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    23201 SW 112Th Ave Miami, FL 33176

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    NNN leased Walgreens with over 14 years remaining in Homestead.

    Property size:
    14 SF
    Lot size:
    1.40 Acres

    Property Features for 23201 SW 112Th Ave

    General Information

    Standard status
    Active
    Zoning
    BU-1A
    Size
    14 SF
    Lot size
    1.40 Acres

    Building Details

    Year built
    2011

    We can help!

    Listing Contact
    Patrick Nutt
    Source: Crexi

    Listing Agency: SRS Real Estate Partners Tampa Listing Agent: Patrick Nutt

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Walgreens Investment Property For Sale

    This is an opportunity to acquire a fee-simple interest in a Walgreens investment property in Homestead, Florida. The tenant, Walgreens, has over 14 years remaining on their first lease term with 12 (5-year) options to extend. The lease features 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. There are approximately 8,700 Walgreens stores in the United States as of December 2024. The Walgreens is located near the signalized intersection of SW 232nd St. and SW 112th Ave., with average daily traffic of over 31,000 vehicles. The site benefits from nearby direct on/off ramp access to Florida’s Turnpike, which averages over 110,000 vehicles per day. The Walgreens is directly across from a Publix Super Market. The site is located in a dense retail corridor with nearby tenants including CVS Pharmacy, Aldi, Family Dollar, Dollar Tree, McDonald’s, AutoZone, Subway, and Pollo Tropical. The 5-mile trade area is supported by over 229,850 residents and 40,700 employees. Residents within a 1-mile radius have an average household income of $101,806.
    Location Intelligence

    Current Use by Public Records

    TD Bank ATM Atm

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Walgreens Pharmacy, Fitnessology ( Herbalife Distribuitor) #luisafit24, COVID-19 Drive-Thru Testing at Walgreens, Charles Knapp, Shuvi LLC

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.371831
    Latitude
    25.558205

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    FAQs

    What type of property is this?
    Drug store - NNN leased Walgreens with over 14 years remaining in Homestead.
    Where is this drug store located?
    The property is located at 23201 SW 112Th Ave Miami, FL.
    What are key features of this property?
    This property features: - Absolute NNN lease with zero landlord responsibilities, providing a management-free, passive investment.; - Walgreens has over 14 years remaining on the initial lease term with 12 (5-year) options to extend, demonstrating long-term commitment.; - Located in a **high-traffic area at a signalized intersection with over 31,000 vehicles passing daily**, and near Florida's Turnpike (110,000+ vehicles daily).
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    23201 SW 112Th Ave Miami, FL 33176
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    Miami, FL 33176
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    23201 SW 112Th Ave Miami, FL 33176
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    We can help!
    Listing Contact
    Patrick Nutt
    Real Estate License ID: NO.281618
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