Drug Store Ground Lease with
For Sale
Contact for pricing
Pending
977 US-98, Destin, FL 32541
Absolute NNN leasehold with drive-through lane and 12 years remaining, featuring 5% rent increases every five years.
Property SizeContact for details
Days on Market117
Property Features for 977 US-98
General Information
Standard status
Pending
Property subtype
Retail
Listing Agency:
Marcus & Millichap - Nashville
Listed By:
Jason Hernandez · License #CA 01392646
Source:
Crexi
Added: Apr 11
Changed: Jul 21
Last Checked: Aug 4 at 2:56PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Nashville
Investment Insights
Based on property information with market context.
The property is a drug store investment offered as a leasehold interest under an absolute NNN structure. Public remarks indicate there is no landlord management or maintenance responsibility whatsoever, and the offering is subject to a ground lease. The lease term is shown as having 12 years remaining, with 5% rent increases scheduled every five years during the original term and at each renewal option period if exercised.
The tenant is described as Walgreen Co., a subsidiary of Walgreens Boots Alliance, Inc., with Walgreens Boots Alliance, Inc. listed in the remarks regarding financial data; the remarks also state that Walgreens Boots Alliance does not guarantee the lease. The property is further described as having a critical drive-through lane designed to accommodate vehicles.
Buyer is responsible for verifying all estimates and details during due diligence, as items such as rentable area, lot size, guarantor, lease terms, building specifications, year built, and ratings are stated as estimates in the remarks.
The tenant is described as Walgreen Co., a subsidiary of Walgreens Boots Alliance, Inc., with Walgreens Boots Alliance, Inc. listed in the remarks regarding financial data; the remarks also state that Walgreens Boots Alliance does not guarantee the lease. The property is further described as having a critical drive-through lane designed to accommodate vehicles.
Buyer is responsible for verifying all estimates and details during due diligence, as items such as rentable area, lot size, guarantor, lease terms, building specifications, year built, and ratings are stated as estimates in the remarks.
Key Highlights
- Absolute NNN leasehold: 12 years remaining and the tenant operates under an absolute NNN structure.
- Lease features 5% rent increases every 5 years during the original term and renewal options (if exercised).
- Includes a critical drive‑through lane to support customer service in vehicles.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
786
Businesses Nearby
22k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 97%
Home Improvements & Furnishings 3%
Whataburger
Dining
21,055 visits/mo
0.3 miles
Sherwin-Williams Paint Store
Home Improvements & Furnishings
627 visits/mo
0.5 miles
Demographics for 32541, FL
18,419
Population
16,390
Households
1.1
Avg Household Size
45
Median Age
48%
College-Educated
95%
High-School Grad
12.6 sq mi
ZIP Area
1,462
Density / Sq Mi
$93,004
Median Household Income
$47,991
Median Earnings
$1,976
Median Rent
$498,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Drug store - Absolute NNN leasehold with drive-through lane and 12 years remaining, featuring 5% rent increases every five years.
Where is this drug store located?
The property is located at 977 US-98 Destin, FL.
What are key features of this property?
This property features: Absolute NNN leasehold: 12 years remaining and the tenant operates under an absolute NNN structure.; Lease features 5% rent increases every 5 years during the original term and renewal options (if exercised).; Includes a critical drive‑through lane to support customer service in vehicles.
