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    Walgreens
    $5,220,000
    Plus Jacksonville, FL
    Offering Memorandum
    Lease Type
    NNN
    Cap Rate
    5%
    Property Type

    Retail

    Building Size
    13,905 SF
    NOI
    $261,000
    Land Area
    0.72 AC
    Remaining Term
    36 Years
    Status
    Active
    Michael Zimmerman
    Michael Zimmerman
    Founder
    Property Highlights
    Prime Investment Opportunity

    Walgreens has occupied this site along Atlantic Boulevard (44,500 ADT) since 1997. This Walgreens is the last pharmacy location on Atlantic Boulevard heading towards popular Jacksonville Beach. The site is equipped with a drive-thru pharmacy, and several capital improvements have been made by the current owner and the tenant. These improvements include new paving and asphalt (circa 2019), new LED lighting in the parking lot and a storefront façade replacement. The NNN lease allows for five-year termination rights through 2057, and the tenant is required to pay percentage rent and report store sales.

    Enviable Jacksonville Location

    This Walgreens property has incredible access and visibility at the signalized intersection of busy Atlantic Boulevard and Hodges Boulevard in Jacksonville, Florida. The property sits across from the Publix-anchored Harbour Place shopping center and is surrounded by national retailers including Starbucks, Chick-fil-A, Outback Steakhouse and many more. There is also an in-line CVS Pharmacy location across the street with no drive-thru access. Visitors to the site are only about 12 miles from the heart of Jacksonville and are just minutes from Jacksonville’s pristine beaches.

    High Growth Market Area

    The three-mile radius surrounding this Walgreens property has experienced significant growth since 2010. The area’s population is expected to increase by nearly five percent by 2026 thanks in part to the development of several new luxury apartment communities like Terrabella Coastal Apartments. Additionally, average annual household incomes within a three-mile radius exceed $106,000.

    Walgreens
    Jacksonville, FL
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