Listing Summary
Manny Chamizo III and ONE Sotheby's International Realty are proud to present an elite investment offering: a single-tenant retail asset leased to CVS Health Corporation / Navarro Discount Pharmacy.
Full Description
Newly Renovated 2024 Retail Property Near Coral Gables
Manny Chamizo III and ONE Sotheby's International Realty are proud to present an elite investment offering: a single-tenant retail asset leased to CVS Health Corporation / Navarro Discount Pharmacy. Located at 2120 SW 32nd Avenue, Miami, FL 33145, this property represents a generational acquisition opportunity at the edge of the prestigious Coral Gables Central Business District.
Sitting on a massive 1.95-acre site, this high-performing location benefits from the extreme affluence and dense demographics of the Miami-Dade market. With a 100% gut renovation completed in 2024, this Class A asset offers a secure, long-term hedge against inflation in a tax-free state.
Investment Snapshot
-
Price per SqFt: $820
-
Cap Rate: 5.10% (Attractive yield for Miami-Dade)
-
Occupancy: 100% (Single-Tenant)
-
Tenant: CVS Health Corp / Navarro Discount Pharmacy
-
Lease Structure: NN (Landlord responsible for Roof, Structure, and Parking Lot)
-
Renovation Year: 2024 (Complete Gut Renovation)
-
Total Building Size: 23,519 SF
-
Lot Size: 1.95 Acres (Significant intrinsic land value)
Strategic Location & Market Dominance
This property is situated on a major retail thoroughfare directly adjacent to high-profile national tenants. Its location on the border of Coral Gables places it within one of the most affluent submarkets in the United States.
-
Unmatched Accessibility: High-traffic visibility with ample parking (1.95 acres).
-
Demographic Strength: Surrounded by high-income households within a 5-mile radius.
-
Development Potential: The oversized lot provides significant long-term upside in a land-constrained Miami market.
Lease Abstract & Passive Income Profile
The lease is structured to provide stability and consistent growth, backed by a Corporate Guarantee from a pharmacy giant.
-
Current Annual Rent: $916,522.66
-
Lease Term: Brand new 15-year primary term (Commenced April 2024).
-
Expiration Date: April 1, 2039.
-
Renewal Options: Eight (8) five-year periods.
-
Rent Escalations: 5% increases at each option term to hedge against inflation.
-
Below-Market Rent: Current rent is positioned below market value, offering future upside potential.
Core Investment Highlights
-
Corporate Credit Security: Guaranteed by CVS Health Corporation, a Fortune 500 leader.
-
2024 Capital Improvements: The building underwent a 100% complete gut renovation, minimizing immediate CAPEX requirements for a new owner.
-
Fee Simple Ownership: Full ownership of both the 23,344 Net Rentable Square Feet and the underlying 1.95 acres.
-
Income Tax Advantage: Florida’s status as a tax-free state makes this a premier destination for 1031 Exchange investors.
Why Choose This Asset?
In a volatile market, the combination of essential retail (Pharmacy/Drug Store), a 2024 renovation, and a Miami/Coral Gables location creates a "flight to quality" asset. This is a "set-and-forget" investment for savvy portfolios seeking reliable cash flow with strong corporate backing.
Quick Glance
- Listing ID:
CL-Florida-26235
- Status:
Active
- Year Build:
2024
- Building Size:
23,519 SqFt
- Lot Size:
1.95 Acre