For Sale
$4,650,000

2198 A1ASt. Augustine Beach, FL 32080

Florida Retail Property, 5.22% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a single-tenant, absolute triple-net (NNN) leased retail property located at 2198 A1A S, St. Augustine Beach, Florida 32080. The property, encompassing 5,676 square feet on a 1.75-acre lot, is situated at a signalized four-way intersection, offering high visibility and accessibility. The current tenant, Ayr Wellness, a vertically integrated multi-state cannabis operator, occupies the entire building under a 10-year lease (commencing May 15, 2020, expiring May 14, 2030), with 5.5 years remaining. The lease includes a crucial 3% annual rent increase, ensuring consistent income growth. The property boasts a strong net operating income (NOI) of $242,758, resulting in a compelling 5.22% capitalization rate. The asking price is $4,650,000. The lease is corporately guaranteed, minimizing risk for the investor. This is the only permitted dispensary in St. Augustine Beach, providing a unique market advantage and potential for future development on the sizable lot. The property features a drive-thru for added convenience. The building is a single-story structure within a commercially zoned area. A 1-5 year lease extension option is available.

Highlights

  • 10-Year Absolute NNN Lease with Ayr Wellness.
  • 3% Annual Rent Increases built into the lease.
  • Sole permitted dispensary in St. Augustine Beach.
  • High-visibility location at a signalized four-way intersection.
  • 1.75-acre lot offering significant future development potential.
  • Corporately guaranteed lease.

Property Details for 2198 A1A

Property type
Retail properties, Drug stores
Buildings
1
Stories
1
Lot Size (sq. ft)
76,230 SF

Location Insight

City
St. Augustine Beach
County
St Johns
State
Florida
Latitude
29.8558014
Longitude
-81.2797607
2198 A1A, St. Augustine Beach, Florida

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2198 A1A
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