Walgreens 13698 SW 8th St 17,471 SF Retail Building Miami, FL 33184 $9,621,818 ($550.73/SF) 5.50% Cap Rate

Marcus & Millichap is pleased to exclusively present for sale this absolute net leased Walgreens located at 13698 SW 8th Street in Miami, Florida. Situated along Southwest 8th Street (Tamiami Trail) — one of Miami’s most heavily traveled corridors — this property benefits from exceptional visibility, accessibility, and intrinsic land value. The site is positioned at a hard signalized corner with exposure to over 120,000 vehicles per day, serving as a key retail artery connecting Miami’s western suburbs to Downtown.
The property features a 17,471-square-foot freestanding Walgreens with a drive-thru pharmacy, situated on a 2.45-acre parcel.
Strategically located in the heart of Miami-Dade County, this Walgreens is surrounded by dense residential developments and an established commercial trade area. The property serves a population exceeding 442,000 residents within the immediate area and is part of the Miami Metropolitan Area, home to more than 6.46 million people. The site benefits from proximity to numerous apartment communities, including Sunset Way Apartments, Legacy Lakeside, Casa Vera Apartments, Alexan Kendall, and Waterford Landing, which continuously drive customer traffic.
The property is also near several major educational institutions, including Florida National University (2,750 students), Miami Dade College (100,000 students), and Doral College (6,900 students), as well as prominent new home developments such as Village Homes at The Meadows, Lennar at Gardens by the Hammocks, and Canarias CC Homes. Located less than 20 miles from Downtown Miami, this Walgreens enjoys connectivity to major employment hubs and affluent suburban communities.
Originally constructed in 2000, the asset is secured by a new 15-year corporateguaranteed NNN lease that commenced on February 23, 2023, and extends through February 28, 2038. The lease includes 5 percent rent increases every five years and twelve (12) five-year renewal options, providing long-term income stability and attractive growth potential. This absolute NNN ground lease offers zero landlord responsibilities, making it an ideal passive investment opportunity backed by Walgreens’ corporate guarantee.
Walgreens is a privately held American pharmacy store chain headquartered in Deerfield, Illinois. As one of the largest retail pharmacy operators in the United States, Walgreens maintains a strong national presence with more than 8,700 locations across all 50 states, the District of Columbia, Puerto Rico, and Guam. The company employs over 300,000 team members and serves millions of customers daily through its extensive network of retail stores, specialty and mail-service pharmacies, and healthcare service centers. Beyond its retail operations, Walgreens continues to expand its integrated healthcare strategy, managing worksite health centers, home care services, and digital pharmacy platforms, underscoring its leadership and stability in the healthcare sector.