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Walgreens 7780 Wickham Rd N 15,922 SF Retail Building Melbourne, FL 32940 $4,500,000 ($282.63/SF) 6.44% Cap Rate
Investment Highlights
- Passive Absolute Net (NNN) Investment - Absolute net lease structure with zero landlord responsibilities is ideal for passive investors
- Strong Store Performance - This location reports strong annual store sales, reinforcing Walgreens’ long-term operational success at this site
- High-Traffic Corridor - Located along N Wickham Road, a major retail artery with traffic counts exceeding 43,000 VPD within close proximity
- Long-Term Lease Commitment with Corporate Guarantee - Walgreens executed a 15-year lease extension in January 2023
- Prime Retail Location Directly Across from Publix - The property is situated directly across from Publix, Florida’s #1 grocery chain
- Dense and Affluent Trade Area - Over 72,000 residents within a 5-mile radius, with average household incomes exceeding $95,000 within 3–5 miles
Executive Summary
Passive Absolute Net (NNN) Investment - Absolute net lease structure with zero landlord responsibilities is ideal for passive investors seeking stable, hands-off income
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
15,922 SF
Building Class
B
Year Built
2003
Price
$4,500,000
Price Per SF
$282.63
Cap Rate
6.44%
NOI
$290,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.16
Lot Size
2.29 AC
Zoning
BU-1
Parking
82 Spaces (5.63 Spaces per 1,000 SF Leased)
Frontage
Nearby Major Retailers
Property Taxes
| Parcel Number | 26-36-11-00-00507.0-0000.00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,320,670 |
Property Taxes
Parcel Number
26-36-11-00-00507.0-0000.00
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,320,670
Contacts
-
Deno Bistolarides -
Alex Alyas -
Michael Gaggo -
Matthew Franciosi -
Encore Real Estate Investment Services
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Walgreens | 7780 Wickham Rd N
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