255 State Rd Margate, FL 33068
- Retail properties
- 11,169 SF
- 0.92 lot acres
Current Use by Public Records
- Retail properties
Property Details for 255 State Rd
- Year built
- 2002
- Lot size
- 0.92 lot acres
- Property size
- 11,169 SF
- Property type
- Retail properties
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a free-standing, 11,169-square-foot CVS Pharmacy in Margate, Florida, within the Miami MSA. The property sits on a 0.92-acre lot and benefits from a 25.5-year absolute NNN lease with a corporate guarantee from CVS Health Corporation, rated BBB+ by S&P. The lease commenced July 25, 2002, and has a remaining term of approximately 3.2 years, with 10 option periods. The property boasts a 7.58% cap rate and a strong NOI of $379,025, with a current asking price of $5,000,329 ($447.70/sq ft). Built in 2002, this single-story building enjoys 100% occupancy and benefits from a prime location on a hard-signalized corner with high visibility. The surrounding area features significant residential growth, including numerous apartment complexes and new home communities, along with proximity to HCA Florida Northwest Hospital and Broward College. This offering provides a secure, passive income stream in a thriving market with zero landlord responsibilities, making it an ideal addition to any investment portfolio. The property is located at 255 S State Rd 7, Margate, FL 33068. The strong demographics of the area, including a population of over 58,712 in Margate and over 6 million in the Miami Metropolitan Area, further enhance the investment potential. The property offers fee simple ownership, allowing for depreciation benefits. Florida's no-income-tax status adds to the overall attractiveness of this investment.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Margate
- County
- Broward
- State
- Florida
- Longitude
- -80.2055
- Latitude
- 26.2277
