Drug Store
Walgreens
120 S Powerline Rd, Deerfield Beach, FL 33442
Listing Price: $9,000,000
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a 16,510-square-foot Walgreens located at 120 South Powerline Road in Deerfield Beach, Florida. The property is situated on approximately 2.3 acres and is offered at $9,000,000, representing a 6.45% cap rate on current annual NOI of $580,000. Walgreens operates under an absolute NNN lease with approximately 11 years remaining through October 31, 2037, providing investors with a passive ownership structure and zero landlord responsibilities. The lease is backed by a corporate Walgreens guaranty.
Walgreens has operated at the location since the lease commenced in October 2012. In addition to the remaining initial lease term, the lease includes 50 successive one-year renewal options, providing the potential for a long-term income stream. The property features a freestanding, drive-thru drugstore positioned on an oversized parcel, offering substantial underlying land acreage relative to the building footprint.
The property is positioned along the Powerline Road corridor in Northern Broward County, with access to both I-95 and the Florida Turnpike. The surrounding trade area includes a concentration of national retailers and daily-needs destinations, with nearby retailers identified in the OM including Target, Publix, Aldi, Sprouts Farmers Market, Ross Dress for Less, Hobby Lobby, Petco, Starbucks, Chick-fil-A, Burlington and Five Below. The location benefits from a dense surrounding population, including approximately 137,156 residents within three miles and 345,174 residents within five miles.
The surrounding demographics further support the location, with 2025 average household income of $107,584 within five miles, projected by the OM to increase to approximately $122,118 by 2030. Combining a corporate-guaranteed absolute NNN lease, approximately 11 years of remaining term, a sizable 2.3-acre South Florida parcel and a dense Broward County trade area, the offering provides investors with a long-term net-leased investment in an established infill market.
Walgreens
Investment Highlights
- Walgreens Corporate Guaranty – Lease backed by Walgreens at the corporate level
- Absolute NNN Lease – Zero landlord responsibilities, providing passive ownership.
- Approximately 11 Years Remaining – Current lease term extends through October 31, 2037.
- $580,000 Annual NOI – Offered at $9,000,000 / 6.45% cap rate.
- Large 2.3-Acre Parcel – Improved with a 16,510-square-foot freestanding drive-thru Walgreens
- Dense Broward County Trade Area – Approximately 137,156 residents within three miles and 345,174 within five miles
Exclusively Listed By
Listing Price: $9,000,000
Investment Highlights
- Walgreens Corporate Guaranty – Lease backed by Walgreens at the corporate level
- Absolute NNN Lease – Zero landlord responsibilities, providing passive ownership.
- Approximately 11 Years Remaining – Current lease term extends through October 31, 2037.
- $580,000 Annual NOI – Offered at $9,000,000 / 6.45% cap rate.
- Large 2.3-Acre Parcel – Improved with a 16,510-square-foot freestanding drive-thru Walgreens
- Dense Broward County Trade Area – Approximately 137,156 residents within three miles and 345,174 within five miles
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a 16,510-square-foot Walgreens located at 120 South Powerline Road in Deerfield Beach, Florida. The property is situated on approximately 2.3 acres and is offered at $9,000,000, representing a 6.45% cap rate on current annual NOI of $580,000. Walgreens operates under an absolute NNN lease with approximately 11 years remaining through October 31, 2037, providing investors with a passive ownership structure and zero landlord responsibilities. The lease is backed by a corporate Walgreens guaranty. Walgreens has operated at the location since the lease commenced in October 2012. In addition to the remaining initial lease term, the lease includes 50 successive one-year renewal options, providing the potential for a long-term income stream. The property features a freestanding, drive-thru drugstore positioned on an oversized parcel, offering substantial underlying land acreage relative to the building footprint. The property is positioned along the Powerline Road corridor in Northern Broward County, with access to both I-95 and the Florida Turnpike. The surrounding trade area includes a concentration of national retailers and daily-needs destinations, with nearby retailers identified in the OM including Target, Publix, Aldi, Sprouts Farmers Market, Ross Dress for Less, Hobby Lobby, Petco, Starbucks, Chick-fil-A, Burlington and Five Below. The location benefits from a dense surrounding population, including approximately 137,156 residents within three miles and 345,174 residents within five miles. The surrounding demographics further support the location, with 2025 average household income of $107,584 within five miles, projected by the OM to increase to approximately $122,118 by 2030. Combining a corporate-guaranteed absolute NNN lease, approximately 11 years of remaining term, a sizable 2.3-acre South Florida parcel and a dense Broward County trade area, the offering provides investors with a long-term net-leased investment in an established infill market.
Exclusively Listed By
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