Investment Overview

Marcus & Millichap is pleased to offer for sale a Former CVS Pharmacy, located at 2700 West Main Street in League City, Texas. The offering is comprised of 12,268 square feet of gross leasable area on 2.10 acres. The freestanding building property is available for purchase at a price of $1,950,000. An investor or owner occupier is able to purchase the property significantly-below-replacement cost at a price of $158.95/SF to the building and a land value of $21/SF. This is an excellent opportunity for an investor to either 1) lease it to a single-tenant, 2) convert it to an alternative use, or 3) convert it to a multi-tenant retail center. This is also a value-buy for an owner user to modify the building as-needed and to retain/build equity in the property during the duration of their use. Current retail rental rates in this submarket average $28 per square foot plus triple-nets. If an investor purchases this property and leases it at a market rental rate of $28 per square foot plus triple nets, the pro forma Net Operating Income is $343,504. This results in a pro forma cap rate of over 17.5 percent (prior to tenant-improvement expenses). This former CVS is located at the signalized intersection of Main Street and Landing Boulevard, which sees 35,000 vehicles per day in the traffic flow of East Pearland and Friendswood. The Property is located across from Walmart Neighborhood Market and prominent retailers including AutoZone, Chevron, Wellby Financial, U-Haul, Exxon, Amegy Bank, Take 5, and more. To accommodate the significant residential growth that League City is experiencing, TxDOT and the City of League City are working on approving TxDOT’s budget request to fund the expanding of Landing Boulevard to the North of the site, to connect to Interstate 45. This proposed expansion would “unlock” significant land to the north of the Property, which would position the area for significant residential growth within half-a-mile from the site. The sincerity of these plans can be evidenced by the recent eminent domain proceedings, where TxDOT purchased 8,037 square feet of land from the current owner. The eminent domain proceedings and the sale of such land have been complete. Proceeds from the eminent domain sale are not conveyed to the future property owner; however, the Seller has adjusted the sales price to account for the 8,037 SF of land and parking lot that was sold to TxDOT. In January 2026, thieves stole the rooftop HVAC units from the building. This resulted in unsealed roof vents, which resulted in water entering the building. This caused damage to carpeting, ceiling tiles and walls. Interior components damaged by water and mold are being removed by Seller at its cost. Following removal of damaged components, the property is being delivered as-is, and the sales price was decreased to account for the needed improvements by the future owner.