2122 Nine Mile Rd Pensacola, FL 32534

Property Details for 2122 Nine Mile Rd

Year built

2006

Lot size

0.89 lot acres

Property size

3,963 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a 3,963 square foot Sunnyside Dispensary, the flagship retail brand of Cresco Labs, located at 2122 W 9 Mile Rd, Pensacola, FL 32534. The property, built in 2006 and extensively renovated in 2022, sits on a 0.89-acre lot with 25 parking spaces and enjoys a prime location in a Publix-anchored shopping center. The 100% occupied property boasts a strong 7.10% cap rate and a substantial net operating income (NOI) of $197,676. The current lease, commenced October 12, 2022, features a remaining term of 7.9 years with five 5-year renewal options and attractive 2% annual rent increases. The landlord's responsibilities are limited to roof and structural maintenance. The dispensary benefits from its strategic location near major thoroughfares, significant retailers (including Walmart, Walgreens, and numerous restaurants), and a high-density population exceeding 85,000 within a five-mile radius, projected to grow by 5.7% by 2027. Nearby educational institutions, including the University of West Florida and Pensacola Christian College, and major employers like Navy Federal Credit Union's Heritage Oaks Campus, further enhance the property's value and long-term potential. Recent multi-family developments in the area, including The Waters at Ransley (336 units), The Tristan (242 units), and Legends at Pine Forest (170 units), contribute to the robust growth drivers surrounding this exceptional investment. The property's proximity to HCA Florida West Hospital and Pensacola International Airport adds to its strategic appeal. This is a rare opportunity to acquire a high-performing, net-leased asset with significant upside potential.

Location Insight

City

Pensacola

County

Escambia

State

Florida

Longitude

-87.3105

Latitude

30.5342