140 Capital Cir Tallahassee, FL 32304

Property Details for 140 Capital Cir

Year built

2007

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.72 lot acres

Property size

14,505 SF

Property type

Drug stores

APN

21-30-20-002-001-0

APU

2130200020010

Description

This exceptional investment opportunity presents a fee-simple, 14,751 square-foot Walgreens located at 140 Capital Cir SW, Tallahassee, FL 32304. The property boasts a 13-year absolute NNN lease with Walgreens (NYSE: WBA), commencing September 1, 2022, and expiring August 31, 2035, leaving approximately 10.8 years remaining. The lease includes twelve five-year renewal options, with attractive 5% rent bumps every five years. Situated on a 1.72-acre lot, this single-story, 1983-built building features a drive-thru pharmacy and benefits from exceptional visibility on a hard-signalized corner, experiencing traffic exceeding 55,500 vehicles daily. The property's prime location within a dense retail corridor, alongside national tenants such as Walmart, McDonald's, Ross Dress for Less, and others, ensures consistent high traffic and strong tenant performance. The property generates a Net Operating Income (NOI) of $340,860, representing a 6.50% cap rate and a price per square foot of $355.77. The asking price is $5,248,000. This strategically located asset offers significant long-term value, enhanced by its proximity to Florida State University and downtown Tallahassee, within a no-income-tax state. The corporate guarantee from Walgreens provides significant security and stability for this investment. The property's fee-simple ownership allows for depreciation benefits.

Location Insight

City

Tallahassee

County

Leon

State

Florida

Longitude

-84.3617

Latitude

30.458

CBSA code

45220

CBSA name

TALLAHASSEE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments