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Walgreens | New 15yr Corp Abs NNN w/ Incrs 10870 Overseas Hwy 16,904 SF Retail Building Marathon, FL 33050 $7,670,000 ($453.74/SF) 5.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Brand New 15-Year Lease | Scheduled Rental Increases | Established Brand
- Dense Retail Corridor | Strong National/Credit Tenant Presence | Florida Keys Marathon International Airport
- Strong Demographics in 5-Mile Trade Area | Six-Figure Incomes
- Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
- Signalized, Hard Corner Intersection | Excellent Visibility & Access
EXECUTIVE SUMMARY
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Walgreens investment property located in Marathon, Florida. The tenant, Walgreens, Inc recently signed a brand new 15 year lease with 4 (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. Walgreens operates nearly 9,000 retail locations across the U.S. and Puerto Rico, Walgreens is proud to serve nearly 9 million customers and patients daily.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
16,904 SF
Building Class
C
Year Built/Renovated
1996/2001
Price
$7,670,000
Price Per SF
$453.74
Cap Rate
5.50%
NOI
$421,875
Tenancy
Single
Building Height
1 Story
Building FAR
0.26
Lot Size
1.49 AC
Opportunity Zone
Yes
Zoning
MU - Mixed Use
Parking
50 Spaces (2.96 Spaces per 1,000 SF Leased)
AMENITIES
- Corner Lot
- Pylon Sign
- Signage
- Signalized Intersection
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 00333890-000000 | Improvements Assessment | $1,738,538 |
| Land Assessment | $1,025,512 | Total Assessment | $2,764,050 |
PROPERTY TAXES
Parcel Number
00333890-000000
Land Assessment
$1,025,512
Improvements Assessment
$1,738,538
Total Assessment
$2,764,050
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Walgreens | New 15yr Corp Abs NNN w/ Incrs | 10870 Overseas Hwy
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