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Drug Store

Walgreens NNN Ground Lease | Trophy Location | Miami

16795 S Dixie Hwy, Palmetto Bay, FL 33157

Listing Price: $6,671,428

Cap Rate
7.00%
Tenant Name
Walgreens
Years Remaining On Lease
7.0
Gross SF
13,000
Guarantor
Corporate Guarantee
Rentable SF
13,000
Price/Gross SF
$513.19
Lease Type
Absolute Net
Rent Per Square Feet
$35.92

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale this absolute net-leased
Walgreens located at 16795 S. Dixie Highway in Palmetto Bay, Florida. Positioned
along U.S. Highway 1, a major thoroughfare traversing the state, the property is just
25 miles south of Downtown Miami, offering excellent visibility and accessibility. The
subject property features a 13,000-square-foot free-standing building with a drivethru,
situated on a large 1.15-acre parcel of land.
Strategically located at the hard signalized intersection of SW 168th Street and US
Highway 1, this property enjoys exceptional visibility to over 69,200 vehicles daily
traveling along this major thoroughfare. US-1 serves as a vital retail corridor in
Palmetto Bay, characterized by a diverse mix of national and regional tenants, robust
consumer traffic, and proximity to affluent residential neighborhoods. The corridor
anchors significant commercial activity, making it a prime destination for shopping,
dining, and services in the area.
This Walgreens is situated within a dense and affluent market, with more than
117,273 full-time residents within a 3-mile radius and an average household income
exceeding $117,812. The immediate trade area features a strong mix of high-profile
national and regional tenants, including El Car Wash, Taco Bell, 7-Eleven, Tires Plus,
Burger King, Krispy Kreme, Dunkin’, Marshalls, McDonald’s, and more. Additionally,
the area has a high concentration of car dealerships that further drive traffic to the
site, including Land Rover of South Dade, Lamborghini South Dade, Infiniti of South
Miami, Miami Acura, Volkswagen, and others.
The property is also conveniently located near Jackson South Medical Center, a
leading healthcare facility with 230 beds, offering comprehensive medical services
to the community. Additionally, Baptist Health Urgent Care | Palmetto Bay is situated
nearby, enhancing the area’s appeal as a healthcare hub.
Walgreens entered into a brand-new 25-year absolute net ground lease in 2007, with
the initial term extending through January 31, 2032. The lease includes ten five-year
renewal options, featuring attractive rent increases, providing long-term stability and
income growth potential.
Walgreens Boots Alliance (NASDAQ: WBA) is a publicly traded company and a leading
retail pharmacy chain in the United States. In fiscal year 2024, Walgreens reported
revenues of $147.66 billion, a 6.17% increase from the previous year, demonstrating
its substantial market presence. The company operates approximately 12,712 stores
across all 50 states, the District of Columbia, Puerto Rico, and Guam, employing
around 312,000 people. Beyond its retail operations, Walgreens manages worksite
health centers, home care facilities, and specialty and mail-service pharmacies,
underscoring its diversified role in the healthcare sector.

Investment Highlights

  • Walgreens Corporate Guarantee (NYSE: WBA)
  • Absolute NNN Ground Lease | Zero Landlord Responsibility
  • Hard Signalized Corner with Great Visibility | Visible to over 69,200 vehicles/day
  • Dense and Affluent Market | AHHI Exceeds $117,812 in 3-Mile Radius
  • Proximity to Baptist Health Urgent Care and Numerous other Health Facilities
  • Drive-Thru Pharmacy
  • Florida Is a No Income Tax State

Exclusively Listed By

Drug Store

Walgreens NNN Ground Lease | Trophy Location | Miami

Listing Price: $6,671,428

Cap Rate
7.00%
Tenant Name
Walgreens
Years Remaining On Lease
7.0
Gross SF
13,000
Guarantor
Corporate Guarantee
Rentable SF
13,000
Price/Gross SF
$513.19
Lease Type
Absolute Net
Rent Per Square Feet
$35.92

Investment Highlights

  • Walgreens Corporate Guarantee (NYSE: WBA)
  • Absolute NNN Ground Lease | Zero Landlord Responsibility
  • Hard Signalized Corner with Great Visibility | Visible to over 69,200 vehicles/day
  • Dense and Affluent Market | AHHI Exceeds $117,812 in 3-Mile Radius
  • Proximity to Baptist Health Urgent Care and Numerous other Health Facilities
  • Drive-Thru Pharmacy
  • Florida Is a No Income Tax State

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale this absolute net-leased Walgreens located at 16795 S. Dixie Highway in Palmetto Bay, Florida. Positioned along U.S. Highway 1, a major thoroughfare traversing the state, the property is just 25 miles south of Downtown Miami, offering excellent visibility and accessibility. The subject property features a 13,000-square-foot free-standing building with a drivethru, situated on a large 1.15-acre parcel of land. Strategically located at the hard signalized intersection of SW 168th Street and US Highway 1, this property enjoys exceptional visibility to over 69,200 vehicles daily traveling along this major thoroughfare. US-1 serves as a vital retail corridor in Palmetto Bay, characterized by a diverse mix of national and regional tenants, robust consumer traffic, and proximity to affluent residential neighborhoods. The corridor anchors significant commercial activity, making it a prime destination for shopping, dining, and services in the area. This Walgreens is situated within a dense and affluent market, with more than 117,273 full-time residents within a 3-mile radius and an average household income exceeding $117,812. The immediate trade area features a strong mix of high-profile national and regional tenants, including El Car Wash, Taco Bell, 7-Eleven, Tires Plus, Burger King, Krispy Kreme, Dunkin’, Marshalls, McDonald’s, and more. Additionally, the area has a high concentration of car dealerships that further drive traffic to the site, including Land Rover of South Dade, Lamborghini South Dade, Infiniti of South Miami, Miami Acura, Volkswagen, and others. The property is also conveniently located near Jackson South Medical Center, a leading healthcare facility with 230 beds, offering comprehensive medical services to the community. Additionally, Baptist Health Urgent Care | Palmetto Bay is situated nearby, enhancing the area’s appeal as a healthcare hub. Walgreens entered into a brand-new 25-year absolute net ground lease in 2007, with the initial term extending through January 31, 2032. The lease includes ten five-year renewal options, featuring attractive rent increases, providing long-term stability and income growth potential. Walgreens Boots Alliance (NASDAQ: WBA) is a publicly traded company and a leading retail pharmacy chain in the United States. In fiscal year 2024, Walgreens reported revenues of $147.66 billion, a 6.17% increase from the previous year, demonstrating its substantial market presence. The company operates approximately 12,712 stores across all 50 states, the District of Columbia, Puerto Rico, and Guam, employing around 312,000 people. Beyond its retail operations, Walgreens manages worksite health centers, home care facilities, and specialty and mail-service pharmacies, underscoring its diversified role in the healthcare sector.

Exclusively Listed By

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