Investment Offering
Vero Beach, FL - Walgreens
1705 US-1 | Vero Beach, FL 32960
$6,788,000
Price5.1%
Cap Rate$346,200
NOI17,310
± SF Offering GLA2.57
± AC Land AreaDescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding, investment grade (S&P: BBB), Walgreens investment property located in Vero Beach, Florida. The tenant, Walgreen Co., recently signed a brand new 15-year lease with 12 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features rare 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 in a state with no state income tax. Walgreens operates more than 9,000 stores across all 50 states, Puerto Rico, and the U.S. Virgin Islands.
Location
Walgreens is located at the signalized, hard corner intersection of 8th Avenue and 17th Street, which supports over 64,000 vehicles per day. The site also benefits from nearby access to U.S. State Highway 60 (23,600 VPD) and State Highway A1A (16,200), making this an ideal centralized location for easy commutes. Located within
a dense retail corridor, Walgreens is within close proximity to multiple national/credit tenants including Walmart, Publix, TJ Maxx, Staples, Wawa, 7-Eleven, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Furthermore, the asset is located less than a mile north of the Indian River Apartments (180 units) and the Palms at Vero Beach (259 units), providing a direct residential consumer base from which to draw. The 5-mile subject trade area is supported by more than 90,000 residents and 45,000 daytime employees who earn an average household income of more than $96,000.
Documents & Links
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 Offering Memorandum |  |  |
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215
Patrick Nutt
Sr Managing Principal & Co-Head of National Net Lease
954.302.7365954.302.7365[email protected]FL #: BK3120739