Homestead, FL - Walgreens

Description:

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.

The Walgreens is located near the signalized, hard corner intersection of SW 232nd St. and SW 112th Ave. combining to average over 31,000 vehicles passing by daily. The site benefits from nearby direct on/off ramp access to Florida’s Turnpike, a major thoroughfare serving the state of Florida averaging over 110,000 vehicles per day. The Walgreens is directly across from a Publix Super Market, enhancing consumer activity in the immediate trade area. Furthermore, the site is located in a dense retail corridor with nearby national/credit tenants including CVS Pharmacy, Aldi, Family Dollar, Dollar Tree, McDonald’s, AutoZone, Subway, Pollo Tropical, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by over 229,850 residents and 40,700 employees, providing a direct consumer base from which to draw. Residents within a 1-mile radius boast an affluent average household income of $101,806.