Trophy Miami Beach NNN Fee Simple Walgreens With Increases

509 Collins Ave, Miami Beach, FL 33139, USA


Marcus & Millichap is pleased to present for sale this Trophy, Absolute Net Leased, Fee Simple Walgreens located in the heart of world-famous South Beach, Florida. The subject property consists of a rare two-story standalone building comprised of 22,857 square feet of retail space.
Strategically located on the hard-signalized intersection of Collins Avenue and 5th Street, the property benefits from being on the last vehicular intersection before entering the beach, making this location the “Gateway to Miami Beach”. Collins Avenue and 5th Street are also one of South Beach’s busiest North-South and East-West corridors, providing incredible visibility on an iconic South Beach location which also brings about high traffic counts and tremendous foot traffic. The Mac Arthur Causeway (A1A) which sees in excess of 142,000 vehicles per day serves as the main point of entrance to South Beach’s humming and vibrant scenery eventually turning into 5th Street where the property is located. The two-story trophy property sits just one block away from Ocean Drive and it’s world class beaches, minutes from the newly renovated State of the Art Miami Beach Convention Center, Lincoln Road and some of South Beach’s most iconic resorts, such as; The W South Beach, The Faena, Fontainebleau, The Ritz-Carlton, Loews, and The Delano.
South Beach, also nicknamed SoBe, has experienced years of a booming economic development, and is the go-to destination to millions of visitors yearly who come to enjoy its beaches and the glamorous scene around its happening nightspots and celebrity-chef eateries. In 2019, Miami and its Beaches hosted a record breaking 16.5 million overnight visitors, along with 6.8 million day trippers, for a total visitor number in excess of 23 million who spent an estimated $28 billion. The 200+ hotels, pedestrian shopping, deco architecture, and incredible year-round weather make it an ideal destination to visit. The Miami Beach Convention Center, which recently completed a $620 million renovation and expansion, will attract new national and international events and conventions. The center hosts the annual South Florida Auto Show, Art Basel, Florida Supercon, Forgiato Fest, Sporting events, and many other popular conventions. Additionally, there are numerous new and existing developments currently underway within the immediate area inclusive of Five Park, Baptist Health Miami Beach, Euclid Garden Hotel, Hotel Urbanica, Washington Squared, Miami Beach’s Monorail System, 300 Alton, and others.
The Walgreens lease is an absolute NNN lease with zero landlord responsibility. There are over 12 years remaining on a 25-year initial lease term with seven options to extend for five years each. The lease has incredibly rare rental increases in both the initial term and during option periods. This is a rare opportunity for an investor to acquire a fee-simple Walgreens located in one of the most desirable corners in the heart of South Beach.

  • Walgreens Corporate Guarantee (NYSE: WAG) – Investment Grade Tenant (S&P BBB)
  • Absolute NNN – Zero Landlord Responsibility
  • Located on a Highly Visible Signalized Hard Corner
  • Gateway to Miami Beach | Last Vehicular Trafficked Corner Before Arriving at Pedestrian Friendly Ocean Drive
  • Rare Rental Increases During the Base Term and Options
  • Unique Two-Story Flagship Location
  • Fee Simple Allowing for Depreciation
  • One Block Away from South Beach’s World Class Beaches
  • World Class Tourist Destination | 23 Million Annual Visitors
  • Serves Over 4,000 Ultra High Luxury Condos Within Immediate Trade Area
  • Several Newly Constructed Hotels Within the Immediate Area | 1,000+ New Rooms
  • Minutes from Newly Renovated $620 Million, State of the Art Convention Center
  • World Renown & Iconic Tourist Attraction/Location
  • Proximity to World Class Developments
    • Monorail System | 00.30 Miles from Subject Property:
      $770+ Million Monorail System to be built from Miami to Miami Beach
    • 500 – 600 Alton | 00.88 Miles from Subject Property:
      3+ Acre Multi-Million Dollar Mixed Use Development Featuring a 519-foot Tower, Residential Units, Condos, Retail, Luxury Amenities, and Park
    • 300 Alton Road Miami Beach Marina | 1 Mile from Subject Property:
      Proposed 285-foot Residential Tower

Property Documents

  • Walgreens-Miami-Beach-FL-om-ib
  • City: Miami Beach
  • State/county: Florida
  • Zip/Postal Code: 33139
  • Country: United States


  • Price: $36,000,000
  • Year Built: 1995

Additional details

  • CAP RATE: 4.50%
  • NOI: $1,620,000


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