Asking Price: $6,470,588
Cap Rate: 4.25%
- Trophy location in South Florida: The Property is considered a trophy asset and is prominently positioned at the corner intersection of Biscayne Boulevard (50,000 VPD) and Northeast 90th Street in Miami Shores, one of Miami’s most desirable neighborhoods. Other nearby national retailers include Publix, Walgreens, and Mattress Firm. Over 467,000 people live within a five-mile radius of the site, and Miami Shores is approximately 10 miles from the popular tourist destination of Miami Beach, which drew in 15.9 million visitors in 2016 to its white sandy beaches.
- Notable metropolitan market: The Miami metropolitan area is the 67th largest metropolitan area in the entire world, and the eighth largest metropolitan area in the United States. This 6,137 square mile portion of South Florida is home to more than six (6) million residents, and has seen a population growth of more than seven (7) percent since 2010. The city of Miami itself has a population of more than 430,000, making it the second most populous metropolis in the southeastern U.S. Miami is a major leader in finance, commerce, culture, media, entertainment, the arts, and international trade. Miami has been classified as an Alpha-World City since 2012 and, according to a 2009 UBS study of 73 major world cities, Miami is ranked as the richest city in the U.S., and is the world’s fifth richest city in terms of purchasing power.
- Strong, recognized tenant: TD Bank is one of the 10 largest banks in the U.S. with a history dating back over 150 years. TD Bank offers a broad array of retail, small business, and commercial banking products through its extensive network of thousands of convenient ATMs along the East Coast. The Bank is a member of TD Bank Group and is also a subsidiary of Toronto-Dominion Bank of Toronto, Canada (which trades on both the New York and Toronto stock exchanges under the ticker “TD”). This Miami shores location is a top performer, with deposits totaling over $65 million in the past five (5) years.
- Quality, long-term investment: This Ground Lease has 15 years remaining and includes no landlord responsibilities. This lease is corporate-guaranteed (S&P: AA-) and features fixed 10 percent rent increases every five (5) years within both the base term and each of the four (4) five-year options to extend. The absence of a state income tax in Florida provides a low tax burden for the investor.
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