NNN Retail Property For
For Sale
Contact for pricing
698 NE 167th St, Miami, FL 33162
NNN leased retail property with long-term extension and rental increases.
Property Size5,255 SF
Price / SF$747.59
Days on Market139
Property Features for 698 NE 167th St
General Information
Standard status
Active
Size
5,255 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$275,000
Building Details
Year Built
1956
Year Renovated
2026
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Acropolis Commercial Advisors LLC
Listed By:
Eric Wasserman · License #FL CQ1057427
Source:
Crexi
Added: Mar 27
Changed: Aug 9
Last Checked: Aug 11 at 5:00PM
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 Acropolis Commercial Advisors LLC
Investment Insights
Based on property information with market context.
This NNN leased retail property benefits from a corporate guarantee and features 10% rental increases every 5 years. The tenant recently requested and signed a long-term lease extension, and has made a major investment of approximately $750,000 in renovations, which are being performed at their own cost and expense. The property is situated on a highly-trafficked corridor with direct exposure to over 57,500 vehicles per day and is located 1 mile from the Golden Glades Interchange, which sees over 550,000 vehicles per day. A $908 million expansion project started in 2024. The infill location is surrounded by numerous rooftops, with 27,636 residents within 1 mile and 199,941 residents within 3 miles. The surrounding area is affluent, with an average household income of $108,018 within just 1 mile. The property is in proximity to major mixed-use developments, including Solé Mia ($4B+), North Town Center ($440M+), and Mall at 163rd Street ($150M+). The property size is 5,255 square feet.
Key Highlights
- Absolute NNN Lease with Corporate Guarantee
- Recent Long Term Lease Extension Requested by Tenant
- Enjoy 10% Rental Increases Every 5 Years
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
$171,448
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
4.36%
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%
$3,428,960
$3.4M
Cap Rate 7%
$2,449,257
$2.4M
Cap Rate 9%
$1,904,978
$1.9M
Market Conditions
NOI Build-Up for 5,255 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
$273.0K $51.96/SF
− Vacancy
−$28.1K −$5.35/SF
EGI
$244.9K $46.61/SF
− OpEx
−$73.5K −$13.98/SF
NOI
$171.4K $32.63/SF
Area
Miami, FL
Vacancy
10.30%
Lease Rate
$51.96 /SF/Yr
Expense Ratio
30.00%
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%
$3,428,960
Cap Rate 7%
$2,449,257
Cap Rate 9%
$1,904,978
Alternative Uses
Best Use
Retail
$2.45M
$2.14M – $2.86M
NOI $171,448 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.55M
$3.10M – $4.14M
NOI $248,301 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,741
Businesses Nearby
Explore this area
Business Placement
Demographics for 33162, FL
45,277
Population
16,719
Households
2.7
Avg Household Size
39
Median Age
21%
College-Educated
81%
High-School Grad
5.3 sq mi
ZIP Area
8,543
Density / Sq Mi
$55,993
Median Household Income
$31,848
Median Earnings
$1,535
Median Rent
$345,000
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?
NNN property - NNN leased retail property with long-term extension and rental increases.
Where is this nnn property located?
The property is located at 698 NE 167th St Miami, FL.
What is the asking price?
The asking price for this property is $3,928,571.
What are key features of this property?
This property features: Absolute NNN Lease with Corporate Guarantee; Recent Long Term Lease Extension Requested by Tenant; Enjoy 10% Rental Increases Every 5 Years
