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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/SF) 6.40% Cap Rate

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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

Drug Store

Building Size

16,844 SF

Building Class

Year Built/Renovated

2000/2010

Price

$4,281,000

Price Per SF

$254

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

281 FT on Palm Bay

Amenities

Signage

Retailer
99,999 SF
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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.