CVS Pharmacy Miami,Florida

$6,049,996
Available
Property type:Single-Tenant Net Lease

The space

  • Price: $6,050,000
  • Cap Rate: 5.00%
  • Annual Rent: $302,521
  • Rentable Square Feet: 10,666
  • Land Area: 1.02 Acres
  • Year Built: 1997
  • Lease Type: Double Net (NN)
  • Option Periods: 2, 5-Year Options
  • Lease Expiration: June 30, 2027

Description

15700 SW 88th Street
Miami, Florida 33196

Investment Highlights

  • Long-Term Tenant, In Place for More Than 25 Years
  • Exceptional Store Sales (See OM for Sales Figures)
  • Roof was Replaced by the Tenant in January 2018
  • Two, Five-Year Tenant Renewal Options With Two Percent Rent Increases Every Five Years
  • CVS Pharmacy is Currently the Largest Pharmacy Chain in the U.S. by Number of Locations and Total Prescription Revenue
  • Located at the Signalized Intersection of SW 88th Street and 157th Avenue Which Has Approximately 50,000 Vehicles Daily
  • Directly Adjacent to The Home Depot
  • Part of the Miami Metro Area With a Population of More Than 2.7 Million

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a CVS located in Miami, FL. This Tenant has been in place for more than 25 years and has exceptional store sales (see OM for sales figures). This is a Corporate Guaranteed lease which offers two, five-year tenant renewal options and two percent rent increases every five years. The roof was replaced by the tenant in January of 2018.

This CVS is part of a 4-property pharmacy portfolio. All locations are available separately as well. OM provides pricing for all locations. Contact listing agents for more information.

The subject property has excellent access and visibility to approximately 50,000 vehicles daily at the signalized intersection of SW 88th Street and 157th Avenue. The Property is directly adjacent to The Home Depot. This is a high traffic area with other surrounding national retailers including Walmart Supercenter, Publix, Aldi, Target, BJ’s Wholesale Club, LA Fitness, Ross, PetSmart, Bank of America, Wells Fargo, Advance Auto Parts, Urban Trampoline Park, Walgreens, Olive Garden, Cheddar’s Scratch Kitchen, Longhorn Steakhouse, Starbucks, Panera Bread, McDonald’s, Wendy’s and many more.

This CVS is located in The Hammocks Community which is a suburb of Miami, and part of the Miami metro area which has a population over 2.7 million. This area has excellent demographics, with the population over 500,000 within a seven-mile radius. The average household income in three miles of Subject Property is $88,163, and $93,790 in five miles.

With a variety of investors, startups, founders and long-established businesses migrating to Miami and South Florida since the pandemic, this metro is expected to add nearly 127,000 people over the next five years. This pharmacy is only one mile from West Kendall Baptist Hospital which has 133 private rooms and provides medical and surgical services through 215 doctors. And seven miles from HCA Florida Kendall Hospital, a 440-bed acute care hospital with more than 760 physicians.

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