2094 Us Highway 90 Lake City, FL 32055

Property Details for 2094 Us Highway 90

Year built

2000

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

2.05 lot acres

Property size

16,686 SF

Property type

Drug stores

APN

36-3S-16-02637-003

APU

363S1602637003

Description

This exceptional investment opportunity presents a 15,120-square-foot Walgreens located in Lake City, Florida. The property, built in 2000, sits on a 2.04-acre lot with 71 parking spaces and enjoys a prime location at the signalized intersection of W US Hwy 90 and State Rd 247, boasting 42,000 vehicles per day. It's an outparcel to a retail center anchored by Home Depot, Aldi, and Dollar Tree, and benefits from proximity to I-75. The property features a strong 13-year NNN lease with Walgreens (NASDAQ: WBA), providing a corporate guarantee and a substantial remaining lease term of 10.8 years. Rent increases of 5% every 5 years are built into the lease, extending through twelve 5-year option periods. The property's NOI is $332,640, resulting in a 6.75% cap rate, and is offered at an asking price of $4,930,000 ($358.47/sq ft). The surrounding area includes numerous national retailers, further enhancing the property's value and potential for long-term growth. This fee-simple offering presents a compelling investment opportunity with minimal landlord responsibilities and significant upside potential. The Gainesville-Lake City CSA boasts a population of 354,299 and includes several major employers.

Location Insight

City

Lake City

County

Columbia

State

Florida

Longitude

-82.6666

Latitude

30.1781

CBSA code

29380

CBSA name

LAKE CITY, FL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments