For Sale
$5,187,000

680 Burleigh BlvdTavares, FL 32778

Prime Tavares, FL Drugstore; 6% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fee-simple ownership of a 14,723-square-foot Walgreens drugstore situated on a 1.9-acre lot at 680 E Burleigh Blvd, Tavares, FL 32778. The property boasts a 15-year absolute triple-net (NNN) lease with Walgreens, commencing August 28, 2024, and expiring August 31, 2039. This provides a substantial remaining lease term of approximately 14.8 years. The current annual net operating income (NOI) stands at $311,220, yielding a compelling 6.00% capitalization rate. The lease includes a highly favorable structure with rental increases of 5% every five years, a rarity in the Walgreens and CVS market. The lease is further secured by a corporate guarantee from Walgreens, a publicly traded Fortune 500 company, ensuring financial stability and minimizing landlord responsibilities. Built in 2009, this property offers a secure, long-term investment with a strong tenant and exceptional lease terms. The property's location in Tavares, Lake County, Florida, provides excellent visibility and accessibility within a thriving community. This is a rare opportunity to acquire a high-performing, low-maintenance investment property with significant long-term growth potential. The property is 100% occupied.

Highlights

  • Absolute Triple Net (NNN) lease; no landlord responsibilities.
  • 15-year Walgreens lease (8/28/2024 - 8/31/2039) with 5% rent increases every five years.
  • Corporate-guaranteed lease by Walgreens, a publicly traded Fortune 500 company.

Property Details for 680 Burleigh Blvd

Property type
Retail properties, Drug stores
Square Feet
14,723 SF
Year Built
2009
Lot Size (sq. ft)
82,764 SF

Location Insight

City
Tavares
County
Lake
State
Florida
Latitude
28.8196634
Longitude
-81.7215476
680 Burleigh Blvd, Tavares, Florida

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
680 Burleigh Blvd
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message