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Walgreens, Palm Coast , FL

Walgreens

Palm Coast, Florida

Price $3,600,000
Cap Rate 6.50%
NOI $232,875
Lease Term 2+ Years Remaining
Lease Type Net Lease, With Tenant Responsible For Taxes, Insurance, Maintenance, Excluding Roof, And Structure
Rental Increases Fixed
Year Built 2014
Building Size 15,525 SF
Lot Size 2.37 Acres (103,396 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

LEASED TO ONE OF THE LARGEST DRUG RETAILING CHAINS IN THE U.S.
» Tenant has been at current location since 1995 – tenant’s dedication to the site is exemplified by its long-term commitment to this location
» Walgreens Boots Alliance, Inc. (NASDAQ: “WBA”) is rated “BBB/Stable” by Standard & Poor’s and is ranked 16th in the Fortune 500
» Walgreens is the second-largest pharmacy store chain in the United States with over 9,000 retail locations and is proud to be a neighborhood health destination serving approximately eight million customers each day
» Strong performing store with prescription drive-thru lane, providing additional customer convenience and boosting sales revenue

HARD-CORNER LOCATION IN DENSE RETAIL CORRIDOR
» High-visibility location between two one-way streets, Palm Coast Parkway Southwest and Northeast with access to 45,455 vehicles per day
» Busy hard-corner location with a frontage road providing easy access to the property
» Beneficial proximity to Interstate 95 (76,000 AADT) and U.S. Highway 1 (17,400 AADT)
» Prominent location in the heart of a dense retail corridor with nearby tenants such as Walmart Supercenter, Publix Super Market, The Home Depot, Lowe’s Home Improvement, Kohl’s, and more
» Proximity to Daytona State College (949 students Flagler/Palm Coast campus, 21,675 total students)
» Close to well-attended schools including Matanzas High School (1,725 students), Belle Terre Elementary School (1,438 students), Lewis E Wadsworth Elementary (957 students), and many more
» Less than a mile from AdventHealth Palm Coast Parkway Hospital (100 beds) opening in 2023 and expected to provide 400 new jobs, with projections to grow to as many as 700
» Situated within two miles of five major hotels with 439 guestrooms, providing a nearby, regular customer base for the site

PRIME LOCATION IN A GROWING FLORIDA COASTAL CITY
» Population of 85,370 within a five-mile radius, providing a stable customer base
» 24 percent population increase within five miles of the site since 2010, demonstrating Palm Coast’s recent rapid growth
» $79,930 average annual household income within five miles of the location (projected to increase 13 percent by 2026)
» Located near several major recreational areas and lakes, including Marineland Dolphin Adventure, Fort Matanzas National Monument, Long Creek Nature Preserve, Jungle Hut Road Park, and many others
» Flagler County is a popular tourist destination attracting 572,400 visitors in 2020
» Central location between two major Florida cities, Jacksonville (949,611 residents) and Orlando (307,573 residents)


Property Description

Walgreens is conveniently between two one-way streets, Palm Coast Parkway South-west and Northeast with excellent visibility and access to 45,455 vehicles per day. The site is on a busy hard-corner location with a frontage road providing easy access to and from the property. The location maintains beneficial proximity to Interstate 95 (76,000 AADT) and U.S. Highway 1 (17,400 AADT). The site is prominently located in the heart of a dense retail corridor with nearby tenants such as Walmart Supercenter, Publix Super Market, The Home Depot, Lowe’s Home Improvement, ALDI, Kohl’s, and numerous others. The property is close to well-attended schools including Daytona State College (949 students Flagler/Palm Coast campus, 21,675 total students), Matanzas High School (1,725 students), Belle Terre Elementary School (1,438 students), Lewis E Wadsworth Elementary (957 students), and many more. The site is less than a mile from AdventHealth Palm Coast Parkway Hospital (100 beds) opening in 2023 and expected to provide 400 new jobs, with projections to grow to as many as 700. The property is situated within two miles of five major hotels with 439 guestrooms, providing a nearby, regular customer base for the site.

85,370 residents live within a five-mile radius, providing a stable customer base for the property. The population within five miles increased 24 percent since 2010, demonstrating Palm Coast’s recent rapid growth. The average annual household is $79,930 within five miles and is projected to increase 13 percent by 2026. The property is located near several major recreational areas and lakes, including Marineland Dolphin Adventure, Fort Matanzas National Monument, Long Creek Nature Preserve, Jungle Hut Road Park, and many others. The site is centrally located between two major Florida cities, Jacksonville (949,611 residents) and Orlando (307,573 residents). Flagler County and the city of Palm Coast are popular tourist destinations attracting 572,400 visitors in 2020.

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