Listing Summary
Presenting a prime investment opportunity to acquire a single-tenant CVS/Navarro Pharmacy located on a large lot just outside of Coral Gables, one of Miami-Dade County's most affluent submarkets.
Full Description
Exclusive Investment Offering: Navarro Discount Pharmacy (CVS Health Corp)
2120 SW 32nd Avenue, Miami, FL 33145
Manny Chamizo III and ONE Sotheby’s International Realty are proud to present an exceptional institutional-grade investment opportunity: a premier single-tenant retail asset strategically positioned on the threshold of the Coral Gables Central Business District.
Currently occupied by Navarro Discount Pharmacy—a subsidiary of the global powerhouse CVS Health Corporation—this property represents a secure, high-yield acquisition in one of the most affluent and resilient submarkets in Miami-Dade County.
Investment Highlights & Asset Overview
This offering features a freestanding, high-visibility retail building encompassing 23,344 square feet of rentable area. What sets this asset apart is its massive underlying land value; the building sits on a sprawling 1.95-acre parcel (nearly 2 full acres), providing significant future intensification or redevelopment potential in a land-constrained market.
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Established Corporate Guarantee: The lease is backed by the credit of CVS Health Corporation, ensuring a stable and reliable income stream.
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Recent Capital Improvements: The property underwent extensive renovations in 2024, minimizing immediate deferred maintenance and ensuring the facility meets modern retail standards.
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Strategic Location: Situated along a major thoroughfare adjacent to top-tier national retailers, the site benefits from high traffic counts and the superior demographics of the surrounding 5-mile radius.
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Tax-Advantaged Growth: Located in Florida, a state with no state income tax, making it an ideal "hands-off" addition to a national or international portfolio.
Lease Structure & Financials
The investment is anchored by a brand-new 15-year lease that commenced on April 1, 2024, signaling a deep, long-term commitment from the tenant to this specific location.
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Strong Yield: Offered at a 4.75% CAP rate, with current rent levels positioned below market value, providing an investor with built-in "mark-to-market" upside.
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Long-Term Security: Beyond the initial 15-year term, the lease includes eight (8) renewal options of five years each, potentially extending the tenancy for a total of 55 years.
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Rent Growth: The lease features 5% rental escalations at the start of every option period, serving as an effective hedge against inflation.
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Passive Ownership: Under the Absolute NN structure, the tenant manages the interior, fixtures, equipment, taxes, and insurance, while the landlord maintains the core envelope (roof, structure, and parking lot).
Detailed Lease Abstract
| Category |
Data |
| Tenant |
Navarro Discount Pharmacy (CVS Health Corp) |
| Address |
2120 S.W. 32nd Avenue, Miami, FL 33145 |
| Building Size (RBA) |
23,344 SF |
| Total Land Area |
1.95 Acres |
| Lease Expiration |
April 1, 2039 (15 Years Remaining) |
| Current Annual Rent |
$916,522.66 |
| Rent Per SF (Annual) |
$39.26 |
| Renewal Options |
8 Periods (5-Years Each) |
| Rent Increases |
5% at each option |
The Opportunity
This is a rare chance to acquire a significant footprint on the edge of "The City Beautiful." Whether you are looking for a stable 1031 exchange vehicle or a strategic land-bank opportunity with a high-credit tenant paying your carrying costs, 2120 SW 32nd Avenue delivers on every metric.
Quick Glance
- Listing ID:
CL-Florida-26235
- Status:
Active
- Year Build:
2024
- Building Size:
23,519 SqFt
- Lot Size:
1.95 Acre