy is the retail pharmacy division of CVS Health (NYSE: CVS), the largest pharmacy chain in the United States with over 9,000 locations nationwide. As a leader in retail healthcare, CVS provides essential services including prescription fulfillment, immunizations, MinuteClinic walk-in care, and wellness services, along with over-the-counter medications and convenience items. The company continues to expand its service offerings through integrated healthcare, insurance partnerships, and telehealth infrastructure.
With a long-standing commitment to community health access, CVS stores have become anchor locations for local healthcare delivery. Their daily necessity status ensures consistent foot traffic, stable operations, and lease longevity—critical attributes for passive net lease investors.
Lease Structure – Absolute Triple-Net (NNN)
The property is secured by an absolute triple-net lease, under which CVS is responsible for all expenses related to property taxes, insurance, maintenance, and capital repairs including roof and structure. The lease offers investors:
This type of lease structure is ideal for investors seeking fully passive real estate income backed by a creditworthy national tenant, and it is especially well-suited for 1031 exchange buyers, portfolio diversification, or retirement-focused real estate holdings.
Murrieta Market Overview – Inland Empire
Murrieta is located in southwestern Riverside County within the Inland Empire region of Southern California. It has evolved into one of the most desirable residential and commercial hubs in the Inland Empire due to its family-friendly environment, strong schools, safe neighborhoods, and proximity to key employment centers in San Diego, Orange County, and the greater Los Angeles area.
Murrieta’s population has grown significantly over the last two decades, attracting professionals, families, and retirees seeking more affordable housing options compared to neighboring coastal counties. The city’s growing infrastructure, expanding healthcare network, and continued residential development make it an ideal location for essential service tenants like CVS.
Inland Empire Growth and Economic Drivers
The Inland Empire has emerged as one of the top-performing regional economies in California, driven by warehousing, logistics, manufacturing, healthcare, and retail. With strong in-migration, a pro-development business environment, and lower housing costs compared to coastal counties, the Inland Empire remains a magnet for population and job growth.
Murrieta benefits from this broader trend and has built a strong foundation in healthcare and education. Major employers include Loma Linda University Medical Center, Rancho Springs Medical Center, and multiple public school systems. This creates a steady demand for pharmacy, walk-in care, and everyday essentials—all services that CVS provides.
Demographics and Trade Area Strength
Murrieta exhibits strong demographics that support healthcare retail performance:
These demographics support consistent use of prescription, immunization, and over-the-counter services that are core to CVS’s retail model. Additionally, the suburban consumer profile aligns well with long-term pharmacy demand and retail service needs.
Site Attributes and Visibility
The CVS property in Murrieta benefits from excellent frontage along a primary arterial road with high daily traffic counts. It is located within a retail corridor anchored by grocery, banking, and quick-service restaurant brands, drawing consistent consumer flow.
Additional site features include:
The property serves both local residents and commuters, reinforcing store performance and long-term site viability. CVS stores in suburban trade areas with growing residential bases are known for strong renewal rates and continued occupancy.
Tenant Credit Profile and Lease Security
CVS Health is an investment-grade credit tenant with national recognition, consistent revenue performance, and a recession-resistant business model. The company generates more than $300 billion in annual revenue and maintains strong operating margins across multiple healthcare verticals.
As a net lease tenant, CVS is widely regarded as one of the most stable and reliable tenants in the marketplace. Its corporate lease guarantee, essential service offerings, and long-standing store retention strategy provide a secure income stream for private and institutional investors alike.
Investment Highlights
Conclusion
The CVS Pharmacy in Murrieta, California presents an excellent opportunity to acquire a high-quality, passive net lease investment in one of Southern California’s most dynamic growth markets. With a long-term absolute NNN lease, corporate-backed tenancy, and location in the heart of the Inland Empire, this property provides both stability and long-term value in a region with favorable economic and demographic fundamentals.