Property Details for 7420 Fl-54

Year built

2000

Lot size

1.35 lot acres

Property size

15,120 SF

Property type

Retail properties & Spaces

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a fee-simple, 15,120 square foot Walgreens located at a signalized intersection in New Port Richey, Florida. The property boasts a strong 10.8 years remaining on a corporate-guaranteed Absolute NNN lease with a 6.50% cap rate and a substantial NOI of $347,760. The lease commenced September 1, 2022, and expires August 31, 2035, with twelve 5-year renewal options, each including a 5% rent increase. Situated on a 1.35-acre lot with 52 parking spaces, the property benefits from excellent visibility and access, with a daily traffic count exceeding 77,500 vehicles. The location is strategically positioned near Pasco Square Mall, multiple schools, and a major hospital, contributing to consistent high traffic volume. The property was built in 2000 and enjoys 100% occupancy. This investment offers a rare opportunity to acquire a high-performing, low-maintenance asset in a rapidly growing area with a projected population increase of over 5% in the next five years. The Tampa Bay Area's robust economy, driven by major industries including tourism, healthcare, and finance, further enhances the long-term value of this property. The Walgreens tenant is a publicly traded company (NASDAQ: WBA), providing additional security and stability. This is a truly exceptional opportunity for a discerning investor seeking a secure, high-yield, and long-term investment.

Location Insight

City

New Port Richey

County

Pasco

State

Florida

Longitude

-82.6921

Latitude

28.2166