NNN Bank Pad
For Sale
$3,950,000
12610 SW 120th St, Miami, FL 33186
Commercial Sale, Miami, FL
Property Size4,280 SF
Lot Size0.20 Acres
Price / SF$922.90
Days on Market20
Property Features for 12610 SW 120th St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
6200
Subdivision
59
Standard status
Active
APN
30-59-13-028-0016
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
KENDALL SOUTH SHOPPING CENTER PB 160-90 T-21118 PORT OF TR A DESC COMM SW COR OF PARCEL A TH N 87 DEG E 402.54FT N 02 DEG W 64.49 FOR POB S
Tax Annual Amount
19996
Legal Description
KENDALL SOUTH SHOPPING CENTER PB 160-90 T-21118 PORT OF TR A DESC COMM SW COR OF PARCEL A TH N 87 DEG E 402.54FT N 02 DEG W 64.49 FOR POB S
Building Details
Year built
2006
Listing Agency:
Canvas Real Estate
(954) 332-7121
Listed By:
Ernesto Bistuer · License #3381075
(786) 532-6883
Added: Aug 5
Changed: Aug 19
Last Checked: Aug 24 at 3:06AM
MLS# A11639889
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This bank property includes a 4,280-square-foot building on an 8,540-square-foot lot. The site is configured as a pad within South Kendall Square shopping center, and Chase Bank has occupied the location since 2005. The NNN lease has been renewed for another 20 years.
Located at 12610 SW 120th St, Miami, FL 33186, the property is in Miami-Dade County. South Kendall Square is anchored by Walgreens and Starbucks. The surrounding Miami-Dade submarket has over 200,000 residents within three miles of the property, providing established population density around the site.
Located at 12610 SW 120th St, Miami, FL 33186, the property is in Miami-Dade County. South Kendall Square is anchored by Walgreens and Starbucks. The surrounding Miami-Dade submarket has over 200,000 residents within three miles of the property, providing established population density around the site.
Key Highlights
- 4,280‑square‑foot bank building on an 8,540‑square‑foot lot
- NNN lease renewed for another 20 years
- Chase Bank has occupied the site since 2005
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
$112,093
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
2.84%
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%
$2,241,860
$2.2M
Cap Rate 7%
$1,601,329
$1.6M
Cap Rate 9%
$1,245,478
$1.2M
Market Conditions
NOI Build-Up for 4,280 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
$154.1K $36.00/SF
− Vacancy
−$4.6K −$1.08/SF
EGI
$149.5K $34.92/SF
− OpEx
−$37.4K −$8.73/SF
NOI
$112.1K $26.19/SF
Area
ZIP 33186
Vacancy
3.00%
Lease Rate
$36.00 /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%
$2,241,860
Cap Rate 7%
$1,601,329
Cap Rate 9%
$1,245,478
Alternative Uses
Best Use
Specialty Retail
$1.60M
$1.40M – $1.87M
NOI $112,093 @ 7.0% cap · market cap 2.84%
Second Best
Retail
$1.47M
$1.29M – $1.72M
NOI $103,037 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$2.34M
$2.05M – $2.73M
NOI $163,604 @ 7.0% cap · market cap 4.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,871
Businesses Nearby
Explore this area
Business Placement
Demographics for 33186, FL
69,866
Population
24,397
Households
2.9
Avg Household Size
42
Median Age
36%
College-Educated
91%
High-School Grad
12.4 sq mi
ZIP Area
5,634
Density / Sq Mi
$86,481
Median Household Income
$46,755
Median Earnings
$2,021
Median Rent
$422,300
Median Home Value
Market
Vacancy Rate% for Retail in Miami, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Bank - Renewed 20-year NNN lease within a shopping center anchored by Walgreens and Starbucks.
Where is this bank located?
The property is located at 12610 SW 120th St Miami, FL.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 4,280‑square‑foot bank building on an 8,540‑square‑foot lot; NNN lease renewed for another 20 years; Chase Bank has occupied the site since 2005
