Miami Walgreens NNN Investment
For Sale
Contact for pricing
11190 SW 88th St, Miami, FL
Absolute NNN leased Walgreens in Miami with a new 15-year lease.
Property Size11,176 SF
Lot Size0.74 Acres
Price / SF$536.86
Days on Market690
Property Features for 11190 SW 88th St
General Information
Standard status
Active
Size
11,176 SF
Lot size
0.74 Acres
Property subtype
RETAIL
Listing Agency:
SRS Industrial - Newport Beach
(949) 698-1100
Listed By:
Matthew Mousavi · License #CA 01732226
(949) 698-1116
Source:
Moodyscre
Added: Nov 29, 2024
Changed: Oct 3
Last Checked: Oct 19 at 6:13AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SRS Industrial - Newport Beach
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This property is an absolute NNN leased Walgreens investment property located in Miami, Florida. The tenant, Walgreens, Inc., recently signed a new 15-year lease with four 5-year options to extend. The lease includes 5% rental increases every 5 years throughout the initial term and at the beginning of each option period. The lease is absolute NNN with zero landlord responsibilities. Walgreens operates nearly 9,000 retail locations across the U.S. and Puerto Rico, serving nearly 9 million customers and patients daily. The property contains 11,176 square feet.
Key Highlights
- Absolute NNN Lease: Enjoy a completely passive, management‑free investment.
- Brand New 15‑Year Lease: Provides long‑term, stable income.
- Rental Increases: Features 5% rental increases every 5 years.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$528,071
Cap Rate
8.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,561,420
$10.6M
Cap Rate 7%
$7,543,871
$7.5M
Cap Rate 9%
$5,867,456
$5.9M
Market Conditions
NOI Build-Up for 11,176 SF
Gross rent
$714.8K $63.96/SF
− Vacancy
−$10.7K −$0.96/SF
EGI
$704.1K $63.00/SF
− OpEx
−$176.0K −$15.75/SF
NOI
$528.1K $47.25/SF
Area
Miami, FL
Vacancy
1.50%
Lease Rate
$63.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,561,420
Cap Rate 7%
$7,543,871
Cap Rate 9%
$5,867,456
Alternative Uses
Best Use
Specialty Retail
$7.54M
$6.60M – $8.80M
NOI $528,071 @ 7.0% cap · market cap 8.80%
Second Best
Retail
$5.21M
$4.56M – $6.08M
NOI $364,625 @ 7.0% cap · market cap 6.08%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,306
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Miami, FL
Similar Off Market Nearby
- Nutripro — 11914 SW 88th St #2010, Miami, FL 33186
- Fast Rx Pharmacy — 11630 N Kendall Dr, Miami, FL 33176
- Walgreens Pharmacy — 11190 SW 88th St, Miami, FL 33176
- Octavio R. Gonzalez, PharmD — 11190 SW 88th St, Miami, FL 33176
- Erlinda Solares — 11190 SW 88th St, Miami, FL 331760901
Frequently Asked Questions
What type of property is this?
Drug store - Absolute NNN leased Walgreens in Miami with a new 15-year lease.
Where is this drug store located?
The property is located at 11190 SW 88th St Miami, FL.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Absolute NNN Lease: Enjoy a completely passive, management‑free investment.; Brand New 15‑Year Lease: Provides long‑term, stable income.; Rental Increases: Features 5% rental increases every 5 years.
