Enterprise Rent-a-Car & Clear Channel Billboard | Infill Miami Location

940 NW 27th Ave, Miami, FL 33125, USA
$2,154,652

Description

Marcus & Millichap is pleased to present this Enterprise Rent-a-Car and Clear Channel Billboard located at 940-970 NW 27th Ave, Miami, Florida. The subject property consists of a 1,608 square foot single-tenant masonry construction building with a billboard on the roof situated on a 0.13-acre parcel of land. The parcel’s T6-8 zoning permits vertical development up to eight stories.
The double net lease offers an investment-grade corporate guarantee from Enterprise Leasing of Company of Florida LLC, a subsidiary of Enterprise Holdings, with S&P A- Credit Rating and reported $25.9B of annual revenue. Enterprise Rent-a-Car has been operating at this location for over 20-years, with perfect payment history and 3 percent annual rent increases. The current landlord recently replaced the roof of the building in 2021. The lease includes reimbursements for property taxes, insurance, and Florida sales tax (6.5 percent). The tenant is responsible for all maintenance and repairs, leaving the landlord responsible for only the roof, structure, and disbursement of funds. The billboard has been leased to national tenants for over 36 years, with the most recent assignment to Clear Channel more than a decade ago. Clear Channel is currently on a month-to-month tenancy with a revenue-sharing agreement. Clear Channel pays the landlord fifty percent of gross sales revenue and $750 per month in base rent. The development of new billboards in Miami is highly restricted; however, the subject billboard has grandfathered permitting.
The subject property is strategically located on 27th Avenue between the signalized intersections of NW 7th Street and the Dolphin Expressway (Highway 836), which is the primary highway connecting Miami International Airport to Interstate 95. Traffic counts on 27th Avenue are over 58,500 vehicles per day. Close proximity to the Dolphin Expressway makes the location easily accessible to 163,000 vehicles per day. Miami International Airport is about a ten-minute drive, less than 4-miles away. In many cases, depending on traffic, it can actually be faster to drive to this location than to walk and shuttle to the Enterprise Rent-a-Car onsite at MIA. This is a true urban infill location, offering access to a dense population of over 313,000 within a 3-mile radius. Florida is an income tax-free income state.

  • Corporate Guaranteed Lease from Enterprise Holdings Investment Grade S&P A- Credit Rating
  • Enterprise Holdings Global Network Serves more than 95% of the Worldwide Car Rental Market
  • NN Lease – Minimal Landlord Responsibilities
  • Clear Channel Billboard on Roof with 50% Revenue Sharing
  • Well Established Location 20+ Years Operating History
  • New Roof Installed in 2021 | 20 Year Transferrable Warranty
  • High Traffic Thoroughfare Visible to 58,5000 VPD
  • At Dolphin Express Exit Ramp with Traffic Flowing from MIA Airport to i95, Miami CBD, and Beaches
  • Dense Urban Infill with Population of 313K+ w/in 3-Miles
  • Close to Miami International Airport ~10 Minute Drive
  • T6-8 Zoning – Go Vertical Up To 8 Stories
  • Enterprise Has Operated For 23+ Years At This Location
  • Numerous National Retailers in Immediate Trade Area
  • Florida is an Income Tax-Free State

Property Documents

  • City: Miami
  • State/county: Florida
  • Zip/Postal Code: 33125
  • Country: United States

Detail

  • Price: $2,154,652
  • Year Built: 2019

Additional details

  • CAP RATE: 5.18%
  • NOI: $111,646

Features

Similar Properties

Featured
ClosedDouble-NetNNOffice
$15,477,175
ClosedDouble-NetNNOffice

BB&T Bank Net-Lease | Financial Center | Trophy Brickell Location

1200 Brickell Avenue, Miami, Florida 33131

Office, Single Tenant Net Lease

$15,477,175

Office, Single Tenant Net Lease

Featured
ClosedNN
$2,538,666
ClosedNN

Downtown Miami Fee Simple Sherwin Williams with Air Rights

2615 Biscayne Blvd, Miami, FL 33137, USA

Single Tenant Net Lease

$2,538,666

Single Tenant Net Lease