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Updated over 6 years ago,
CVS/Walgreens Portfolio...Too Good to Be True?
A broker recently sent me a list of sevral CVS and Walgreens properties for sale throughout the U.S. I'm currently eyeing several of the CVS properties, but they just seem too good to be true. All the Walgreens are listed for over $5M (that makes sense), a few of the CVS are listed at ~$3.4, but many of them are around $1M, some even less and that seems suspicious.
All are absolute NNN corporate leases with 15+ years on the lease with fairly large lots and CAPs above 5%. A few of them are in areas that aren't that great but the rest seem to be in decent locations.
What's the deal here? Most of the the Walgreens and CVS I've seen are going for at least $3M, trying to figure out why these are going for so much less. Anyone have any idea?