Miami, Florida Citibank

8701 Bird Road
Lease Type NNN
Cap Rate 5.06%
Property Type Retail
Building Size 3,803 SF
NOI $379,500
Land Area 0.98 AC
Remaining Term 8 Years
Status Closed
Property Highlights

Attractive investment opportunity: This corporate-guaranteed lease features no landlord responsibilities and multiple options to renew with structured 10 percent rental increases every five years within the base term and each of the four (4) five-year options to extend. This particular Citibank branch has $43 million in deposits. The Property regularly sees traffic counts of 74,500 along Southwest 40th Street/Bird Road alone on a daily basis, and has multiple points of ingress/egress at a prominent signalized intersection within a growing retail corridor.

Prominent retail location: The Property sits at the corner of Southwest 40th Street/Bird Road and Southwest 87th Avenue (103,500 ADT combined) across the street from a shopping center that includes tenants such as Sedano’s Supermarket, Office Depot and Smoothie King. The site’s close proximity to the Palmetto Expressway (211,000 ADT) gives visitors and residents easy access to the major shopping centers in the Greater Miami Area like Mall of the Americas and Dolphin Mall.

Densely Populated Market Area: Nearly 465,000 people live within a five-mile radius of the site, making this an ideal Property for future investment. The Miami metropolitan area as a whole has a population of around 5.5 million residents, making it the fourth largest urban area in the country. Economic drivers to the area include the University of Miami, Florida International University and the Miami International Airport, along with the many notable tourist attractions found in Downtown Miami.

Miami is a major leader in finance, commerce, culture, media, entertainment, the arts and international trade. Miami is ranked as the richest city in the U.S., and is the world's fifth richest city in terms of purchasing power.