NNN Bank Pad
For Sale
$3,950,000
12610 120th St, Miami, FL 33186
Freestanding bank pad within South Kendall Square, anchored by Walgreens and Starbucks, built in 2004.
Property Size4,465 SF
Lot Size0.20 Acres
Price / SF$884.66
Days on Market795
Property Features for 12610 120th St
General Information
Standard status
Active
Size
4,465 SF
Lot size
0.20 Acres
Property subtype
General Commercial
Lease Type
NNN
Taxes and HOA fees
Annual Taxes
$19,996
Amenities
3
Building Details
Year Built
2006
Tenancy
Single
Listing Agency:
(954) 880-2550
Listed By:
Canvas Real Estate
(786) 532-6883
Source:
Xome
Added: Jul 17, 2024
Changed: Sep 1
Last Checked: Sep 18 at 10:54AM
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 Canvas Real Estate
Investment Insights
Based on property information with market context.
This for-sale Chase NNN lease bank property is a pad site within the South Kendall Square shopping center. The building was built in 2004 and comprises 4,280 square feet.
The shopping center is anchored by Walgreens and Starbucks. The property is located at 12610 SW 120th St in Miami, Florida.
Chase has occupied the site since 2005.
The shopping center is anchored by Walgreens and Starbucks. The property is located at 12610 SW 120th St in Miami, Florida.
Chase has occupied the site since 2005.
Key Highlights
- Freestanding Chase NNN lease bank pad in South Kendall Square shopping center
- Built in 2004; approximately 4,280 SF on an 8,540 SF lot
- 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
$116,938
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
2.96%
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%
$2,338,760
$2.3M
Cap Rate 7%
$1,670,543
$1.7M
Cap Rate 9%
$1,299,311
$1.3M
Market Conditions
NOI Build-Up for 4,465 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
$160.7K $36.00/SF
− Vacancy
−$4.8K −$1.08/SF
EGI
$155.9K $34.92/SF
− OpEx
−$39.0K −$8.73/SF
NOI
$116.9K $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%
$2,338,760
Cap Rate 7%
$1,670,543
Cap Rate 9%
$1,299,311
Alternative Uses
Best Use
Specialty Retail
$1.67M
$1.46M – $1.95M
NOI $116,938 @ 7.0% cap · market cap 2.96%
Second Best
Retail
$1.54M
$1.34M – $1.79M
NOI $107,491 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$2.44M
$2.13M – $2.84M
NOI $170,676 @ 7.0% cap · market cap 4.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Miami, FL
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Frequently Asked Questions
What type of property is this?
Bank - Freestanding bank pad within South Kendall Square, anchored by Walgreens and Starbucks, built in 2004.
Where is this bank located?
The property is located at 12610 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: Freestanding Chase NNN lease bank pad in South Kendall Square shopping center; Built in 2004; approximately 4,280 SF on an 8,540 SF lot; Chase Bank has occupied the site since 2005
