- Details
- Investment Highlights
- Description
Tenant
Walgreens
Location
Lake Wales, FL
Price
$2,640,951
CAP Rate
6.14%
NOI
$162,046
Lease Term
70 Years
Occupancy
100%
Building Size
14,672 SF
Property Type
Single Tenant
Year Built
2009
Lot Size
1.81 Acres
Status
Closed
Property Contacts:
Zero Cash Flow Leasehold
Absolute NNN Leases with Over 21 Years Until Termination Option
Investment-Grade Tenant/Guarantor
Fully Depreciable Basis Due to Leasehold Structure
Significant Cash Flow Potential – Rent Increases to FMV in 2049
Pay Down Re-Advance Feature on Debt
Marcus & Millichap is pleased to exclusively present for sale a Walgreens zero cashflow leasehold portfolio. All locations feature absolute NNN leases with a firm term of 21 years remaining. There are eight locations remaining, all in very diverse markets. The leasehold interests can be purchased as a portfolio, individually, or in smaller pools. There are no rent holidays and the debt is fully self-amortizing. The existing zero cash flow loans must be assumed and include the attractive pay down re-advance feature. The portfolio is priced at 15.5% equity over the debt.
This is a unique opportunity for an investor to acquire competitively priced zero cash flow deals backed by a strong investment grade tenant.