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 5.1.75% 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
Manny Chamizo III
ONE Sotheby's International Realty
