The other problem is the shorter lease term remaining on most Rite-Aid deals–7.79 years as compared to 11.5 (Walgreens) and 15.4 (CVS). Also, and somewhat ironically, while Rite-Aid faced a sell-off of stores back in 2017, Walgreens and CVS in this past year also disposed of a significant number of stores, which helped lower their cap rates still further. The difference? These were accretive, strategic deals in primo locations such as Florida and California.

But make no mistake. Rite-Aid isn't going away, and the fundamentals stated above still hold true. Leases of 20 years and more are still the norm for all three players–some extending as far out as 50 years. Rent escalations are built into these agreements, but with differences only in how they are executed.

Rite-Aid prefers escalations of five percent every five to 10 years built into both the initial term and into its options, while its two competitors tend to favor the latter choice. A more major consideration for investors scouting the pharmacy market for the first time is whether you want to hitch your wagon to a double-net or triple-net lease, structures all three brands embrace. Every lease varies, and these must be weighed against the investor's appetite for risk.

Just to have it said, triple-net leases relieve the owner from the maintenance of the building, that falling instead to the tenant. A double-net lease will require the owner to maintain at least the roof and structure, a serious consideration if it's an older building that you have your eye on. (Depending on where you are and how well the structure was maintained, roofs typically have as much as a 20-year lifecycle.)

So yes, there is a buyer-beware aspect to pharmacy investments. But that's no different from any other form of commercial real estate investment. What is different is the almost recession-proof nature of the need pharmacies fill, and these three major players are well-positioned to provide the long-term security that risk-averse buyers look for.