245 Military Trl West Palm Beach, FL 33415-3136
- Drug stores
- 14,556 SF
- 1.82 lot acres
Current Use by Public Records
- CVS Pharmacy / Pharmacy
- CVS / Cosmetics Store / Greeting Card Shop
- MoneyGram / Money Transfer Service
- Citibank ATM / Atm
- Coinhub Bitcoin ATM Teller / Atm
Property Details for 245 Military Trl
- Year built
- 2002
- Construction
- CONCRETE
- Lot size
- 1.82 lot acres
- Property size
- 14,556 SF
- Zone code
- UC
- Property type
- Drug stores
- APN
- 00-42-44-01-27-002-0010
- APU
- 424401270020010
Description
This exceptional investment opportunity presents a 12,739 square foot CVS Pharmacy located at 245 South Military Trail, West Palm Beach, Florida, 33415. The property sits on a 1.82-acre lot at a highly trafficked signalized intersection, boasting an absolute NNN lease with a corporate guarantee from CVS Health, a Fortune 500 company. The lease, originally commencing February 1, 2002, has a remaining term of approximately two years, with five 5-year options remaining, each including a 2% rent increase. The current asking price is $6,100,000, representing a price per square foot of $478.84 and a 5.11% cap rate. The property's Net Operating Income (NOI) is $311,446, reflecting a 100% occupancy rate. Built in 2002, this strategically located retail asset benefits from its proximity to major employers, substantial residential areas, and numerous established retailers within a one-mile radius, including The Mall at Wellington Green and other prominent brands. The location enjoys high consumer spending on healthcare within a five-mile radius, exceeding $165 million annually, serving a population exceeding 334,988. This investment offers a secure, high-yield opportunity with a strong tenant and significant upside potential.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $6,310,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $5,740,000
- 6.5%
- $5,635,000
- 7%
- $5,305,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $6,485,000
- Geo Method
- $5,055,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $5,465,000
- Retail
- $4,815,000
- Mixed-Use
- $5,890,000
- Hospitality
- $4,925,000
- Educational
- $5,445,000
- Residential Income
- $5,760,000
- Energy
- $4,870,000
- Income-Based Land
- $5,745,000
- Food Service
- $5,175,000
Location Insight
- Map
- Local Demand
- City
- West Palm Beach
- County
- Palm Beach
- State
- Florida
- Longitude
- -80.113
- Latitude
- 26.6741
- CBSA code
- 33100
- CBSA name
- MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA
