Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a net leased investment consisting of a corporate-occupied CVS Pharmacy. It is located at 5748 SW 40th Street (Bird Road), a primary east-west thoroughfare in Miami’s affluent Bird Road / Coral Gables trade area. This CVS is subject to an absolute net ground lease with 13+ years remaining, (9) 5-year options on its primary term with 7.5% rental increases during each option term, offering a long-term, credit-backed revenue stream. It is a well-established store that has operated at this location since 2014. The offering provides significant long-term value as the lease is guaranteed by corporate CVS, the store is open 24 hours a day, 7 days a week, and the rent structure includes contractual step-ups throughout the option periods. The subject property features a 14,489 SF building constructed in 2014. It is situated on an oversized 2.13 AC parcel of land with approx. 400 linear feet of frontage on Bird Road. The site includes a pharmacy drive-thru, excellent visibility, ample parking, and high-visibility signage along SW 40th Street / Bird Road (50,000+ VPD). It is located at a signalized intersection with SW 57th Avenue (14,000+ VPD), providing two points of access and strong frontage along one of Miami’s most established retail corridors. This CVS is in the neighborhood’s primary retail corridor, benefiting from strong traffic counts along major routes and immediate co-tenancy with neighboring retailers including Milam’s Market, Walgreens, Ace Hardware, and the recently recapitalized Red Bird Shopping Center. The area has a population of 13,271 within a 1-mile radius, 183,254 within a 5-mile radius, and 452,563 within a 10-mile radius, with AHHIs of $166,265, $125,534, and $110,057, respectively. Miami remains one of the strongest-performing metropolitan markets in the United States, and the immediate Bird Road corridor is a high-income infill location bordering Coral Gables and South Miami, supported by limited new retail supply, dense surrounding residential neighborhoods, and continued reinvestment along this established commercial spine. CVS Pharmacy—a wholly owned subsidiary of CVS Health Corporation—is one of the world’s largest pharmacy and healthcare companies, with approximately 9,000 U.S. retail locations. Backed by a BBB investment-grade credit rating (S&P) and more than $400 billion in annual system-wide revenue, the brand offers institutional-grade investment security.