680 Burleigh BlvdTavares, FL 32778

Property Details for 680 Burleigh Blvd

Year built

2009

Lot size

1.90 AC

Property size (Sq ft)

14,723 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

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.

Location Insight

City

Tavares

County

Lake

State

Florida

Latitude

28.8197

Longitude

-81.7215

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