36515 State Rd 54 Zephyrhills, FL 33541-6939

Property Details for 36515 State Rd 54

Year built

2010

Lot size

1.55 lot acres

Property size

14,490 SF

Zone code

00C2

Property type

Retail space

APN

09-26-21-0010-12500-0010

APU

926210010125000010

Description

This exceptional investment opportunity presents a fee-simple Walgreens property located at 36515 State Rd 54, Zephyrhills, FL 33541. The 1.55-acre lot houses a Walgreens pharmacy built in 2010, operating under a new 15-year absolute NNN lease with 12 five-year options. The lease boasts a 6.00% cap rate and a strong NOI of $333,270, with built-in rent increases of 5% every five years throughout the initial term and all options. This corporate-guaranteed asset benefits from a rapidly growing market in Zephyrhills, the largest city in Pasco County, experiencing a 29% population increase since 2010. Over 950 new homes are currently under construction within a two-mile radius, fueled by significant residential development from builders like D.R. Horton and Lennar. Major employers, including MiTek and Bauducco Foods, are investing heavily in the area, adding over 700 jobs. The property's strategic location is further enhanced by its proximity to seven nursing homes and assisted living facilities within three miles, totaling approximately 762 beds, catering to the area's aging population (70% over 50 years old). The asking price is $5,554,500, offering a compelling return on investment in a tax-free state. The lease expires September 25, 2038, providing long-term stability and predictable income. This is a rare opportunity to acquire a high-performing, passively managed asset in a thriving Florida market.

Location Insight

City

Zephyrhills

County

Pasco

State

Florida

Longitude

-82.2127

Latitude

28.2305

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments