REPRESENTATIVE PHOTO
10 S. Congress Avenue
DELRAY BEACH FLORIDA
SINGLE TENANT ABSOLUTE NNNInvestment Opportunity W/ Drive-Thru Pharmacy
(S&P: BBB)
REPRESENTATIVE PHOTO2 NATIONAL NET LEASE GROUP
Qualifying Broker: Patrick Nutt, SRS Real Estate Partners-SOFLO LLC | FL License No. BK3120739
EXCLUSIVELY MARKETED BY
ANDREW FALLONExecutive Managing DirectorSRS National Net Lease Group [email protected]: 703.787.4733 | M: 202.286.15421765 Greensboro Station Place Tower 1, Suite 900, McLean, VA 22102DC License No. SP200204411
PATRICK NUTTEVP, NNLG & Market LeaderSRS National Net Lease Group [email protected]: 954.302.7365 | M: 703.434.2599200 SW First Avenue, Suite 970Fort Lauderdale, FL 33301FL License No. BK3120739
*Tenant has the Option to Terminate the lease beginning April 30th, 2033 and every five years thereafter until April 30th, 2063.
REPRESENTATIVE PHOTO3 NATIONAL NET LEASE GROUP
O F F E R I N G
P R O P E R T Y S P E C I F I C A T I O N S
Property Address10 S. Congress Ave, Delray Beach, FL 33445
Rentable Area 13,778 SF
Land Area 1.59 AC
Year Built / Remodeled 2001 / 2021
Tenant Walgreens
Guaranty Corporate (S&P: BBB)
Lease Type Absolute NNN
Landlord Responsibilities None
Lease Term Remaining 12 Years
Lease Start February 18th, 2001
Lease Expiration April 30th, 2068
Asking Price $5,700,000
Cap Rate 4.65%
Net Operating Income $264,996
OFFERING SUMMARY
*Tenant has the Option to Terminate the lease beginning April 30th, 2033 and every five years thereafter until April 30th, 2063.
4 NATIONAL NET LEASE GROUP
RENT ROLL & INVESTMENT HIGHLIGHTS
Lease Term Rental Rates
TENANT NAME SQUARE FEET LEASE START LEASE END BEGIN INCREASE MONTHLY PSF ANNUALLY PSF
Walgreens(Corporate Guaranty)
13,778 February 2001 April 2068 Current - $22,083 $1.60 $264,996 $19.23
Recent Lease Extension - 12 Years | Corporate Guaranteed | Investment Grade Tenant (S&P: BBB) | Brand New Roof
• Walgreens recently executed a new lease extension with the first option to terminate in April of 2033
• The lease is corporate guaranteed by Walgreens, Co., the second-largest pharmacy store with more than 9,000 locations
• Walgreens is an investment grade tenant (S&P: BBB)• The asset is equipped with a brand-new roof
Absolute NNN Lease | Fee Simple Ownership | Zero Landlord Responsibilities | No State Income Tax
• Tenant pays for CAM, taxes, insurance, and maintains all aspects of the premises
• No landlord responsibilities• Investor benefits from fee-simple ownership of the building & land • Ideal management-free investment in a state with no state income tax
Signalized, Hard Corner Intersection | Primary Thoroughfares | Directly off Interstate 95 | Excellent Visibility & Access
• Walgreens is strategically located at the signalized, hard corner intersection of W. Atlantic Avenue and S. Congress Avenue, averaging more than 84,000 vehicles passing by daily
• Atlantic Avenue and Congress Avenue are both primary thoroughfares serving Delray Beach and immediate trade area
• Directly off Interstate 95 (164,000 VPD), the main north-south Interstate Highway in the country
• The asset benefits from significant street frontage and multiple points of ingress/egress, providing convenience and ease for customers
Strong Demographics in 5-mile Trade Area | Direct Residential Consumer Base | Aura Townhomes
• More than 211,000 residents and 114,000 employees support the trade area• Features an average household income of $94,314• This trade area has more than 100,000 households, providing a direct
residential consumer base from which to pull from• Walgreens is directly across Aura Townhomes, a 350+ apartment complex
development
REPRESENTATIVE PHOTO5 NATIONAL NET LEASE GROUP
BRAND PROFILE
W A L G R E E N S
walgreens.com Company Type: SubsidiaryLocations: 9,000+ Parent: Walgreens Boots Alliance2020 Employees: 223,0002020 Revenue: $139.54 Billion2020 Net Income: $456 Million2020 Assets: $87.17 Billion2020 Equity: $20.64 BillionCredit Rating: S&P: BBB
Walgreens is included in the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), a global leader in retail and wholesale pharmacy. As America’s most loved pharmacy, health and beauty company, Walgreens purpose is to champion the health and well-being of every community in America. Operating more than 9,000 retail locations across America, Puerto Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighborhood health destination serving approximately 8 million customers each day. Walgreens pharmacists play a critical role in the U.S. healthcare system by providing a wide range of pharmacy and healthcare services. To best meet the needs of customers and patients, Walgreens offers a true omnichannel experience, with platforms bringing together physical and digital, supported by the latest technology to deliver high-quality products and services in local communities nationwide.
6 NATIONAL NET LEASE GROUP
PROPERTY OVERVIEW
Location
Zoning
Access
ConstructionTraffic Counts
Parking
Improvements
Parcel
Delray Beach, FloridaPalm Beach CountyWest Palm Beach MSA
There are approximately 78 parking spaces on the owned parcel. The parking ratio is approximately 5.66 stalls per 1,000 SF of leasable area.
S. Congress Avenue: 1 Access PointW. Atlantic Avenue: 1 Access Point
Parcel Number: 12-43-46-18-56-001-0000Acres: 1.59Square Feet: 69,169 SF
S. Congress Avenue: 32,000 VPDW. Atlantic Avenue: 52,000 VPDInterstate 95: 164,000 VPD
Year Built: 2001Year Renovated: 2021
There is approximately 13,778 SF SF of existing building area
PC - Planned Commercial
7 NATIONAL NET LEASE GROUP
LOCATION MAP WEST PALM BEACH25 mins | 20 miles
BOCA RATON13 mins | 8 miles
FT. LAUDERDALE35 mins | 27 miles
MIAMI55 mins | 55 miles
2020 POPULATION
1 Mile 12,580
3 Miles 97,847
5 Miles 211,625
2020 AVERAGE HOUSEHOLD INCOME
1 Mile $64,497
3 Miles $88,605
5 Miles $94,314
2020 TOTAL EMPLOYEES
1 Mile 5,819
3 Miles 50,532
5 Miles 114,224
STATE HIGHWAY 806
STATE HIGHWAY 806S. CO
NGRESS AVE.S. CO
NGRESS AVE.
INTE
RSTA
TE 9
5IN
TERS
TATE
95
CORAL TRACE CORAL TRACE OFFICE PARKOFFICE PARK
ATLANTIC COMMUNITY ATLANTIC COMMUNITY HIGH SCHOOLHIGH SCHOOL
CONGRESS SQUARECONGRESS SQUARE
VEHICLES PER DAY52,000
VEHICLES PER DAY32,000
VEHICLES PER DAY164,000
292-unit apartment complex with 292-unit apartment complex with 73 workforce housing units73 workforce housing units
UNDER DEVELOPMENTUNDER DEVELOPMENT
8 NATIONAL NET LEASE GROUP
9 NATIONAL NET LEASE GROUP
STATE HIGHWAY 806STATE HIGHWAY 806
STAT
E HI
GHW
AY A
1A
STAT
E HI
GHW
AY A
1A
U.S.
HIG
HWAY
1U.
S. H
IGHW
AY 1
S. CONGRESS AVE.
S. CONGRESS AVE.
INTE
RSTA
TE 9
5IN
TERS
TATE
95
ATLANTIC ATLANTIC COMMUNITY HIGH COMMUNITY HIGH
SCHOOLSCHOOL
S.D. SPADY S.D. SPADY ELEMENTARY ELEMENTARY
SCHOOLSCHOOL
VILLAGE ACADEMY SCHOOL VILLAGE ACADEMY SCHOOL ON THE ART AND SARA JO ON THE ART AND SARA JO
KOBACKER CAMPUSKOBACKER CAMPUS
DELRAY PLAZADELRAY PLAZA
LINTON SQUARELINTON SQUARE
ORCHARD VIEW ORCHARD VIEW ELEMENTARY ELEMENTARY
SCHOOLSCHOOL
BED BATH & BED BATH & BEYOND PLAZABEYOND PLAZA
MARKETPLACE OF MARKETPLACE OF DELRAY LTDDELRAY LTD
DELRAY SQUAREDELRAY SQUARE
HARBOR PLAZAHARBOR PLAZA
TRINITY DELRAY TRINITY DELRAY LUTHERAN LUTHERAN
SCHOOLSCHOOL
VEHICLES PER DAY52,000
VEHICLES PER DAY32,000
VEHICLES PER DAY14,400
VEHICLES PER DAY10,000
VEHICLES PER DAY164,000
FUTURE 292-UNIT FUTURE 292-UNIT APARTMENT APARTMENT
COMPLEXCOMPLEX
10 NATIONAL NET LEASE GROUP
PASSERI MARBLE
STOP N GO INC
W. ATLANTIC AVE.
W. ATLANTIC AVE.
S. CONGRESS AVE.
S. CONGRESS AVE.
MCNAB AVE.
MCNAB AVE.
VEHICLES PER DAY32,000
VEHICLES PER DAY52,000
11 NATIONAL NET LEASE GROUP
AREA DEMOGRAPHICS
1 MILE 3 MILES 5 MILES
POPULATION
2020 Estimated Population 12,580 97,847 211,625
2025 Projected Population 13,638 104,232 224,977
2020-2025 Annual Rate 1.63% 1.27% 1.23%
2020 Median Age 43.3 55.0 61.0
HOUSEHOLDS & GROWTH
2020 Estimated Households 4,770 46,232 104,790
2025 Projected Households 5,117 49,225 111,042
Projected Annual Growth 2020 to 2025 1.41% 1.26% 1.17%
INCOME
2020 Estimated Average Household Income $64,497 $88,605 $94,314
2020 Estimated Median Household Income $48,046 $56,775 $58,541
DAYTIME POPULATION
2020 Estimated Total Businesses 766 6,704 13,622
2020 Estimated Total Employees 5,819 50,532 114,224
12 NATIONAL NET LEASE GROUP
AREA OVERVIEW
D E L R A Y B E A C H , F L O R I D A
The city of Delray Beach is located in the southern end of Palm Beach County, Florida, about 9 miles north of Boca Raton. The city is also situated 30 miles north of Fort Lauderdale and 60 miles north of Miami, both cities which are accessible via Interstate I-95. Delray Beach is a charming, vibrant city of dynamic and diverse communities with a bright future, rich in history and cultural diversity. The City of Delray Beach had a population of 68,107 as of July 1, 2020.
The City of Delray Beach continues to be in healthy financial condition with diverse and growing population, increasing property values, positive trends in economic activity. Principal employer of the City are Delray Medical Center, Palm Beach County School District, City of Delray Beach, Seo Every Where, Annco Services, Meisner Electric Inc of FL, Ed Morse Delray Toyota & Scion, Shullman Group, Pinecrest Rehabilitation Hospital and Schumacher Automotive Group.
One of Palm Beach County’s top attractions is the Morikami Museum and Japanese Gardens. The museum, the only one of Japanese culture in the United States, features a library, classrooms, a 230-seat auditorium and interactive exhibits, and hosts regular special events and festivals that showcase Japanese culture. Located adjacent to the Morikami is the new international headquarters of the American Orchid Society (AOS), the world’s largest special-interest horticultural organization. Another popular site in Delray Beach is Wakodahatchee Wetlands, home to an abundant variety of wildlife including turtles, frogs, alligators and more than 140 different species of birds.
The nearest major airport is Palm Beach International Airport. This airport has international and domestic flights from West Palm Beach, Florida and is 19 miles from the center of Delray Beach, FL.
This document has been prepared by SRS Real Estate Partners’ National Net Lease Group (SRS) and has been approved for distribution by all necessary parties. Although effort has been made to provide accurate information, SRS and those represented by SRS make no guarantees, warranties, or representations as to the completeness of the materials presented herein or in any other written
or oral communications transmitted or made available. Documents may have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither SRS or those represented by SRS represent that this document is all inclusive or contains all of the information you may require. Any financial projections and/or conclusions presented herein are provided strictly for reference and have been developed based upon assumptions and conditions in effect at the time the evaluations were
undertaken. They do not purport to reflect changes in economic performance, local market conditions, economic and demographic statistics, or further business activities since the date of preparation of this document. Recipients of this document are urged to undertake their own independent evaluation of the subject and/or asset(s) being shared in this document.
SRSRE.COM/NNLG
T H E E X C L U S I V E N E T L E A S E C A P I T A L M A R K E T S T E A M
O F S R S R E A L E S T A T E P A R T N E R S
275+ 25+ #1RETAIL
PROFESSIONALSOFFICES LARGEST REAL ESTATE
SERVICES FIRMin North America
exclusively dedicatedto retail
1.7K+ 500+ $1.9BRETAIL
TRANSACTIONScompany-wide
in 2020
NET LEASEPROPERTIES SOLD
in 2020
NET LEASE TRANSACTION VALUE
in 2020
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