For Sale Navarro / CVS Corp Guaranteed- Miami Navarro / CVS

Highlights:

• 100% Complete Gut Renovation Completed in 2024
• CVS Corporate : Strong Corporate Guaranteed
• Absolute NN
• Long-Term Lease
• Major Retail Thoroughfare
• Tax-Free State

Description:

Manny Chamizo III/ONE Sotheby's International Realty is pleased to present an exclusive Investment Offering for a single-tenant retail building leased to CVS Health Corporation/Navarro Company (“Tenant”) at 2120 SW 32nd Avenue, Miami, FL 33145 (“Property”). The site is located just on the edge Coral Gables central business district. Coral Gables is known as one of the most affluent submarkets in Miami-Dade County.

Discover a prime investment opportunity at NAVARRO DISCOUNT PHARMACY located at 2120 S.W. 32nd Avenue, Miami, Florida 33145. This single-tenant retail property boasts a strong corporate guarantee from CVS Health Corporation/Navarro Company. The building sits on almost 2 acres of land in a prominent retail area near other national tenants, providing excellent development potential. Enjoy a brand new 15-year lease with 8 renewal periods showcasing the tenant's long-term commitment. With major renovations completed in 2024, this property promises a 4.75% CAP rate and the potential for increased income as the current rent is below market value. Located in a tax-free state with strong demographics in a 5-mile radius, this investment opportunity offers a stable and lucrative option for savvy investors. Don't miss out on this chance to own a piece of the thriving Coral Gables market.

This opportunity consists of a freestanding building located adjacent to other national tenants along a major thoroughfare. The property will provide an investor the opportunity to acquire a 23,519 SF building on almost 2 acres of land (1.95 acres).

The current lease is a brand new 15-year lease showing their commitment to the site, followed by 8 five-year renewal periods, a 5% rental increase in every option.

LEASE ABSTRACT

Tenant ........................................ Navarro Discount Pharmacy

Address ..................................... 2120 S.W. 32nd Avenue, Miami Florida 33145

Tenancy ..................................... Single

Total RBA ................................... 23,344 SF

Total Land Area ....................... 1.95 acres

Lease Commencement ............ April 1, 2024

Lease Expiration ...................... April 1, 2039

Lease Remaining ..................... 15 years

Current Annual Rent ............... $916,522.66

Rent/SF/Month ........................ $3.27

Rent/SF ..................................... $39.26

Rent Escalations ....................... 5% at each option term

Renewal Options ..................... Yes. Eight renewal periods of fi ve years each

Expenses ................................... Absolute NN

Landlord Responsibilities ....... Roof, Structure and Parking Lot

Tenant Responsibilities ........... Interior, Fixtures, Equipment, Taxes, Insurance

.................................................... and Maintenance

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