983 Washington Ave
Miami Beach, FL 33139
CVS Washington Avenue- PRICE REDUCTION · Retail Property For Sale

Marcus & Millichap is proud to market the CVS Washington Avenue new construction net-leased pharmacy building located in the heart of world famous South Beach, FL. The two-story trophy property sits on the northeast hard corner of 10th street and Washington Avenue just two blocks west of Ocean Drive and the Beach. This is a rare Miami Beach single-tenant property that was gut renovated and will be finished with construction in April 2017. There are 17.5 years remaining on a 20-year initial lease term with four options to extend for five years each. The lease has incredibly rare 5% base rental increases every 5 years in the initial term of the lease, and 10% base rental increases in each option period. This allows an investor to benefit from real rental growth over the term of the lease. The lease is guaranteed by Holiday CVS, LLC a very large subsidiary of CVS Pharmacy Inc. CVS Pharmacy has historically had very high sales volume on Miami Beach and has been aggressively opening new stores in order to accommodate the sales demand from the growing tourist and locals population on the Island. This new two story concept is being designed by well know architect Kobi Karp and will stand out in the CVS national portfolio as one of the new concept stores that are intended to concentrate on high end products. The CVS lease is NNN with the landlord only responsible for the structure, which is brand new. The roof and all other expenses are the direct responsibility of the tenant CVS. This is ideal investment for a Buyer looking for long term management free income with the rare opportunity to have base rental increases during the initial term of the lease.