Rare South Florida Walgreens Investment Offering

10881 West Oakland Park Boulevard, Sunrise, FL

$4,518,109

Price

5.5%

Cap Rate

$248,499

NOI

Overview
Cap Rate
5.5%
NOI
$248,499
Building Size
16,320 sqft
Lot Area
103,236 sqft
Occupancy
100%
Lease Type
Double Net
Year Built
1998
Price Per Sqft
$276.84
Tenancy
Single
Lease Expire Year
12/31/2028
Description

Pharma Property Group has been retained as exclusive agent and is pleased to offer investors the opportunity to acquire a Walgreens in Sunrise, Florida. The lease income is guaranteed by Walgreens Corporation (NYSE: WAG) with a credit rating (S&P) of BBB (Investment Grade). Walgreens recently extended the lease adding 10 years to the initial lease term. There are currently 9 years remaining before the seven (5 year) options to follow. This is a double net lease with landlord only responsible for roof and structure. Roof was replaced under ten years ago and carries a 15-year transferrable warranty. This location has a long history of exceptional reported sales year after year. Only drugstore open until midnight in a 3-mile radius, also includes beer and wine sales.

Located at the signalized corner of West Oakland Park Boulevard and Hiatus Road with traffic counts of ±63,697 vehicles per day. Subject property enjoys three points of entry to the property from the three different streets of Oakland Park Boulevard, NW 3rd and Hiatus Road including its own personal service road running along Oakland Park. The property controls all points of access for the entire block of Oakland Park Boulevard sandwiched between the two signalized intersections of Hiatus Road and NW 33 Road.

The property enjoys a loyal customer base with one third of the population over the age of 55. Nearly 300,000 residents in a 5-mile radius and over 100,000 residents in a 3-mile radius. Within a 3-mile radius there ±125 national retail tenants including centers anchored by Publix and Bealls, a 24-Hour Fitness anchored center and the 61,000 square foot Welleby Shopping Center all within a half-mile on the subject property's street of West Oakland Park Boulevard.

Located in the Miami-Fort Lauderdale-Palm Beach MSA (8th largest MSA in the United States and largest in the Southeast) encompassing nearly 6,000,000 residents and comprising of Florida's three largest counties, Miami-Dade, Broward and Palm Beach. Directly across the street is the city owned 40-acre complex which includes 275,000 square feet comprising of the City of Sunrise's government operations including City Hall, Police Department, Mayor's Office and Civic Center. Approximately two miles North of the 6th largest mall in the US, Sawgrass Hills and the BB&T Sports Arena which is home of the Florida Panthers Professional Hockey Team.

Highlights
  • STABLE INCOME – The lease income is guaranteed by Walgreens Corporation (NYSE: WAG) with a credit rating (S&P) of BBB (Investment Grade).
  • OPEN UNTIL MIDNIGHT & HISTORY OF IMPRESSIVE STORE SALES - Location has exceptional reported sales, sells beer/wine and is open until midnight.
  • RECENT 10 YEAR LEASE EXTENSION - Walgreens recently extended the lease adding 10 years to the initial lease term.
  • 15-YEAR TRANSFERRABLE ROOF WARRANTY - Roof was replaced under ten years ago and carries a 15-year transferable warranty.
  • RARE SOUTH FLORIDA WALGREENS INVESTMENT OFFERING - Located in the Miami-Fort Lauderdale-Palm Beach MSA across the street from City Hall.
  • OUTSTANDING TRAFFIC COUNTS OF OVER 63,000 VEHICLES PER DAY - Located at signalized corner of W. Oakland Park Blvd. & Hiatus Rd. and ±63,697 VPD.
  • OVER 125 NATIONAL RETAIL TENANTS IN A 3-MILE RADIUS - Within a 3-mile radius there ±125 national retail tenants including Publix, Bealls and 24-Hour Fitness.
  • IMMEDIATE CONSUMER BASE OF ±300,000 RESIDENTS IN A 5-MI RADIUS - Loyal customer base, 1/3 of population ±55 and ±300,000 residents in a 5-mi radius.
  • OVERSIZED PARCEL, MULTIPLE ACCESS POINTS - 3 points of entry from 3 different streets: Oakland Park Blvd., NW 3rd & Hiatus Rd., service road along Oakland Pk.
Documents
Title
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Location
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