Population
449,514
Growth (5Y)
+8.6%
Median Income
$60,000
Metro GDP
$385B
Market Overview
Miami has transformed from a regional gateway city into a globally recognized investment destination, and its NNN market reflects that elevation. Cap rates of 4.5–6.0% sit above the national primary market average, yet Miami's international capital flows, no-tax environment, and explosive population growth justify premium pricing on quality assets. The Brickell, Wynwood, and Doral submarkets have seen the most new NNN development, while Broward County and Palm Beach extensions of the metro offer secondary-market cap rates with primary-market tenant credit quality.
Key Highlights
No state income tax — Florida remains the #1 domestic migration destination for wealthy households
Miami's emergence as a global financial hub has attracted massive Wall Street and tech relocations
International buyer base from Latin America and Europe provides exceptional capital inflows
Year-round tourist traffic supports QSR and convenience retail at levels that exceed most US metros
How the Market Has Evolved (2020–2025)
Miami's NNN market underwent a fundamental re-rating from 2020 to 2025. What began as a pandemic-era flight to Florida's open economy became a permanent demographic and capital shift. Hedge funds, private equity firms, and financial services companies relocated from New York to Brickell — bringing thousands of high-income professionals who supported retail spending well above historical Miami norms. Cap rates compressed from 5.5–7.0% in 2020 to 4.5–6.0% by 2025, reflecting Miami's upgrade from Secondary to Primary market status in the eyes of institutional investors. The Cuban-American and Latin American consumer base added international resilience: Miami NNN properties rarely experienced the same pandemic-era foot traffic declines seen in other metros. By 2024, Miami ranked among the top-5 NNN markets nationally by transaction volume.
Why Invest in Miami
- 1No state income tax + international appeal creates an unmatched wealth accumulation environment
- 2Latin American and European capital provides demand that insulates Miami from US-only market cycles
- 3Florida's population growth trajectory remains the strongest of any large state
- 4Lower entry prices than NYC or LA with comparable tenant credit quality on major NNN assets
Recent NNN Activity
"2025 NNN activity in Miami has been dominated by QSR drive-thrus in the northwest suburbs (Hialeah, Doral, Kendall) trading at 4.75–5.5% cap rates. Starbucks and Chick-fil-A assets with 15+ year leases are commanding bidding competition from institutional buyers. Chase Bank branches in Brickell and Coral Gables are trading at 4.5–5.0%, reflecting Miami's financial district premium."
NNN Snapshot
Cap Rate Range
4.5% - 6%
Price Range
$2.0M - $7.0M
Avg Lease Term
14 Years
Unemployment Rate
3.4%
Active NNN Tenants
McDonald'sStarbucksBurger KingCVS PharmacyWalgreensChase Bank7-Eleven
Major Employers
University of Miami HealthAmerican AirlinesCarnival CorporationLennarRoyal CaribbeanBaptist Health
Find NNN Properties in Miami
Our advisors have exclusive, off-market NNN inventory in the Miami market right now. Contact us to see what's available before it hits the public market.