New CVS with
For Sale
Contact for pricing
13199 SW 112th St, Miami, FL
New construction CVS with a 25-year absolute NNN lease.
Property Size15,007 SF
Lot Size1.05 Acres
Price / SF$559.74
Days on Market549
Property Features for 13199 SW 112th St
General Information
Standard status
Active
Size
15,007 SF
Lot size
1.05 Acres
Property subtype
RETAIL
Listing Agency:
Colliers | Fort Lauderdale
(561) 602-8390
Listed By:
Christopher Twist
(561) 602-8390
Source:
Moodyscre
Added: Feb 4, 2025
Changed: Jul 6
Last Checked: Jul 21 at 5:23AM
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 Colliers | Fort Lauderdale
Investment Insights
Based on property information with market context.
This property features a free-standing, 13,295-square-foot building with a drive-thru, situated on a 1.05-acre parcel. The property is located at a hard signalized intersection and benefits from additional access. As an outparcel in a Publix-anchored shopping center, it benefits from a strong consumer base and foot traffic. The CVS commenced an absolute NNN lease in December 2022, featuring a 25-year initial term and a corporate guarantee. Positioned in the West Kendall submarket, this CVS serves thousands of households in the immediate area. The new construction was completed in 2023. The location offers outstanding visibility. The Publix-anchored center was recently renovated and includes a new 47,000 square foot Publix store. The CVS relocated from a high-performing inline space within the same center. It features a MinuteClinic for added healthcare services. The property is located in the highly populated West Kendall submarket in South Florida, with a strong demographic profile of 396,000 residents in the immediate trade area. The average household income exceeds $125,000 within a 1-mile radius.
Key Highlights
- Absolute NNN lease with zero landlord responsibilities and a long‑term 25‑year initial term commenced in December 2022.
- Investment‑grade credit tenant: CVS Health Corporation (S&P: BBB), ranked 6th on the Fortune 500 list with substantial revenue.
- Prime, irreplaceable location at a hard signalized corner within a Publix‑anchored shopping center in the densely populated West Kendall submarket of South Florida.
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
$709,088
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
8.44%
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%
$14,181,760
$14.2M
Cap Rate 7%
$10,129,829
$10.1M
Cap Rate 9%
$7,878,756
$7.9M
Market Conditions
NOI Build-Up for 15,007 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
$959.8K $63.96/SF
− Vacancy
−$14.4K −$0.96/SF
EGI
$945.5K $63.00/SF
− OpEx
−$236.4K −$15.75/SF
NOI
$709.1K $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%
$14,181,760
Cap Rate 7%
$10,129,829
Cap Rate 9%
$7,878,756
Alternative Uses
Best Use
Specialty Retail
$10.13M
$8.86M – $11.82M
NOI $709,088 @ 7.0% cap · market cap 8.44%
Second Best
Retail
$6.99M
$6.12M – $8.16M
NOI $489,614 @ 7.0% cap · market cap 5.83%
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
1,131
Businesses Nearby
Well-served
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
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- Nutri Nation — 12224 SW 131st Ave, Miami, FL 33186
- Nature Nutri — 12224 SW 131st Ave, Miami, FL 33186
Frequently Asked Questions
What type of property is this?
Drug store - New construction CVS with a 25-year absolute NNN lease.
Where is this drug store located?
The property is located at 13199 SW 112th St Miami, FL.
What is the asking price?
The asking price for this property is $8,400,000.
What are key features of this property?
This property features: Absolute NNN lease with zero landlord responsibilities and a long‑term 25‑year initial term commenced in December 2022.; Investment‑grade credit tenant: CVS Health Corporation (S&P: BBB), ranked 6th on the Fortune 500 list with substantial revenue.; Prime, irreplaceable location at a hard signalized corner within a Publix‑anchored shopping center in the densely populated West Kendall submarket of South Florida.
