Freestanding CVS Pharmacy in
For Sale
Contact for pricing
3700 NW 199th St, Miami Gardens, FL
Single-tenant CVS with Absolute NNN lease in Miami Gardens.
Property Size15,114 SF
Lot Size1.59 Acres
Price / SF$402.94
Days on Market499
Property Features for 3700 NW 199th St
General Information
Standard status
Active
Size
15,114 SF
Lot size
1.59 Acres
Property subtype
RETAIL
Listing Agency:
Current Real Estate Advisors
Listed By:
Alejandro Snyder · License #BK3386095
(305) 783-8890
Source:
Moodyscre
Added: Apr 30, 2025
Changed: Aug 14
Last Checked: Sep 9 at 5:29PM
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 Current Real Estate Advisors
Investment Insights
Based on property information with market context.
This freestanding, single-tenant property is leased to CVS Pharmacy and is situated on a 1.55-acre parcel. The property is located in the core of the Miami MSA. The building has a size of approximately 15,114 square feet. The property is under an Absolute NNN lease, with no landlord responsibilities. Approximately 6 years remain on the initial lease term, complemented by 10, 5-year renewal options.
Key Highlights
- Absolute NNN lease provides a passive income stream with no landlord responsibilities.
- Leased to CVS Pharmacy (NYSE: CVS), a leading pharmacy brand, offering tenant security.
- Strategic location in the core of the Miami MSA.
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
$207,848
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
3.41%
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%
$4,156,960
$4.2M
Cap Rate 7%
$2,969,257
$3.0M
Cap Rate 9%
$2,309,422
$2.3M
Market Conditions
NOI Build-Up for 15,114 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
$290.2K $19.20/SF
− Vacancy
−$13.1K −$0.86/SF
EGI
$277.1K $18.34/SF
− OpEx
−$69.3K −$4.58/SF
NOI
$207.8K $13.75/SF
Area
Miami Gardens, FL
Vacancy
4.50%
Lease Rate
$19.20 /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%
$4,156,960
Cap Rate 7%
$2,969,257
Cap Rate 9%
$2,309,422
Alternative Uses
Best Use
Specialty Retail
$2.97M
$2.60M – $3.46M
NOI $207,848 @ 7.0% cap · market cap 3.41%
Second Best
Retail
$2.62M
$2.29M – $3.06M
NOI $183,562 @ 7.0% cap · market cap 3.01%
Theoretical Best
Office A
$4.50M
$3.94M – $5.25M
NOI $314,975 @ 7.0% cap · market cap 5.17%
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
1,491
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Similar Off Market Nearby
- Andrew L. Hoang, PharmD — 6301 SW 41st St, Miramar, FL 33023
- Vickie Dewitt, RPH — 6301 SW 41st St, Miramar, FL 33023
- all you need beauty suply — 3056 S State Rd 7 Suite #27, Miramar, FL 33023
- Xpresso Pharmacy — 6305B Miramar Pkwy, Miramar, FL 33023
- Herbalife — 6142 Miramar Pkwy, Miramar, FL 33023
Frequently Asked Questions
What type of property is this?
Drug store - Single-tenant CVS with Absolute NNN lease in Miami Gardens.
Where is this drug store located?
The property is located at 3700 NW 199th St Miami Gardens, FL.
What is the asking price?
The asking price for this property is $6,090,000.
What are key features of this property?
This property features: Absolute NNN lease provides a passive income stream with no landlord responsibilities.; Leased to CVS Pharmacy (NYSE: CVS), a leading pharmacy brand, offering tenant security.; Strategic location in the core of the Miami MSA.
