Best Buy NNN Leased
33590 S Dixie Hwy, Homestead, FL 33034
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NNN leased Best Buy with corporate guarantee and rental increases.
Type:Retail
Property size:
30,000 SFLot size:
3.29 AcresPrice / SF:
$333/SF- Added:
- Aug 6, 2024
- Days on Market:
- 666
- Last Refresh:
- May 12 at 10:41 pm
Property Features for 33590 S Dixie Hwy
General Information
- Standard status
- Active
- Size
- 30,000 SF
- Lot size
- 3.29 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 2008
Listing agent Jonathan De La Rosa License #SL3639184
Listing office Marcus & Millichap - The Esteves Group (786) 522-7000
Listing date Aug 6, 2024
Source Crexi
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 Marcus & Millichap - The Esteves Group
HighLights
- NNN leased Best Buy with corporate guarantee (S&P: BBB+).
- Located on a signalized corner off US‑1 with high traffic volume.
- Remaining lease term of 4+ years with options and rental increases.
- Located on 3.29 acres of commercially zoned land.
- Situated in a densely populated and growing area.
- Synergistic mix of neighboring retailers.
Overview
This commercial property features a NNN leased, investment-grade Best Buy, guaranteed by a corporate entity with an S&P rating of BBB+. The property is located at 33590 S Dixie Hwy, Florida City, FL 33034. The asset has a lease with over 4 years remaining, along with two five-year options. The building encompasses 30,000 square feet and is situated on a 3.29-acre lot zoned C-2. The property is strategically located at a signalized corner off US-1, which sees 40,500 vehicles daily. Its location near the Florida Turnpike, with over 50,300 vehicles daily, enhances accessibility. The property is surrounded by a mix of retailers, including Walmart, Aldi, Starbucks, Home Depot, BJ's Wholesale, and Nike Outlet Mall. The NNN lease structure offers a secure investment opportunity, with 15% rental increases every five years. Located in a densely populated area of Florida City, the site has an infill population of 87,982 residents within a three-mile radius. There are nearly 4,000 residential units proposed in the area, which may provide a steady customer base.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $792.0k | $26.40 |
| − Vacancy | −$67.3k | −$2.24 |
| EGI | $724.7k | $24.16 |
| − OpEx | −$217.4k | −$7.25 |
| NOI | $507.3k | $16.91 |
30,000 SF · lease $26.40/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$7.25M
$6.34M – $8.45M
NOI $507,276 @ 7.0% cap · market cap 5.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$15.22M
$13.32M – $17.76M
NOI $1,065,419 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Geek Squad
Tech Support Center
Best Buy
Electronics & Wireless Store
Location Insight
- Map
- Local Demand
- City
- Homestead
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.475842
- Latitude
- 25.456576
Nearby Similar for Sale
FAQs
What type of property is this?
Retail space - NNN leased Best Buy with corporate guarantee and rental increases.
Where is this retail space located?
The property is located at 33590 S Dixie Hwy Homestead, FL.
What is the asking price?
The asking price for this property is $9,999,999.
What are key features of this property?
This property features: NNN leased Best Buy with corporate guarantee (S&P: BBB+).; Located on a signalized corner off US‑1 with high traffic volume.; Remaining lease term of 4+ years with options and rental increases.
