Mister Car Wash NNN
For Sale
Contact for pricing
21550 Southwest 112th Avenue, Miami, FL 33189
Car wash facility subject to a 20-year triple-net lease that began in 2023.
Property Size2,978 SF
Lot Size1.18 Acres
Price / SF$1,467
Days on Market8
Property Features for 21550 Southwest 112th Avenue
General Information
Standard status
Active
Size
2,978 SF
Lot size
1.18 Acres
Property subtype
Retail
Listing Agency:
SURMOUNT
Listed By:
Glen Kunofsky · License #NY 49KU1129178
(332) 345-4222
Source:
Crexi
Added: Sep 14
Changed: Sep 16
Last Checked: Sep 20 at 8:39AM
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 SURMOUNT
Investment Insights
Based on property information with market context.
This car wash property includes approximately 2,978 rentable square feet on an estimated 1.18-acre parcel. The asset is occupied by Mister Car Wash under a 20-year triple-net lease that commenced on April 30, 2023, with scheduled rent increases identified as variable.
The property is located at 21550 Southwest 112th Avenue in Miami, Florida 33189. Its combination of an established car wash use, dedicated land area, and long-term NNN lease structure provides a clearly defined commercial real estate profile.
The property is located at 21550 Southwest 112th Avenue in Miami, Florida 33189. Its combination of an established car wash use, dedicated land area, and long-term NNN lease structure provides a clearly defined commercial real estate profile.
Key Highlights
- Mister Car Wash occupies the property under a 20‑year NNN lease
- Lease commenced 4/30/2023
- Approximately 2,978 rentable square feet of building space
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
$140,712
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
3.22%
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%
$2,814,240
$2.8M
Cap Rate 7%
$2,010,171
$2.0M
Cap Rate 9%
$1,563,467
$1.6M
Market Conditions
NOI Build-Up for 2,978 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
$190.5K $63.96/SF
− Vacancy
−$2.9K −$0.96/SF
EGI
$187.6K $63.00/SF
− OpEx
−$46.9K −$15.75/SF
NOI
$140.7K $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%
$2,814,240
Cap Rate 7%
$2,010,171
Cap Rate 9%
$1,563,467
Alternative Uses
Best Use
Specialty Retail
$2.01M
$1.76M – $2.35M
NOI $140,712 @ 7.0% cap · market cap 3.22%
Second Best
Retail
$1.39M
$1.21M – $1.62M
NOI $97,159 @ 7.0% cap · market cap 2.22%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
505
Businesses Nearby
Explore this area
Business Placement
Demographics for 33189, FL
25,598
Population
8,901
Households
2.9
Avg Household Size
41
Median Age
27%
College-Educated
83%
High-School Grad
5.1 sq mi
ZIP Area
5,019
Density / Sq Mi
$66,487
Median Household Income
$41,039
Median Earnings
$1,539
Median Rent
$409,500
Median Home Value
Market
Vacancy Rate% for Retail in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Car wash facility subject to a 20-year triple-net lease that began in 2023.
Where is this car wash located?
The property is located at 21550 Southwest 112th Avenue Miami, FL.
What is the asking price?
The asking price for this property is $4,370,887.
What are key features of this property?
This property features: Mister Car Wash occupies the property under a 20‑year NNN lease; Lease commenced 4/30/2023; Approximately 2,978 rentable square feet of building space
