2198 A1ASt. Augustine Beach, FL 32080

Property Details for 2198 A1A

Lot size

1.75 AC

Property type

Retail properties

Property subtype

Drug stores

Description

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.

Location Insight

City

St. Augustine Beach

County

St Johns

State

Florida

Latitude

29.8558

Longitude

-81.2798

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