Sale Price: $8,536,585
Cap Rate: 4.10%
- Prime retail location: Corner location at the intersection of Little Havana landmark Tamiami Trail/Eighth St. (“Calle Ocho”) and SW 12th Ave. (over 41,700 combined ADT) and across from CVS/pharmacy. Less than one mile from the interchange with major north-south route Interstate 95.
- Successful credit tenant: TD Bank is one of the 10 largest banks in the U.S. with more than 8.5 million customers and approximately 1,300 locations.
- Absolute NNN investment and long-term lease: Zero landlord responsibilities and incremental rent increases every five years, and a rare 25-year base lease. No state income tax in Florida provides a low tax burden for the investor.
- Notable Florida market: Little Havana is noted as a center of social, cultural, and political activity in Miami. Its annual “Calle Ocho” street festival is one of the largest in the world, with more than one million visitors attending. In 2017, the National Trust for Historic Preservation declared Little Havana a national treasure.
- Large, world-renowned trade area: Over 516,000 people with an average household income of more than $68,000 live within five miles of the property. According to the U.S. Census Bureau, Miami’s metro area is the eighth most populous and fourth largest urban area in the U.S., with a population of around 5.5 million. Miami is a major power center and a leader in finance, commerce, culture, media, entertainment, the arts, and international trade.
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