Absolute NNN Ground Lease CVS Pharmacy
Closed3750 NW 87th Ave, Doral, FL 33178
Property type
Retail
Unit / Space count
1
Price
$7,250,000
Building size
14,900 sf
Rentable area
14,900 SF
Year built
2016
Year renovated
Occupancy
Zoning code
Lot size
1.09 Acres
Sold/status
Sold · Date unknown
Sale price
$7250000
Property description
Franklin Street Investment Services is pleased to present CVS Pharmacy in Doral, FL. This investment offering is an opportunity to acquire the ground lease fee with 47,530 square feet of land (1.09 acres). This building was recently built in 2016 and CVS Pharmacy has occupied the building since. The tenant CVS Pharmacy has an Absolute Triple Net Ground Lease (NNN) with no landlord responsibility. CVS executed their lease in January 2017 and the term of the lease is for 25 years. In the lease, the tenant also has four (4) x five (5) year options with 10% increases once every five (5) years starting in the first option. This CVS Pharmacy is situated on the signalized corner of NW 87th Ave (36,000 vehicles travel per day) & NW 36th St (41,000 vehicles travel per day). This property is directly adjacent to many national tenants which include Ross, Marshalls, World of Beer, Truist, Miller's Ale House, Citi Bank, Panda Express, and First Watch, among others. The property is also surrounded by many national hotel chains including Trump National Hotel, Holiday Inn, Marriott, and InterContinental, among others.
Property highlights
- CVS Pharmacy- National Credited Tenant generating $292 billion in revenue (2021)
- Absolute triple net ground lease (NNN) offering, no landlord responsibility
- Ground lease fee with 47,530 square feet of land (1.09 acres)
- Property situated on the signalized corner of NW 87th Ave (36,000 vehicles travel per day) & NW 36th St (41,000 vehicles travel per day)
- Centrally located in the heart of Doral with easy access to the Palmetto Expressway and the Dolphin Expressway
- The property is within walking distance to Doral Square Shopping Mall, CityPlace Doral Shopping Mall, and Trump National Hotel, and is also within minutes of the Miami International Airport
- The average household income is $69,510 and the average house value is $513,746 all within a 1-mile radius