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 Market644
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: Aug 16
Last Checked: Sep 4 at 5:58AM
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
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$528,071
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,306
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in Miami, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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.
