Asking Price: $12,222,222
Cap Rate: 4.50%
- Central, visible retail location: The Property is prominently positioned in Coral Gables, Florida at the northwest corner of the signalized intersection of South Dixie Highway and South Le Jeune Road/SW 42nd Ave. (102,500 VPD combined). The Property is 2.3 miles from the University of Miami campus and is within close proximity to all the major tourist attractions found in Downtown Miami.
- Notable metropolitan market: Located southwest of Downtown Miami, Coral Gables is a pedestrian-friendly destination that is home to the University of Miami, 155 multinational companies and corporations, and 26 different foreign consulate offices. Coral Gables sits within Miami-Dade County, the most populous county in the state (population of 2,712,945 as of 2016) and the seventh most populous county in the United States. Included in the “Greater Miami Area” along Florida’s Gold Coast, the region has a population of 6,066,387 as of 2016. The city of Miami itself was ranked by UBS in 2009 as the world’s fifth richest city in terms of overall purchasing power.
- Within notable tourism market: Metropolitan Miami is a major tourist hub in the American South for both domestic and international visitors, ranking No. 2 in the United States after New York City. For more than two decades, the Port of Miami—known to many as the “Cruise Capital of the World”—has been the No. 1 cruise ship passenger port in the world, accommodating some of the world’s largest cruise ships and operations. The Port of Miami is also the global headquarters for five (5) leading cruise lines—including Carnival, Norwegian, and Royal Caribbean—and is Miami’s second largest economic engine, supporting more than 207,000 jobs and averaging an annual $27 billion impact on South Florida’s economy.
- Strong area demographics: Approximately 438,404 people live within five (5) miles of the Property, while the Greater Miami Area has an estimated population of 6,066,387 as of 2016. The average 2017 household income within one (1) mile of the Property exceeds $121,000.
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