11190 88Th StMiami, FL 33176

Property Details for 11190 88Th St

Year built

2005

Construction

CONCRETE

Lot size

0.74 AC

Property size (Sq ft)

11,176 SF

Zone code

6200:COMMERCIAL,ARTERIAL

Property type

Retail properties

Property subtype

Outlet malls

APN

30-5006-020-0020

APU

3050060200020

Description

This exceptional investment opportunity presents a fee-simple ownership of a Walgreens located at 11190 SW 88th St, Miami, FL 33176. The 11,176 square foot property, built in 2005, sits on a 0.74-acre lot and boasts 40 parking spaces. Currently operating under a 100% occupancy, absolute NNN lease with Walgreens, the property offers a substantial NOI of $360,000, translating to a 5.00% cap rate. The lease, with a corporate guarantee, includes four 5-year renewal options and features 5% rent bumps every five years, providing excellent inflation protection. The property benefits from a prime location at a signalized intersection with high visibility and traffic volume (91,800 VPD), near the Florida Turnpike (126,000 VPD). Its proximity to major shopping centers (Kendallgate and Kendall Village), Miami Dade College Kendall Campus (66,500 students), and numerous national retailers ensures strong consumer traffic and a robust trade area. The 5-mile radius boasts over 442,000 residents and 197,000 employees, with a high average household income of $123,789 within a 3-mile radius. The property is zoned BU-1A. Asking price: $7,200,000.

• CAP approach

  CAP return

  Valuation

  6%

  $4,657,950

  6.5%

  $4,299,646

  7%

  $3,992,528

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,972,183

  Geo Method

  $3,972,183

• Alternative Use

  Use

  Valuation

  Residential

  $3,626,912

  Hospitality

  $3,322,232

  Educational

  $2,764,058

  Medical

  $2,859,118

  Retail

  $4,299,646

Location Insight

City

Miami

County

Miami-dade

State

Florida

Latitude

25.6862

Longitude

-80.3761

CBSA code

33100

CBSA name

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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