$3,300,000
NN Walgreen’s Sale
1845 Alton Road Miami Beach, FL 33139 Property Type: Retail Listing Status: SoldOpportunity to own an irreplaceable piece of South Beach real estate for approximately half the $/PSF of the most recently concluded sales in area.
NN Walgreen's Sale Details
This is an opportunity to own an irreplaceable piece of South Beach real estate for approximately half the $/PSF of the most recently concluded sales in area. Huge future upside here for a retail property fronting a hard corner of Alton Road, South Beach’s primary north–south artery with a traffic count of over 40,000 cars per day. South Miami Beach has less than a handful of underdeveloped retail properties, and we believe this to be one of the most compelling. This property has NN lease with a percentage rent overage from an A+ credit tenant, allowing near term increases in rent as sales continue to trend upward. Future redevelopment opportunities give this property huge upside potential once the existing tenant’s lease expires or if they terminate early.
- Price: $3,300,000
- Listing Type:Commercial
- Property Type:Retail
NN Walgreen's Sale Property Additional details
- LOCATION: Free-standing Walgreens store located in Miami Beach, FL on the corner of 19th Street and Alton Road.
- FOLIO NUMBER: 02-3233-012-0070
- LEASE TERM: 40-year lease (rent commencement 1988) with +/- 19 years remaining on lease
- TENANT: Walgreen Co. Established tenant considered to be the leader in innovative drugstore retailing. As of August 2009, Walgreens Co. had a net worth in excess of $30 billion and currently holds an S&P rating of A+ as well as a long term rating of A2 by Moody's.
- LEASE TYPE: NN
- BUILDING SIZE: ±13,694 SF
- LAND AREA: ±31,920 SF
- YEAR BUILT: 1988
- PARKING: 38 spaces
- RENT: Trailing 12 months Rent was $182,750
- CLOSING DATE: April 28, 2010
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