This exceptional investment opportunity presents a freestanding, single-tenant CVS Pharmacy building in Margate, Florida. The property boasts 12,739 square feet on a 1.71-acre lot, offering a strong 6.00% cap rate. Leased to CVS Pharmacy under an absolute NNN lease with a corporate guarantee from Holiday CVS, L.L.C., the lease commenced October 24, 2024, and expires October 23, 2029, with a remaining term of approximately 4.9 years. Rent increases of 1.5% every five years are built into the lease. The property benefits from a prime location in a dense retail corridor with low vacancy rates, proximity to major shopping centers (Coconut Creek Plaza and Lakewood Mall), and a high population density (384,284 residents within 5 miles). The building, constructed in 1984, features a drive-thru pharmacy, adding to its operational efficiency and appeal. This is a fee-simple ownership opportunity with minimal landlord responsibilities, making it an ideal passive income investment. The property's strong tenant, favorable lease terms, and strategic location combine to create a compelling investment proposition in a thriving Florida market. The property is located at 1200 FL-7, Margate, FL 33063. The Net Operating Income (NOI) is $403,779, and the asking price is $6,729,650, resulting in a price per square foot of $528.27. The property is situated in Broward County, a high-growth area of Florida, known for its strong economy and favorable business climate. The location benefits from high traffic counts on a signalized corner. The area also boasts a significant student population due to the proximity of Atlantic Technical College. Florida's no-income-tax status further enhances the investment's attractiveness.
Highlights
Investment-grade credit tenant with corporate guarantee from Holiday CVS, LLC.
Located one mile from Coconut Creek Plaza (235,838 SF), anchored by Publix, Planet Fitness, and other national retailers.
One mile from Lakewood Mall (363,488 SF), anchored by Walmart Supercenter, Marshalls, and other major retailers.
High-density retail corridor with 2.3 million square feet within one mile.
Low 5.2% retail vacancy rate within one mile.
Dense population of 384,284 residents within five miles.
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