Walgreens | New 15yr Corp Abs NNN w/ Incrs 1213 Palm Bay Rd NE 16,844 SF Retail Building Melbourne, FL 32905 $4,281,000 ($254.16/SF) 6.40% Cap Rate
INVESTMENT HIGHLIGHTS
- New 15-Year Lease | Corporate Guaranty | Established Tenant | Rare 5% Scheduled Rental Increases
- Dense Retail Corridor | 1,000+ Multi-Family Units Within 1-Mile
- Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
- Strong Demographics In 5-Mile Trade Area
EXECUTIVE SUMMARY
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, Walgreens investment property located in Melbourne, Florida. The tenant, Walgreen Co., recently signed a new 15 year lease with 12 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Operating nearly 9,000 retail locations across America, Puerto Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighborhood health destination serving nearly 10 million customers each day.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
16,844 SF
Building Class
C
Year Built/Renovated
2000/2010
Price
$4,281,000
Price Per SF
$254.16
Cap Rate
6.40%
NOI
$273,996
Tenancy
Single
Building Height
1 Story
Building FAR
0.17
Lot Size
2.33 AC
Zoning
General Commercial
Parking
72 Spaces (4.27 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Signage
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
-
- Retailer
-
99,999 SF
- -
-
Lorem Ipsum
-
Jan 0000
Walgreens is a trusted and convenient local health destination that millions of Americans rely on every day. Their founder, Charles R. Walgreen Sr., was known for finding new ways to connect with customers on a personal level and treating each person like a guest in his own home. For over a century, they have expanded that personal connection through their network of neighborhood pharmacies and their innovative health services and products. The foundation for all of this is their trusted pharmacy expertise, and their team members who provide essential care that helps people achieve better health outcomes at an affordable cost.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
|
|
Retailer | 99,999 SF | - | Lorem Ipsum | Jan 0000 |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 28-37-21-00-00261.0-0000.00 | Improvements Assessment | $942,900 |
| Land Assessment | $1,064,670 | Total Assessment | $2,007,570 |
