For Sale
$6,729,650

1200 Fl-7Margate, FL 33063

Margate, FL: High-return CVS Pharmacy investment.

Overview

Added:
Dec 11, 2024
Days on market:
115
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.

Property Details for 1200 Fl-7

Property type
Retail properties, Drug stores
Square Feet
12,739 SF
Year Built
1984
Buildings
1
Stories
1
Lot Size (sq. ft)
74,488 SF
Units
1

Location Insight

City
Margate
County
Broward
State
Florida
Latitude
26.2551386
Longitude
-80.2042436
1200 Fl-7, Margate, Florida

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1200 Fl-7
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