Miami, FL SunTrust Bank

100 Northwest 12th Avenue
Lease Type NNN
Cap Rate 4.9%
Property Type Retail
Building Size 10,444 SF
NOI $333,198
Land Area 1.63 Acres
Remaining Term 9 Years
Status Active
Property Highlights

Densely Populated Market: The subject property occupies a half block at the intersection of NW 12th Avenue and NW 2nd St., and offers nearby access to Flagler St., the Dolphin Expressway and I-95. The Property sits within Little Havana which is part of the Miami Metropolitan area which is home to approximately 5.5 million residents.

Prominent Miami Location: Little Havana is named after the Capital of Cuba and is the center of social, cultural and political activity for the Cuban population in Miami. Little Havana benefits from its proximity to Downtown Miami (1 mile) and the Miami International Airport (3.5 miles). The area is home to the 35,000 seat Marlins Park, home of the Miami Marlins, cultural landmarks like Calle Ocho and Domino Park and a vibrant culinary and arts community.

Quality Investment Opportunity: Little Havana is an urban in-fill market with high barriers to entry and increasing demand for residential housing and commercial goods and services, which gives the property significant underlying land value. The lease is guaranteed by an investment grade tenant and was recently renewed for 10 years with no landlord responsibilities and annual rent increases of 1.5 percent.

For more than two decades, the Port of Miami—known as the “Cruise Capital of the World”—has been the No. 1 cruise passenger port in the world. Metropolitan Miami is the premier tourism hub in the American South thanks to the popular tourist destination of Miami Beach.