CVS Pharmacy NNN Ground Lease | 92,000+ VPD Traffic Counts | Miami, FL

10660 SW 40th St, Miami, FL 33165, USA
$16,750,000

Description

Marcus & Millichap is pleased to present for sale this trophy Net Leased CVS located at 10660 SW 40th Street in Miami, Florida. The subject property consists of a free-standing building comprised of 14,989 square feet of retail space and is situated on a large 2.38- acre parcel of land.
Strategically located near the intersection of SW 40th Street and SW 107th Avenue, the property is highly visible to more than 91,219 vehicles per day. The immediate trade area is home to a number of National and Regional retailers including Walgreens, Burger King, Wells Fargo, Chase Bank, The Home Depot, McDonalds, TD Bank, Publix, Starbucks, Big Lots, among many others. The subject property also benefits from its proximity (One Mile) to the Kendall Regional Medical Center with 417+ Beds. Additionally, this trophy CVS is within proximity of Westchester General Hospital with 112+ Beds and Nicklaus Children’s Hospital.
CVS executed a 25 year lease in 2017 and has 22 years of initial term remaining. The Absolute-Net lease is guaranteed by CVS Health Corporation and provides nine options to extend for five
years each including 5% increases in each of the option periods.
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.

  • Investment Grade Credit Tenant, Rated BBB+ by S&P
  • Corporate Guarantee | CVS Health Corporation
  • Long Term Absolute NNN Ground Lease | 22 Years Remaining of Initial Term
  • CVS y Mas Concept with Focus on Hispanic Community | Ideal for Miami Demographic Makeup
  • CVS Subleased Portion of Lot to Wendy’s, Increasing Store Profitability and Consumer Traffic
  • Urban Infill Location | 513,000+ Full Time Residents in Immediate Trade Area
  • Hard Signalized Corner with Great Visibility | Visible to over 99,219 vehicles/day
  • Minutes from Kendall Regional Medical Center and Nicklaus Children’s Hospital
  • 1.5 Miles South of Florida International University | 56,886 Students and 6,800 Employees
  • 4 Miles North of Miami Dade College’s Kendall Campus with 66,500 Students
  • Close proximity to Dolphin Mall & Mall of the Americas
  • 3.5 Miles from Miami International Airport
  • Large 2.38 Acre Parcel
  • Florida is a No Income Tax Free State

Property Documents

  • City: Miami
  • State/county: Florida
  • Zip/Postal Code: 33165
  • Country: United States

Detail

  • Price: $16,750,000
  • Year Built: 2017

Additional details

  • CAP RATE: 4.48%
  • NOI: $750,000

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