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Sale Listings $3,250,000  

CURRENT STATUS: UNDER CONTRACT

This unique, barrier island Walgreens is at 800 A1A in the heart of New Smyrna Beach.  A true captured market, the island has over 11,000 full time residents and average household incomes of nearly $80,000. Only 55 miles from downtown Orlando, it is also a popular weekend destination. Additionally, the island is home to Canaveral National Seashore, which reported 1,689,754 visitors in ‘15, and is internationally recognized by outdoor enthusiasts and media.  The town was ranked #9 “best surf town” by Surfer Magazine in ‘09 and “as one of the world’s top 20 surf towns” by National Geographic in ‘12.

Since opening in 1993, this Walgreen location has been a consistently high performing store, with reported sales at or above $344 psf for 10 years trailing. Additional and uncommon features include its proximity to the ocean (approx. 600’), a low fixed rent of $14.27 psf, a subdivided and functional building (wider than deep), and a 2010 roof.

OFFERING TERMS

  • Offering Price:$3,250,000 ($241.56 PSF)
  • Cap Rate: 5.90%
  • Broker Participation: 1%

PROPERTY OVERVIEW

  • Annual base rent:$192,000 ($14.27 psf)
  • Current term expiration:2/28/23
  • Year Built:1993 (roof replaced in ’10)
  • Lease Structure:NN
  • Acreage:1.01
  • Square Footage:13,454

    • 11,196 SF – Pharmacy & General Retail
    • 2,258 SF – Liquor
  • Parking: 42 spaces
  • Access:4 ingress/ 3 egress / signalized intersection 

PROPERTY HIGHLIGHTS

  • Low Price PSF: $241.56
  • Low Rent PSF: $14.27
  • Reported Sales:$4.743MM (FYE 2/28/17)
  • Frontage: property has over 300’ on A1A
  • Functional Floor Plan: building is sub-divided into two separate units (pharmacy + general retail / liquor) totaling 150’ of width
  • Captured & Strong Trade Area: 11K year round residents with avg. household incomes of nearly $80K.  Additionally, bank deposits within ¼ mile of the site are nearly $217MM.
  • Location: less than 600’ from the ocean on the “to beach” side of E. Third Ave
  • High Barriers to Entry: 1.01AC site only steps from the beach.  Further, subject intersection is 1 of 3 that are signalized on the South Causeway entrance to New Smyrna Beach.

 

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