591 NE 79th St - Drug Store FOR SALE


Miami, FL 33138- Upper East Side North
$9,000,000 USD
310-691-1350
591 NE 79th St, Miami, FL for Sale
$9,000,000 USD
Drug Store - FOR SALE
1/7
null | 5% Cap Rate


HIGHLIGHTS

  • Long Term Corporate Absolute NNN Lease with CVS: 15 Years of Remaining Base Term with Five, 5-Year Options
  • One of the Top CVS Stores in the Country: Ranked 95% Nationwide (282 of 6,903) and 96% in Florida (24 of 637) in annual visits per Placer.ai
  • Strategically Located Large Parcel: 1.41-Acres on Hard Corner of Major Signalized Intersection with more than 65,000 VPD
  • CVS is the Dominant Brand in Retail Pharmacy: 25.7% Share of the entire domestic prescription drug market
  • Strong Surrounding Demographics: 25.7% Share of the entire domestic prescription drug market

OVERVIEW

Pegasus Investments Real Estate Advisory Inc. and ParaSell, Inc., as exclusive investment sales advisors to Seller, are pleased to offer the opportunity to purchase the fee simple interest (land) in a premier located CVS pharmacy in Miami, Florida (the “Property”). The Property is secured by a 100% absolute triple net (NNN) lease with CVS Health Corporation, the most dominant pharmacy retailer in the U.S. The original 25-year lease has 15 years of base term remaining, with five additional 5-year renewal options, each featuring a 12.5% rent increase, providing long-term stability and future growth potential for investors. The Property, which ranks as one of CVS’s strongest stores in the country (95% in annual visitors per placer.ai), features a 15,945-square-foot structure situated on a 1.41-acre parcel at the hard corner of a signalized intersection at Biscayne Blvd and NE 79th Street—two of Miami’s major arteries. NE 79th Street is one of only four causeways over Biscayne Bay that connects Miami and Miami Beach, and Biscayne Blvd., which runs parallel to I-95, is one of the most critical north-south routes in South Florida, as it extends from Brickell in downtown Miami to S. Federal Hwy in Fort Lauderdale. As such, massive average daily traffic counts at the intersection exceed 65,000 VPD. With nearly half a million people residing within a 5-mile radius, the Property is ideally positioned in a densely populated and vibrant urban area, ensuring high visibility and accessibility.  The Property’s prime location in Miami-Dade County, a region home to over 2.7 million residents and projected to grow to 3 million by 2025, further enhances the attractiveness of this investment opportunity.  The Miami-Ft. Lauderdale-Palm Beach “tri-county” area, with a population expected to reach nearly 7 million by 2025, boasts a Gross Regional Product exceeding $344 billion—making South Florida’s economy one of the largest in the world. The local commercial real estate market has seen significant growth, with sales of core assets rising 15% year-over-year to $880 million in the first half of 2024, driven primarily by retail property acquisitions, which saw a 172% increase to $274 million. This growth is fueled by strong job creation, population influx from out-of-state and international migration, and a resurgence in travel and tourism. CVS Health Corporation, which operates over 85% of its pharmacies within a 5-mile radius of the U.S. population, is the leading retail pharmacy in the country. Holding a 25.7% share of the prescription drug market, CVS nearly doubles the market share of its closest competitor, Walgreens. The company’s robust growth is evidenced by a 10.8% increase in revenue from its retail operations and a 6.5% rise in revenue from its pharmacy services year over year. Since 1999, CVS has strategically expanded its operations through a series of acquisitions, mergers, and partnerships. Notable milestones include: The $21 billion acquisition of CareMark in 2007. The $69 million merger with Aetna in 2018. The $10 billion acquisition of Oak Street Health in 2023. These strategic moves have cemented CVS’s position as a leader in the healthcare sector, ensuring sustained demand for its services and reinforcing the security of the investment.

FOR SALE DETAILS

PRICE

$9,000,000 USD

PRICE/SF

$614 USD /SF

CAP RATE

5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Generational CVS in Miami - STNL Absolute NNN

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

ADD'L SUBTYPES

Convenience Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2015

SPRINKLERS

-

PARKING SPACES

45

LAND DETAILS

LAND ACRES

1.41 AC

LAND SF

61,420 SF

ZONING

T6-8-O (Urban Core Zone)

APN/PARCEL ID

01-3207-022-0030

ASK ABOUT THIS PROPERTY

David ChasinPegasus InvestmentsMore Info
310-691-1350

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David ChasinPegasus InvestmentsMore Info
310-691-1350

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.