2198 A1A St. Augustine Beach, FL 32080
- Retail properties
- 1.75 lot acres
Current Use by Public Records
- AYR Cannabis Dispensary St. Augustine / Cannabis Store
- SouthState Bank - Mortgage Office / Mortgage Lender
Property Details for 2198 A1A
- Lot size
- 1.75 lot acres
- Property type
- Retail properties
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a single-tenant, absolute triple-net (NNN) leased retail property located at 2198 A1A S, St. Augustine Beach, Florida 32080. The property, encompassing 5,676 square feet on a 1.75-acre lot, is situated at a signalized four-way intersection, offering high visibility and accessibility. The current tenant, Ayr Wellness, a vertically integrated multi-state cannabis operator, occupies the entire building under a 10-year lease (commencing May 15, 2020, expiring May 14, 2030), with 5.5 years remaining. The lease includes a crucial 3% annual rent increase, ensuring consistent income growth. The property boasts a strong net operating income (NOI) of $242,758, resulting in a compelling 5.22% capitalization rate. The asking price is $4,650,000. The lease is corporately guaranteed, minimizing risk for the investor. This is the only permitted dispensary in St. Augustine Beach, providing a unique market advantage and potential for future development on the sizable lot. The property features a drive-thru for added convenience. The building is a single-story structure within a commercially zoned area. A 1-5 year lease extension option is available.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- St. Augustine Beach
- County
- St Johns
- State
- Florida
- Longitude
- -81.2798
- Latitude
- 29.8558
