Drive-Through
New
For Sale
$9,000,000
120 S Powerline Rd, Deerfield Beach, FL 33442
A corporate-guaranteed absolute NNN lease has approximately 11 years remaining.
Property Size16,510 SF
Price / SF$545.12
Days on Market2
Property Features for 120 S Powerline Rd
General Information
Standard status
Active
Size
16,510 SF
Property subtype
Drug Store
Lease Type
Absolute Net
Amenities
Walgreens Corporate Guaranty – Lease backed by Walgreens at the corporate level
Absolute NNN Lease – Zero landlord responsibilities, providing passive ownership.
Approximately 11 Years Remaining – Current lease term extends through October 31, 2037.
$580,000 Annual NOI – Offered at $9,000,000 / 6.45% cap rate.
Large 2.3-Acre Parcel – Improved with a 16,510-square-foot freestanding drive-thru Walgreens
Dense Broward County Trade Area – Approximately 137,156 residents within three miles and 345,174 within five miles
Building Details
Building Size
16,510 SF
Listing Agency:
Marcus & Millichap - Fort Lauderdale
Listed By:
Alan Lipsky · License #License(s): FL: SL3279054
(954) 245-3595
Source:
Marcusmillichap
Added: Sep 30
Last Checked: Sep 30 at 2:27PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Fort Lauderdale
Investment Insights
Based on property information with market context.
This freestanding drugstore contains 16,510 square feet on approximately 2.3 acres and includes a drive-through. Walgreens has operated at the site since the lease began in October 2012. The corporate-guaranteed lease is structured as absolute NNN, runs through October 31, 2037, and includes 50 successive one-year renewal options.
Located on South Powerline Road in Deerfield Beach, the property has access to I-95 and the Florida Turnpike. Nearby retail and daily-needs destinations include Target, Publix, Aldi, Sprouts Farmers Market, Ross Dress for Less, Hobby Lobby, Petco, Starbucks, Chick-fil-A, Burlington and Five Below. The surrounding population is approximately 137,156 within three miles and 345,174 within five miles.
Located on South Powerline Road in Deerfield Beach, the property has access to I-95 and the Florida Turnpike. Nearby retail and daily-needs destinations include Target, Publix, Aldi, Sprouts Farmers Market, Ross Dress for Less, Hobby Lobby, Petco, Starbucks, Chick-fil-A, Burlington and Five Below. The surrounding population is approximately 137,156 within three miles and 345,174 within five miles.
Key Highlights
- Absolute NNN lease with corporate Walgreens guaranty
- 16,510‑square‑foot freestanding drugstore on approximately 2.3 acres
- Lease runs through October 31, 2037, with 50 successive one‑year renewal options
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$317,834
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.53%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,356,680
$6.4M
Cap Rate 7%
$4,540,486
$4.5M
Cap Rate 9%
$3,531,489
$3.5M
Market Conditions
NOI Build-Up for 16,510 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$455.7K $27.60/SF
− Vacancy
−$31.9K −$1.93/SF
EGI
$423.8K $25.67/SF
− OpEx
−$105.9K −$6.42/SF
NOI
$317.8K $19.25/SF
Area
Broward County, FL
Vacancy
7.00%
Lease Rate
$27.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,356,680
Cap Rate 7%
$4,540,486
Cap Rate 9%
$3,531,489
Alternative Uses
Best Use
Specialty Retail
$4.54M
$3.97M – $5.30M
NOI $317,834 @ 7.0% cap · market cap 3.53%
Second Best
Retail
$3.99M
$3.49M – $4.65M
NOI $279,171 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$8.38M
$7.33M – $9.77M
NOI $586,335 @ 7.0% cap · market cap 6.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
912
Businesses Nearby
342k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 35%
Shops & Services 25%
Dining 23%
Apparel 10%
Target
Superstores
118,286 visits/mo
0.2 miles
Hobby Lobby
Shops & Services
34,327 visits/mo
0.2 miles
Ross Dress for Less
Apparel
32,912 visits/mo
0.2 miles
Dollar Tree
Shops & Services
30,654 visits/mo
0.5 miles
McDonald's
Dining
29,554 visits/mo
0.3 miles
Demographics for 33442, FL
32,340
Population
21,595
Households
1.5
Avg Household Size
52
Median Age
32%
College-Educated
92%
High-School Grad
6.9 sq mi
ZIP Area
4,687
Density / Sq Mi
$53,413
Median Household Income
$42,035
Median Earnings
$1,952
Median Rent
$231,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Drug store - A corporate-guaranteed absolute NNN lease has approximately 11 years remaining.
Where is this drug store located?
The property is located at 120 S Powerline Rd Deerfield Beach, FL.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: Absolute NNN lease with corporate Walgreens guaranty; 16,510‑square‑foot freestanding drugstore on approximately 2.3 acres; Lease runs through October 31, 2037, with 50 successive one‑year renewal options
