For Sale
$9,473,685

591 79Th StMiami, FL 33138

High-performing CVS, long-term lease.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fee-simple interest in a prime Miami location, home to a thriving CVS Pharmacy. The property boasts a 14,662 square-foot building on a 1.41-acre lot, featuring 45 parking spaces. This single-tenant, absolute NNN lease with CVS Pharmacy offers significant long-term stability, with 15 years remaining on the base term and five additional 5-year options, each including a 12.5% rent increase. The property, built in 2015, enjoys a 100% occupancy rate, generating a substantial NOI of $450,000 and a 4.75% cap rate. Situated at a signalized intersection on two major Miami arteries, this location benefits from exceptional visibility and high traffic counts exceeding 65,000 vehicles per day. The property's strategic placement within a densely populated area, with nearly half a million residents within a 5-mile radius, ensures consistent high demand. The property is zoned T6-8-O (Urban Core Zone) in Miami-Dade County, a rapidly growing region with over 2.7 million residents and projected growth to 3 million by 2025. This CVS location is ranked among the top 5% nationally, reflecting its exceptional performance and strong market position. The lease commenced July 1, 2014, and expires January 31, 2040. The asking price is $9,473,685.

Highlights

  • 14,662 SF building on a 1.41-acre lot with 45 parking spaces, absolute NNN lease with CVS Pharmacy.
  • Top-performing CVS location, ranked in the top 5% nationally.
  • Prime Miami location on a signalized intersection with over 65,000 vehicles per day (VPD).
  • Strong demographics: Nearly half a million residents within a 5-mile radius.
  • 15-year remaining lease term with five 5-year options, each with a 12.5% rent increase.
  • $9,473,685 asking price, $450,000 NOI, 4.75% cap rate.

Property Details for 591 79Th St

Property type
Retail properties, Grocery and convenience stores
Square Feet
14,662 SF
Year Built
2015
Buildings
1
Stories
1
Lot Size (sq. ft)
61,420 SF
Units
1

Location Insight

City
Miami
County
Miami-Dade
State
Florida
Latitude
25.8480875
Longitude
-80.1847619
591 79Th St, Miami, Florida

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
591 79Th St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message