CVS NNN Loans: 5.75% – 6.25% Non-Recourse 10-Year Fixed CMBS
PeerSense structures non-recourse CMBS conduit financing on CVS Health-anchored NNN single-tenant retail properties at 5.75%–6.25% 10-year fixed. CVS Health carries A- S&P rating (Q1 2026) — tighter credit profile than Walgreens drives narrower spreads and broader CMBS conduit appetite.
15-yr / 20-yr base leases · corporate guarantee · A- rated parent · 13,000–14,000 SF prototype · 1031 exchange ready · nationwide.
Last updated: ·By Ed Freeman, Capital Advisor — PeerSense
What are typical CVS NNN financing rates?
CVS NNN financing rates are 5.75%–6.25% on 10-year fixed non-recourse CMBS in April 2026. Corporate-guarantee CVS with 10+ year remaining lease prices 5.75%–6.0%. Max LTV 70%–75%, min DSCR 1.25x. Typical cap rates 5.25%–5.75%. CVS Health parent corp carries A- S&P rating (Q1 2026), tighter than Walgreens BBB.
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated April 2026. Credit rating sourced from S&P Global Ratings Q1 2026 reports.
CVS — Credit Profile & NNN Investment Characteristics
CVS Health (NYSE: CVS) is the largest U.S. pharmacy retailer with approximately 9,000 stores, plus the Aetna insurance division acquired in 2018. The integrated healthcare company reports revenue north of $370B and maintains an A- rating from S&P Global Ratings as of Q1 2026 — a notch stronger than chief rival Walgreens (BBB).
CVS's standard NNN lease structure is 15–20 year base term with 4–6 five-year renewal options. Corporate guarantee is provided by CVS Health Corporation (parent) with lease executed by CVS Pharmacy Inc. (retail subsidiary). Lease terms include fixed-rent base payments with periodic bumps (typically 5–10% at option periods), full NNN operating expense pass-through, and landlord-favorable quiet-enjoyment protections.
For NNN financing, CVS is one of the three most widely-financed credit tenants in U.S. commercial real estate (alongside Walgreens and Dollar General). The 2022–2024 HealthHUB pivot did close ~900 underperforming stores, but the remaining footprint is stable. Key 2026 underwriting questions: (1) is the specific property on a historical closure list, (2) remaining lease term, (3) store-level sales and rent-to-sales ratio, (4) is the lease with CVS Pharmacy Inc. (correct) or a Caremark subsidiary (flag during LOI).
CVS NNN vs. Peer Credit Tenants — How CVS Prices
Every NNN lender underwrites the tenant first, the real estate second. Here's how CVS compares to peer credit tenants in April 2026 pricing — rate, LTV, DSCR, typical cap rate, and max loan size.
CVS Health A- (S&P) | Walgreens BBB (S&P) | Chase / JPMorgan AA- (S&P) | Target A (S&P) | Dollar General BBB- | |
|---|---|---|---|---|---|
| CMBS Rate (10-yr Fixed) | 5.75% – 6.25% | 5.75% – 6.50% | 5.5% – 6.0% | 5.75% – 6.5% | 6.50% – 7.25% |
| Max LTV | 70% – 75% | 70% – 75% | 75% | 70% – 75% | 65% – 70% |
| Min DSCR | 1.25x | 1.25x | 1.20x | 1.25x | 1.35x |
| Typical Cap Rate | 5.25% – 5.75% | 5.50% – 6.25% | 5.00% – 5.50% | 5.25% – 6.00% | 6.50% – 7.50% |
| Remaining Lease Preferred | 10+ years | 10+ years | 10+ years | 10+ years | 10+ years (15-yr base) |
| Guarantor Structure | Corporate parent (CVS Health) | Corporate parent (Walgreens Boots Alliance) | Corporate parent (JPMorgan Chase) | Corporate parent (Target Corp) | Corporate parent (Dollar General) |
| Primary Capital Source | CMBS conduit · life co. | CMBS conduit · life co. | CMBS conduit · life co. | CMBS conduit · life co. | CMBS · credit tenant lease specialist |
| 1031 Exchange Suitability | Excellent (most common after Walgreens) | Excellent | Excellent (if available) | Excellent | Good (verify tax jurisdiction) |
| Typical Loan Size | $2M – $15M | $2M – $15M | $3M – $25M | $5M – $30M | $800K – $5M |
CMBS Rate (10-yr Fixed)CVS Health: 5.75% – 6.25%
- CVS HealthA- (S&P)
- 5.75% – 6.25%
- WalgreensBBB (S&P)
- 5.75% – 6.50%
- Chase / JPMorganAA- (S&P)
- 5.5% – 6.0%
- TargetA (S&P)
- 5.75% – 6.5%
- Dollar GeneralBBB-
- 6.50% – 7.25%
Max LTVCVS Health: 70% – 75%
- CVS HealthA- (S&P)
- 70% – 75%
- WalgreensBBB (S&P)
- 70% – 75%
- Chase / JPMorganAA- (S&P)
- 75%
- TargetA (S&P)
- 70% – 75%
- Dollar GeneralBBB-
- 65% – 70%
Min DSCRCVS Health: 1.25x
- CVS HealthA- (S&P)
- 1.25x
- WalgreensBBB (S&P)
- 1.25x
- Chase / JPMorganAA- (S&P)
- 1.20x
- TargetA (S&P)
- 1.25x
- Dollar GeneralBBB-
- 1.35x
Typical Cap RateCVS Health: 5.25% – 5.75%
- CVS HealthA- (S&P)
- 5.25% – 5.75%
- WalgreensBBB (S&P)
- 5.50% – 6.25%
- Chase / JPMorganAA- (S&P)
- 5.00% – 5.50%
- TargetA (S&P)
- 5.25% – 6.00%
- Dollar GeneralBBB-
- 6.50% – 7.50%
Remaining Lease PreferredCVS Health: 10+ years
- CVS HealthA- (S&P)
- 10+ years
- WalgreensBBB (S&P)
- 10+ years
- Chase / JPMorganAA- (S&P)
- 10+ years
- TargetA (S&P)
- 10+ years
- Dollar GeneralBBB-
- 10+ years (15-yr base)
Guarantor StructureCVS Health: Corporate parent (CVS Health)
- CVS HealthA- (S&P)
- Corporate parent (CVS Health)
- WalgreensBBB (S&P)
- Corporate parent (Walgreens Boots Alliance)
- Chase / JPMorganAA- (S&P)
- Corporate parent (JPMorgan Chase)
- TargetA (S&P)
- Corporate parent (Target Corp)
- Dollar GeneralBBB-
- Corporate parent (Dollar General)
Primary Capital SourceCVS Health: CMBS conduit · life co.
- CVS HealthA- (S&P)
- CMBS conduit · life co.
- WalgreensBBB (S&P)
- CMBS conduit · life co.
- Chase / JPMorganAA- (S&P)
- CMBS conduit · life co.
- TargetA (S&P)
- CMBS conduit · life co.
- Dollar GeneralBBB-
- CMBS · credit tenant lease specialist
1031 Exchange SuitabilityCVS Health: Excellent (most common after Walgreens)
- CVS HealthA- (S&P)
- Excellent (most common after Walgreens)
- WalgreensBBB (S&P)
- Excellent
- Chase / JPMorganAA- (S&P)
- Excellent (if available)
- TargetA (S&P)
- Excellent
- Dollar GeneralBBB-
- Good (verify tax jurisdiction)
Typical Loan SizeCVS Health: $2M – $15M
- CVS HealthA- (S&P)
- $2M – $15M
- WalgreensBBB (S&P)
- $2M – $15M
- Chase / JPMorganAA- (S&P)
- $3M – $25M
- TargetA (S&P)
- $5M – $30M
- Dollar GeneralBBB-
- $800K – $5M
Program criteria current as of April 2026.
Tenant credit ratings sourced from S&P Global Ratings Q1 2026 public tenant reports. Actual pricing varies based on lease-remaining-term (WALT), rent-to-sales ratios, tenant improvement reserves, corporate vs. franchisee guarantee structure, and sub-market. Rate premiums shown are indicative — individual CMBS conduit spreads vary by originator, securitization schedule, and market volatility at rate lock.
CVS NNN Deal Patterns We Structure
1031 Exchange CVS Acquisition
Corporate-guarantee CVS with 10+ year remaining lease inside a 180-day 1031 window. Close with rate lock coordinated to your QI timeline. $3M–$8M typical purchase price, 70%–75% LTV CMBS at 5.75%–6.25%.
CVS CMBS Maturity Refinance
Original CVS NNN CMBS is maturing. Refinance into new CMBS if (a) guarantee intact, (b) not on closure list, (c) remaining WALT supports 10-year new loan, (d) NOI supports 1.25x+ DSCR.
CVS Portfolio (3–10 Properties)
Multi-property CVS portfolio structured as single-pool CMBS with improved economics — 25–50 bps tighter than individual-property pricing at comparable LTV.
Recently-Extended CVS Refinance
Tenant just extended for 5–10 years. Refinance into new CMBS at improved pricing — extended WALT unlocks lower spreads and higher LTV.
CVS with Closure-List Clearance
Mandatory pre-screen against historical CVS closure list before closing. Flagged properties trigger bridge or private credit alternatives; clean properties qualify for CMBS.
CVS NNN Financing — Frequently Asked Questions
What are typical CVS NNN financing rates?+
CVS NNN rates are 5.75%–6.25% on 10-year fixed non-recourse CMBS in April 2026. Corporate-guarantee CVS with 10+ year remaining lease prices 5.75%–6.0%. Tight pricing reflects CVS Health's A- S&P rating and deep drugstore tenant market.
What is CVS Health's credit rating?+
CVS Health carries A- rating from S&P Global Ratings (Q1 2026). Stronger than Walgreens (BBB) — wider CMBS conduit appetite and tighter spreads. Recent corporate restructuring and Aetna integration have stabilized the credit profile.
What LTV can I get on CVS NNN?+
CVS NNN LTV: 70%–75% on corporate-guarantee with 10+ year WALT. 65%–70% on shorter lease terms. Max LTV depends on remaining lease term and store sales performance (rent-to-sales ratio).
Is CVS closing stores like Walgreens?+
Yes, but at a much smaller pace than Walgreens. CVS announced ~900 store closures across 2022–2024 as part of its HealthHUB pivot. Pre-screening against the CVS closure list is mandatory. Properties not on the list continue to price at tight A- spreads.
What's typical CVS NNN property size and deal size?+
Typical CVS NNN is 13,000–14,000 SF on 1.5–2.0 acre corner sites. Purchase prices $3M–$8M, loan sizes $2M–$6M at 70%–75% LTV. Flagship CVS locations in urban infill reach $10M–$15M+ loan size.
Is CVS NNN 1031 exchange friendly?+
Yes — CVS is among the three most common 1031 exchange replacement property types (alongside Walgreens and Dollar General). A- credit-tenant profile, passive income, 15-year+ leases, and nationwide availability. We coordinate rate lock with your qualified intermediary to close within the 180-day window.
Can CVS Caremark sign the lease instead of CVS Pharmacy?+
The lease should be with CVS Pharmacy (the retail subsidiary) with guaranty by CVS Health (the parent). CMBS conduits will not accept a standalone Caremark guarantee without parent-level backing — it introduces unnecessary structural complexity. If you see an unusual guarantor structure, flag it during LOI.
How long does CVS NNN financing take to close?+
45–60 days from LOI to close on credit-tenant CVS NNN — faster than hotel or office CMBS because diligence is cleaner (no environmental concerns on modern CVS pads, no franchise complications). Well-prepared 1031 buyers close in 30–45 days with rate lock upfront.
Deals We Fund
Representative deal profiles showing our typical financing structures and terms.
$12M Hilton-Flag Hotel — Charlotte, NC
6.75% fixed | 65% LTV | 52-day close
$8M Value-Add Multifamily — Tampa, FL
SOFR +395 | 75% LTC | 14-day close
$6.5M Mixed-Use Development — Austin, TX
80% LTC | Interest-only | 18-mo term
$2.8M QSR Franchise — 3 Units — Indianapolis, IN
Prime +2.75% | 25-yr term | 10% down
$3.2M/mo Manufacturing AR — Cleveland, OH
1.5% factor fee | 90% advance | 48-hr funding
$1.8M 6-Unit Rental Portfolio — Phoenix, AZ
7.25% | 75% LTV | No income docs | 1.25x DSCR
Tell Us About Your CVS NNN Deal
CVS NNN Loan — Response within 4 business hours. No obligation.
Ready to Finance Your CVS NNN Deal?
Send us the property address, purchase price (or refinance balance), remaining lease term, and current rent. We'll return a tenant-credit-adjusted rate range and conduit shortlist within 48 hours.
No upfront retainer · Fee at closing only · Complimentary initial consultation
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated April 2026.
Disclaimer: CVS NNN financing rates, terms, and availability are subject to change based on tenant credit rating, remaining lease term, property condition, sponsor qualifications, and market conditions. Tenant credit ratings change over time; figures in this guide reflect Q1 2026 S&P Global Ratings. Rate ranges quoted reflect approximate April 2026 CMBS conduit pricing and may not reflect current market conditions at the time of reading. CVS corporate and franchisee lease structures vary — pricing outcomes are tenant- and lease-specific. PeerSense is a capital advisory firm, not a lender. We do not originate, fund, or service loans. All financing is provided by third-party lenders subject to their own underwriting criteria and approval processes. This page is not an endorsement or sponsorship of CVS or its parent corporation.