1402 Ohio AveLynn Haven, FL 32444

Property Details for 1402 Ohio Ave

Year built

1999

Construction

STEEL FRAME

Lot size

2.07 AC

Property size (Sq ft)

15,467 SF

Property type

Retail properties

Property subtype

Retail space

APN

10224-000-000

APU

10224000000

Description

This exceptional investment opportunity presents a 13,761-square-foot Walgreens located at 1402 Ohio Ave, Lynn Haven, FL 32444. The property boasts a strong 6.00% cap rate and a substantial net operating income (NOI) of $337,824. Secured by a long-term, absolute NNN lease with Walgreens, the lease extends to September 25, 2038, offering a remaining term of 13.9 years. The lease includes favorable 5% rent bumps every five years, with the next increase scheduled for September 2028, and twelve 5-year renewal options. Situated on a 1.87-acre lot, the building was constructed in 1999 and enjoys 100% occupancy. This prime location at a signalized intersection of State Hwy 77 (33,000 VPD) and W 14th St (19,500 VPD) benefits from high daily traffic counts and proximity to major retailers like Walmart, Publix, and Aldi. The surrounding area demonstrates strong demographics, with over 62,000 residents within a five-mile radius and a projected 7% population growth over the next five years. The average household income within three miles is $111,393. This is a truly exceptional opportunity to acquire a high-performing, low-maintenance investment property in a thriving Florida market. The property's strong tenant, long lease term, and built-in rent escalations provide a secure and attractive investment profile. This offering presents a rare chance to capitalize on the stability and growth potential of a Walgreens investment in a prime location.

• CAP approach

  CAP return

  Valuation

  6%

  $4,159,484

  6.5%

  $3,839,524

  7%

  $3,565,272

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,770,864

  Geo Method

  $2,770,864

• Alternative Use

  Use

  Valuation

  Residential

  $3,238,782

  Hospitality

  $2,966,707

  Educational

  $2,468,265

  Medical

  $2,553,153

  Retail

  $3,839,524

Location Insight

City

Lynn Haven

County

Bay

State

Florida

Latitude

30.2371

Longitude

-85.6493

CBSA code

37460

CBSA name

PANAMA CITY-LYNN HAVEN, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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].