Walgreens | New 15yr Corp Abs NNN w/ Incrs | 11190 SW 88th St
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Walgreens | New 15yr Corp Abs NNN w/ Incrs 11190 SW 88th St
11,176 SF Retail Building Miami, FL 33176 $7,200,000 ($644/SF) 5% Cap Rate
Investment Highlights
- Brand New 15-Year Lease | Scheduled Rental Increases | Established Brand
- Dense Retail Corridor | Strong National/Credit Tenant Presence | Kendallgate Shopping Center & Kendall Village Center
- Signalized, Hard Corner Intersection | Florida Turnpike (126,900 VPD) | Excellent Visibility & Access
- Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
- Miami Dade College Kendall Campus (66,500 students)
- Strong Demographics in 5-Mile Trade Area | Six-Figure Incomes
Executive Summary
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Walgreens investment property located in Miami, Florida. The tenant, Walgreens, Inc recently signed a brand new 15 year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Walgreens operates nearly 9,000 retail locations across the U.S. and Puerto Rico, Walgreens is proud to serve nearly 9 million customers and patients daily.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
11,176 SF
Building Class
B
Year Built
1988
Price
$7,200,000
Price Per SF
$644
Cap Rate
5%
NOI
$360,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.35
Lot Size
0.74 AC
Zoning
BU-1A - Business Districts
Parking
40 Spaces (3.58 Spaces per 1,000 SF Leased)
Frontage
101 FT on 88th St
Amenities
- Corner Lot
- Pylon Sign
- Signage
- Signalized Intersection
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 30-5006-020-0020 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,928,514 |
PROPERTY TAXES
Parcel Number
30-5006-020-0020
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,928,514
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Walgreens | New 15yr Corp Abs NNN w/ Incrs | 11190 SW 88th St
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