For Sale
$1,536,000

30964 Overseas HwyBig Pine Key, FL 33043

Florida Cannabis Investment: NNN Lease

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 1,600-square-foot, free-standing retail building in Big Pine Key, Florida, operating as a cannabis dispensary. Located at 30964 Overseas Highway, this property boasts a highly desirable location with a drive-through, a rare feature now prohibited in new constructions. The building, originally constructed in 1984, underwent renovations in 2019 and 2022 (roof replacement). The property sits on a 20,844-square-foot lot and is currently under a triple-net (NNN) lease with a 15-year term commencing October 1, 2023, and expiring September 30, 2038. The lease includes a 3% annual rent escalation. The current tenant enjoys 100% occupancy, generating a net operating income (NOI) of $96,000 annually, representing a 6.25% cap rate at the asking price of $1,536,000 ($960 per square foot). The tenant has no credit rating. The property's value is further enhanced by Monroe County's consideration of building moratoriums and restricted new construction permits, mitigating future competition. This is a single-tenant, single-story building with a strong, long-term lease, making it an attractive investment in a growing market. The APN is 00111310-000000.

Highlights

  • $1,536,000 asking price (6.25% cap rate).
  • 1,600 SF free-standing retail building in Big Pine Key, FL, operating as a cannabis dispensary.
  • Located at 30964 Overseas Highway, with a drive-through (currently prohibited in new construction).
  • Triple-net (NNN) lease with 3% annual rent escalation, expiring September 30, 2038.
  • $96,000 annual net operating income (NOI).

Property Details for 30964 Overseas Hwy

Property type
Retail properties, Drug stores
Square Feet
1,600 SF
Year Built
1984
Buildings
1
Stories
1
Units
1

Location Insight

City
Big Pine Key
County
Monroe
State
Florida
Latitude
24.669471227336
Longitude
-81.348894673068
30964 Overseas Hwy, Big Pine Key, Florida

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30964 Overseas Hwy
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