Marathon, FL - Walgreens

Description:

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.

The subject property is located at the signalized, hard corner intersection of Overseas Hwy and 109th St Gulf with a combined 31,000 VPD. The site is ideally located in a dense retail corridor, with numerous nearby national/credit tenants including Bealls, Sherwin-Williams, Dunkin’, Circle K, Tire Kingdom, Hampton Inn, Advance Auto Parts, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Furthermore, the asset is in close proximity to Florida Keys Marathon Airport, further increasing consumer traffic to the site. The subject property has excellent visibility via significant street frontage and a large pylon sign. The 5-mile trade area is supported by over 10,000 residents and 6,000 employees. Residents within a 1-mile radius of the site boast an affluent average household income of $133,248.