513 pharmacy net lease properties are observed for sale across 44 states as of October 26, 2026, at a median asking cap rate of 7.00%. Investment Grade Research tracks each one across publicly marketed offerings and broker materials, checks every tenant against the investment grade threshold, and publishes the observations here: which tenants are on the market, what they are asking, how pricing breaks down by tenant and state, and how an acquisition or 1031 exchange buyer should work through it.
Asking cap rates run from 4.89% to 11.43%, with the middle half of listings between 6.35% and 8.15% across 2 tenants. Median asking price $4.06M. Average remaining lease term 10.0 years among 288 listings that state a term. 2 listings report a 2026 build year. Figures update automatically from publicly marketed offerings and broker materials.
Pharmacy NNN Properties For Sale: Latest Listings
Up to twenty-four single-tenant pharmacy properties with published pricing, the newest from each tenant first so every tenant in the category is represented. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.
| Tenant | Location | Asking Price | Cap Rate | NOI | Term Left | Built | Lease | |
|---|---|---|---|---|---|---|---|---|
| Walgreens | The Village, OK | $3,557,000 | 9.25% | $329,000 | n/a | 1999 | Not stated | Get full property data |
| CVS | Plainfield, IN | $2,868,000 | 7.00% | $200,733 | n/a | 2000 | Not stated | Get full property data |
| Walgreens | Waupaca, WI | $2,424,000 | 7.50% | $181,821 | n/a | 2005 | Not stated | Get full property data |
| CVS | Scotia, NY | $7,500,000 | 5.82% | $436,374 | n/a | 2018 | Not stated | Get full property data |
| Walgreens | Fort Worth, TX | $4,120,000 | 5.37% | $221,168 | n/a | 1997 | Not stated | Get full property data |
| CVS | Granbury, TX | $3,769,000 | 7.25% | $273,265 | n/a | 2005 | Not stated | Get full property data |
| Walgreens | Coolidge, AZ | $4,332,000 | 6.50% | $281,580 | n/a | 2006 | Not stated | Get full property data |
| CVS | Miami, FL | $8,825,000 | 5.10% | $450,000 | n/a | 2014 | Not stated | Get full property data |
| Walgreens | Gladstone, OR | $5,453,760 | 6.25% | $340,860 | n/a | 2011 | Not stated | Get full property data |
| CVS | Bluefield, WV | $2,689,473 | 6.65% | $178,850 | n/a | 2000 | Not stated | Get full property data |
| CVS | Mahopac, NY | $3,317,391 | 5.75% | n/a | n/a | 1970 | Not stated | Get full property data |
| Walgreens | Joplin, MO | $1,900,000 | 8.68% | $165,000 | n/a | 2011 | Not stated | Get full property data |
| CVS | Layton, UT | $6,079,645 | 5.50% | $334,380 | n/a | 2018 | Not stated | Get full property data |
| Walgreens | Eaton, OH | $3,327,778 | 9.00% | $299,499 | n/a | 2008 | Not stated | Get full property data |
| CVS | Fredericksburg, VA | $5,724,406 | 7.75% | $443,647 | n/a | 2007 | Not stated | Get full property data |
| Walgreens | Tumwater, WA | $5,950,000 | 8.00% | $476,000 | n/a | n/a | Not stated | Get full property data |
| CVS | Danville, VA | $2,740,000 | 5.75% | $157,500 | n/a | 2007 | Not stated | Get full property data |
| Walgreens | Everett, WA | $5,060,000 | 8.50% | $430,000 | n/a | 2003 | Not stated | Get full property data |
| Walgreens | Glen Ellyn, IL | $4,826,670 | 7.50% | $362,000 | n/a | 2001 | Not stated | Get full property data |
| CVS | Winnsboro, TX | $746,154 | 6.50% | $48,500 | n/a | 1986 | Not stated | Get full property data |
| Walgreens | Decatur, IL | $3,322,000 | 8.17% | $271,278 | n/a | 2002 | Not stated | Get full property data |
| CVS | Belton, MO | $5,657,000 | 6.50% | n/a | n/a | 1999 | Not stated | Get full property data |
| Walgreens | Orlando, FL | $10,069,333 | 5.25% | $528,640 | n/a | n/a | Not stated | Get full property data |
| CVS | Athens, AL | $3,109,000 | 6.50% | $202,064 | n/a | 2001 | Not stated | Get full property data |
Showing 24 of 513 observed Pharmacy listings: the newest listing from each tenant first, then each tenant’s next newest, so every tenant with inventory appears. Listings without a published asking price and cap rate are not shown here.
Market observations aggregated from publicly marketed offerings and broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the offering party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.
Tenants in the Pharmacy Category
Listing count, median asking cap rate and cap range by tenant. The spread between tenants inside one category is usually a story about lease guarantee, remaining term and building age, which is why each tenant page breaks its inventory down further.
| Tenant | Listings | States | Median Cap | Cap Range | Median Price | |
|---|---|---|---|---|---|---|
| Walgreens | 358 | 42 | 7.50% | 5.00% to 11.43% | $4.08M | Walgreens NNN for sale |
| CVS | 155 | 33 | 6.50% | 4.89% to 10.07% | $3.93M | CVS NNN for sale |
Tenants in this category with at least one qualifying listing. Tenants with a linked page carry its own listings, cap rate bands and state breakdown.
Where Pharmacy NNN Properties Are For Sale
| State | Listings | Avg Cap Rate | Avg Asking Price |
|---|---|---|---|
| TX | 52 | 6.96% | $4.86M |
| FL | 42 | 6.28% | $6.35M |
| IL | 30 | 7.68% | $3.98M |
| OH | 27 | 7.96% | $3.28M |
| CA | 25 | 6.56% | $7.17M |
| NY | 24 | 7.10% | $4.95M |
| GA | 22 | 7.33% | $3.65M |
| AL | 19 | 7.31% | $3.35M |
| WI | 18 | 8.01% | $3.33M |
| NC | 17 | 7.32% | $4.03M |
| TN | 17 | 6.98% | $3.90M |
| MI | 15 | 7.37% | $2.91M |
States with the most Pharmacy listings observed. Averages are simple means of published asking figures.
How to Evaluate a Pharmacy Net Lease Property
Pharmacy leases can be long with flat rent, which gives predictable income but leaves rent exposed to inflation. Check the tenant’s own SEC filings for any announced store closure program, and treat dark-store risk as part of the review. Confirm the remaining term, the option schedule, and whether rent in the options is fixed or reset.
Read the assignment and sublease clauses, and confirm in the lease whether rent continues if the store goes dark and who remains liable after an assignment or sublease. In bankruptcy, a tenant’s trustee, or the tenant itself as debtor in possession in Chapter 11, can ask the court to approve rejecting an unexpired lease (11 U.S.C. 365(a); 11 U.S.C. 1107(a)), so the guarantee and the tenant’s credit both matter. The resale value of a dark pharmacy depends on the lease term left and the rent relative to market for alternative uses.
Compare the asking cap rate to the tenant’s current credit profile on the credit rating page before you anchor on a number. Pharmacy cap rates can vary by tenant and by remaining term.
For the credit side of each tenant, start with the Pharmacy NNN cap rate and tenant credit analysis and the investment grade credit tenant ratings table.
1031 Exchange Buyers and Pharmacy NNN
A pharmacy lease can fit buyers who want long, flat income and can underwrite dark-store risk. For an exchange with a large balance to place, a single pharmacy can absorb it, but identify a backup. Replacement property must be identified within 45 days after the sale of the relinquished property and received by the earlier of 180 days after that sale or the due date, including extensions, of your tax return for that year (Internal Revenue Code Section 1031(a)(3); Treasury Regulation 1.1031(k)-1(b)(2)). This is general information, not tax advice; your qualified intermediary and CPA handle the exchange side. Our role is the property.
Frequently Asked Questions: Pharmacy NNN Properties For Sale
How many Pharmacy NNN properties are for sale right now?
As of October 26, 2026, 513 single-tenant pharmacy net lease properties are observed for sale across 44 states and 2 tenants. The count updates automatically as listings are added and withdrawn.
What cap rates are Pharmacy NNN properties asking?
The median asking cap rate across observed pharmacy listings is 7.00%, with the middle half of listings between 6.35% and 8.15% and a full range of 4.89% to 11.43%. Cap rates vary by tenant, guarantee, remaining term and location; confirm the lease before relying on any single figure.
Which tenant has the most Pharmacy listings on the market?
Walgreens currently has the most observed listings in the category, at 358. The tenant table above shows every tenant in the category with live inventory.
Which states have the most Pharmacy NNN properties for sale?
The states with the most observed pharmacy listings right now are TX, FL, IL. The state table above lists the top states with average asking cap rate and price.
What is the typical asking price for Pharmacy NNN properties?
The median asking price across observed pharmacy listings is $4.06M, with a range of $0.25M to $17.46M. Price depends on rent, cap rate and lease structure, so compare within a tenant before comparing across the category.
Are these listings offered by Investment Grade?
No. These are market observations aggregated from publicly marketed offerings and broker materials, not offerings by Investment Grade Income Property, LP. Registering for full property data connects you with our team for buyer representation and due diligence; the listing broker remains the listing broker.
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Buying With 1031 Exchange Proceeds?
Compare this inventory with all 7,323 1031 exchange NNN properties for sale nationally, sorted by price band, tenant credit, remaining lease term and state. Then check your 1031 exchange deadlines: 45 days to identify replacement property and 180 days to close, or your tax return due date if that comes first.
