1200 Fl-7 Margate, FL 33063

Property Details for 1200 Fl-7

Year built

1984

Lot size

1.71 lot acres

Property size

12,739 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a freestanding, single-tenant CVS Pharmacy building in Margate, Florida. The property boasts 12,739 square feet on a 1.71-acre lot, offering a strong 6.00% cap rate. Leased to CVS Pharmacy under an absolute NNN lease with a corporate guarantee from Holiday CVS, L.L.C., the lease commenced October 24, 2024, and expires October 23, 2029, with a remaining term of approximately 4.9 years. Rent increases of 1.5% every five years are built into the lease. The property benefits from a prime location in a dense retail corridor with low vacancy rates, proximity to major shopping centers (Coconut Creek Plaza and Lakewood Mall), and a high population density (384,284 residents within 5 miles). The building, constructed in 1984, features a drive-thru pharmacy, adding to its operational efficiency and appeal. This is a fee-simple ownership opportunity with minimal landlord responsibilities, making it an ideal passive income investment. The property's strong tenant, favorable lease terms, and strategic location combine to create a compelling investment proposition in a thriving Florida market. The property is located at 1200 FL-7, Margate, FL 33063. The Net Operating Income (NOI) is $403,779, and the asking price is $6,729,650, resulting in a price per square foot of $528.27. The property is situated in Broward County, a high-growth area of Florida, known for its strong economy and favorable business climate. The location benefits from high traffic counts on a signalized corner. The area also boasts a significant student population due to the proximity of Atlantic Technical College. Florida's no-income-tax status further enhances the investment's attractiveness.

Location Insight

City

Margate

County

Broward

State

Florida

Longitude

-80.2042

Latitude

26.2551