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Walgreens 23201 SW 112th Ave 18,265 SF Retail Building Homestead, FL 33032 $6,747,000 ($369.40/SF) 6% Cap Rate
INVESTMENT HIGHLIGHTS
- 14+ Years Remaining | Corporate Signed | Scheduled Rental Increases
- Dense Retail Corridor | Strong National/Credit Tenant Presence
- Strong Demographics in 5-mile Trade Area | Six-Figure Incomes
- Absolute NNN | Fee Simple Interest Ownership | Zero Landlord Responsibilities | No State Income Tax
- Near Signalized, Hard Corner Intersection | Florida Turnpike |Excellent Visibility & Access
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 leased, Walgreens investment property located in Homestead, Florida (Miami MSA). The tenant, Walgreens, currently has over 14 years remaining on their first lease term 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. Walgreens is one of America’s largest and most recognized pharmacy and retail chains, serving millions of customers across the country each month. There are approximately 8,700 Walgreens stores in the United States as of December 2024.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
18,265 SF
Building Class
B
Year Built
2011
Price
$6,747,000
Price Per SF
$369.40
Cap Rate
6%
NOI
$404,800
Tenancy
Single
Building Height
1 Story
Building FAR
0.30
Lot Size
1.41 AC
Zoning
BU-1A
Parking
68 Spaces (3.72 Spaces per 1,000 SF Leased)
Frontage
227’ on SW 112th Ave
AMENITIES
- Drive Thru
PROPERTY TAXES
| Parcel Number | 30-6019-020-0010 | Improvements Assessment | $1,779,600 |
| Land Assessment | $1,520,400 | Total Assessment | $3,300,000 |
PROPERTY TAXES
Parcel Number
30-6019-020-0010
Land Assessment
$1,520,400
Improvements Assessment
$1,779,600
Total Assessment
$3,300,000
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Walgreens | 23201 SW 112th Ave
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