- Absolute net lease with no landlord responsibilities whatsoever.
- One mile west of Interstate 4 with 130,000 vehicles per day.
- Medical corridor location just a half mile from Debary Health & Rehabilitation Center (120 Beds).
- Just north of Orlando near Disney World and Daytona Speedway.
- Amazon fulfillment center nearby with 1 million square foot facility 7 miles northeast and 130-acre Portland Industrial Park coming in 2024.
Pharma Property Group is pleased to market for sale the Walgreens property located at 15 North Charles Richard Beall Boulevard in Debary, Florida (the "Property"). Walgreens has had a long successful operating history at this location (±15 years) and is on an absolute net lease with approximately nine years remaining on the initial term with no landlord responsibilities whatsoever.
The Property offers an opportunity to assume the existing non recourse financing which is at a below market rate of 6.25%. There is a one percent assumption fee payable by the buyer to assume the existing debt which has a $1,926,876 loan balance and is due August, 01, 2033. Annual debt service is $261,240 and annual cash flow after debt service to a buyer would be $143,760.
Walgreens is located by several medical facilities including the Debary Health and Rehabilitation Center (120 beds, 0.5 miles north), the VA Orange City Clinic (1.6 miles north) and the Florida Hospital Fish Memorial Hospital (175 beds, 2.9 miles northeast) providing a healthy prescription base. Also nearby is an Amazon fulfillment center with a planned second Amazon facility across the street and adjacent to a 130-acre Portland Industrial Park opening in 2024.
The Property is located on a signalized intersection with approximately 29,000 vehicles per day and is just over a mile west of Interstate 4 which has a traffic count of over 130,000 vehicles per day. The area has solid demographics in a 5-mile radius with a population of about 87,636 and an average household income of $71,763.