CVS Pharmacy / Clutch Coffee Bar Adjacent Building

1200 FL-7, Margate, FL 33063, USA
$7,075,000

Description

Marcus & Millichap is pleased to present for sale two freestanding, singletenant buildings leased to CVS and Clutch Coffee Bar located in Margate, Florida. Margate is a city in Broward County. It is part of the Miami-Fort Lauderdale-Pompano Beach Metropolitan Statistical Area.
The CVS is a fee simple lease, backed by CVS Corporate, has over five years remaining on the base term with ten percent increases every five years through the four, five-year option periods. This is an ideal passive investment opportunity with zero landlord responsibilities being offered at 6.20 percent capitalization rate.
CVS consists of a 17,444 square foot retail space with ample parking on a large 1.71-acre parcel, currently leased by CVS Corporate. Clutch Coffee will occupy a 938 square foot space on a 0.4 acre lot. CVS is strategically located at the signalized, hard corner of Coconut Creek Parkway and US-441 S with a combined traffic count of 83,710 vehicles per day. Clutch Coffee Bar is the adjacent parcel on Coconut Creek Parkway with 29,123 vehicles per day. Within five-miles there are 400,305 residents with an average household income of $70,416.
Just under one mile to the west of the property is Coconut Creek Plaza (235,838 square feet) anchored by Publix, Big Lots, Planet Fitness and Pet Supplies PLUS. To the south, is the Lakewood Mall (363,488 square feet) anchored by a Walmart Supercenter, Marshalls, Ross Dress For Less, Harbor Freight Tools and dd’s Discounts. National and Regional retailers in the immediate area include Chase, Denny’s, Burger King, McDonald’s, Applebee’s, and TD Bank to name a few.
The current population of Broward County is nearly two million, making it the second most populous county in Florida. The bedroom community lifestyle offers young adults, families and senior citizens a small town feeling, while location and proximity to major roadways grants residents easy access to amenities throughout the region. Margate is also experiencing significant capital commitment, as there is a new mixed-use project 3.1 miles north worth $100 million.
CVS is one of the nation’s largest leading drugstore chains with over 9,600 stores in 50 states, the District of Columbia, Puerto Rico and the US Virgin Islands. CVS sells prescription drugs and a wide assortment of general merchandise, including over-the-counter drugs, beauty products, and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods through their CVS Pharmacy and Longs Drugs Retail stores and online through CVS.com. IT also provides healthcare services through its more than 1,100 MinuteClinic medical clinics as well as their Diabetes Care Centers. Most of these clinics are located within CVS stores.
Clutch Coffee Bar is an expanding strictly drive-thru coffee concept delivering certified organic and fair-trade coffee from Ethiopia. The two founders have over 22 years in the coffee business. This will be their first location in their expansion to the Florida markets.

  • Investment Grade Credit | Corporate Guaranteed by CVS Caremark Co.
  • Margate has Grown 8% in Population Since 2010 and 16% Since 2000
  • One Mile From Coconut Creek Plaza| 235,838 SF Center Anchored By Publix, Big Lots, Planet Fitness and Pet Supplies Plus
  • One Mile From Lakewood Mall | 363,488 SF Center Anchored By Walmart Supercenter, Marshalls, Ross Dress For Less, Harbor Freight Tools and dd’s Discounts
  • Dense Retail Corridor | 2.4M Square Feet of Retail Within 1-mile
  • Low Vacancy Market | 5.4% Retail Vacancy Within 1-mile
  • Dense Population | 400,305 residents within 5-miles
  • Atlantic Technical College | Less Than One Mile | 6,000 Students Enrolled
  • Drive Thru Pharmacy
  • Florida is a No Income Tax State

Property Documents

  • CVS-ClutchCoffee-Margate-FL-om-ib
  • City: Margate
  • State/county: Florida
  • Zip/Postal Code: 33063
  • Country: United States

Detail

  • Price: $7,075,000

Additional details

  • CAP RATE: 6.38%
  • NOI: $451,409

Features