591 79th St Miami, FL 33138-4516

Property Details for 591 79th St

Year built

1954

Lot size

1.41 lot acres

Property size

15,945 SF

Zone code

6100:COMMERCIAL,NEIGHBRHD

Property type

Outlet malls

APN

01-3207-022-0030

APU

132070220030

Description

This exceptional investment opportunity presents a fee-simple interest in a prime Miami location, home to a thriving CVS Pharmacy. The property boasts a 14,662 square-foot building on a 1.41-acre lot, featuring 45 parking spaces. This single-tenant, absolute NNN lease with CVS Pharmacy offers significant long-term stability, with 15 years remaining on the base term and five additional 5-year options, each including a 12.5% rent increase. The property, built in 2015, enjoys a 100% occupancy rate, generating a substantial NOI of $450,000 and a 4.75% cap rate. Situated at a signalized intersection on two major Miami arteries, this location benefits from exceptional visibility and high traffic counts exceeding 65,000 vehicles per day. The property's strategic placement within a densely populated area, with nearly half a million residents within a 5-mile radius, ensures consistent high demand. The property is zoned T6-8-O (Urban Core Zone) in Miami-Dade County, a rapidly growing region with over 2.7 million residents and projected growth to 3 million by 2025. This CVS location is ranked among the top 5% nationally, reflecting its exceptional performance and strong market position. The lease commenced July 1, 2014, and expires January 31, 2040. The asking price is $9,473,685.