309 N Woodland Blvd, DeLand
309 N Woodland Blvd, DeLand
Marketing description
** PRICE IMPROVEMENT **
Located steps away from Stetson University in vibrant downtown Deland, FL, this one-of-a-kind offering is the first and only dispensary in the downtown Deland area. The property owner completed an extensive gut renovation in Spring of 2025, including new roof, HVAC, electrical, plumbing, walls, facade, flooring, doors and windows. There are zero maintenance expenses for the buyer to contemplate.
Planet 13 Holdings ($PLNH) is a publicly-traded company and assumed a fresh 10-year triple net lease in August 2025, with 3.5% annual increases for each year during the term. Extension options are in place through 2045.
The tenant benefits from limited competition in the market, being one of only two medical cannabis dispensaries in the market.
Year 1 Cap: 8.3%
Year 2 Cap: 8.6%
Year 3 Cap: 8.9%
Ten-Year Blended Cap Rate: 9.7%
Contact broker for full rent schedule
Investment highlights
- Fresh 10-year NNN lease with 3.5% annual escalations
- Gut renovation completed in Spring 2025
- Limited area competition
- 21,000 AADT
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