Property Details for 11249 Pines Blvd

Year built

1994

Lot size

5.43 lot acres

Property size

58,659 SF

Property type

Retail properties & Spaces

Property subtype

Retail space

Description

This exceptional investment opportunity presents a fee-simple interest in a 58,659-square-foot, single-tenant storefront occupied by CITY Furniture, a leading furniture retailer, located at 11249 Pines Blvd, Pembroke Pines, FL 33026. The property sits on a 5.43-acre lot and boasts a 15-year absolute NNN lease with a 2.0% annual rent increase and four 5-year renewal options, ensuring a stable, long-term income stream. The asking price is $13,350,000, representing a price per square foot of $227.59 and a 7.25% cap rate. The property features 4 parking spaces per 1,000 square feet and benefits from its prime location on Pines Blvd, a high-traffic retail corridor with significant visibility and proximity to other major retailers. Built in 1994 and renovated in 2016, this top-performing CITY Furniture location (within their top 5) is situated in a high-income demographic area with average household incomes exceeding $143,100 within a 5-mile radius. The property generates a Net Operating Income (NOI) of $967,870. This sale-leaseback transaction offers a passive, growing income stream backed by a strong, established tenant with a significant market presence in Florida. The current occupancy is 100%. This presents a compelling investment opportunity in a thriving South Florida market experiencing significant population growth.

Location Insight

City

Pembroke Pines

County

Broward

State

Florida

Longitude

-80.297

Latitude

26.0095