CVS Pharmacy with
New
For Sale
$8,825,000
5748 SW 40th St, Miami, FL 33155
The corporate-occupied store operates around the clock under an absolute net ground lease.
Property Size14,889 SF
Lot Size2.13 Acres
Price / SF$592.72
Days on Market2
Property Features for 5748 SW 40th St
General Information
Standard status
Active
Size
14,889 SF
Lot size
2.13 Acres
Property subtype
Drug Store
Site & Location
Drive-Thru
Yes
Road Access
Yes
Tenancy & Operations
Currently Operating
Yes
Tenant in Place
Yes
Additional Details
Cap Rate
5.1%
Amenities
LONG TERM ABSOLUTE NET GROUND LEASE-24 HOUR STORE: Zero Landlord Responsibilities – 13+ Years Remain on Primary Term
CORPORATE GUARANTEE: Investment Grade Tenant – BBB Rating (S&P)
HEDGE AGAINST INFLATION: 7.5% Rent Increases Every 5 Years During Options
DENSE, AFFLUENT SURROUNDING AREA: 13,000+ People W/ $166,265 AHHI Within 1 MI
LOCATED IN RETAIL CORRIDOR: Neighboring Retailers Include: Milam's Market, Walgreens & Red Bird Shopping Center
EXCELLENT VISIBILITY & ACCESS: 3 Access Points & Est. 400 FT of Linear Frontage on Bird Rd (50,000+ VPD)
OVERSIZED PARCEL – STRONG RESIDUAL VALUE: 92,929 SF of Land (2.13 AC)
Building Details
Building Size
14,889 SF
Year Built
2014
Buildings
1
Tenancy
Single
Listing Agency:
Marcus & Millichap
Listed By:
Scott Sandelin · License #License(s): FL: SL636794
(786) 522-7009
Source:
Marcusmillichap
Added: Oct 24
Last Checked: Oct 24 at 2:35PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
A CVS Pharmacy occupies this 2014-built property at 5748 SW 40th Street in Miami. The store includes a pharmacy drive-thru and operates 24 hours a day, seven days a week. The absolute net ground lease has 13+ years remaining, followed by nine 5-year options. CVS provides the corporate lease guarantee, and rent increases by 7.5% during each option term.
The 2.13-acre site has approximately 400 linear feet of frontage on Bird Road, which carries 50,000+ VPD. At the signalized intersection with SW 57th Avenue, where traffic is 14,000+ VPD, the property has two access points. Nearby retailers include Milam’s Market, Walgreens, Ace Hardware, and Red Bird Shopping Center. The location is in the Bird Road / Coral Gables trade area.
The 2.13-acre site has approximately 400 linear feet of frontage on Bird Road, which carries 50,000+ VPD. At the signalized intersection with SW 57th Avenue, where traffic is 14,000+ VPD, the property has two access points. Nearby retailers include Milam’s Market, Walgreens, Ace Hardware, and Red Bird Shopping Center. The location is in the Bird Road / Coral Gables trade area.
Key Highlights
- Absolute net ground lease with corporate CVS guarantee
- 13+ years remain, followed by nine 5‑year options
- 7.5% rent increases during each option term
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$703,512
Cap Rate
7.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$14,070,240
$14.1M
Cap Rate 7%
$10,050,171
$10.1M
Cap Rate 9%
$7,816,800
$7.8M
Market Conditions
NOI Build-Up for 14,889 SF
Gross rent
$952.3K $63.96/SF
− Vacancy
−$14.3K −$0.96/SF
EGI
$938.0K $63.00/SF
− OpEx
−$234.5K −$15.75/SF
NOI
$703.5K $47.25/SF
Area
Miami, FL
Vacancy
1.50%
Lease Rate
$63.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$14,070,240
Cap Rate 7%
$10,050,171
Cap Rate 9%
$7,816,800
Alternative Uses
Best Use
Specialty Retail
$10.05M
$8.79M – $11.73M
NOI $703,512 @ 7.0% cap · market cap 7.97%
Second Best
Retail
$6.94M
$6.07M – $8.10M
NOI $485,764 @ 7.0% cap · market cap 5.50%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
756
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33155, FL
43,695
Population
16,046
Households
2.7
Avg Household Size
45
Median Age
37%
College-Educated
85%
High-School Grad
7.4 sq mi
ZIP Area
5,905
Density / Sq Mi
$79,271
Median Household Income
$41,919
Median Earnings
$1,871
Median Rent
$505,000
Median Home Value
Market
Vacancy Rate% for Retail in Miami, FL
Similar Off Market Nearby
- Passport Health — 6355 NW 36th St, Virginia Gardens, FL 33166
- Capone's Products Inc — 6405 NW 36th St Suite 126, Virginia Gardens, FL 33166
- Walgreens — 655 eldron dr, miami springs, fl 33166
- Teresa A. Moreno, PharmD — 979 Hunting Lodge Dr, Miami Springs, FL 33166
- Farmacia Latina Ideal Miami — 261 Westward Dr, Miami Springs, FL 33166
Frequently Asked Questions
What type of property is this?
Drug store - The corporate-occupied store operates around the clock under an absolute net ground lease.
Where is this drug store located?
The property is located at 5748 SW 40th St Miami, FL.
What is the asking price?
The asking price for this property is $8,825,000.
What are key features of this property?
This property features: Absolute net ground lease with corporate CVS guarantee; 13+ years remain, followed by nine 5‑year options; 7.5% rent increases during each option term
