Listed by Franklin Street Tampa
Unpriced
Trulieve - Vero Beach
Details
Property Type Retail, Office
Sub Type Medical Office
Square Footage 3,586
Net Rentable (SqFt) 3,586
Units 9
Cap Rate 6.79%
NOI $120,992
Occupancy 100%
Tenancy Single
Brand/Tenant Trulieve
Lease Type NNN
Lease Expiration 08/31/2026
Year Renovated 2021
Investment Type Net Lease
Ground Lease No
Freestanding Retail Property on Commerce Avenue
Marketing description
Address: 1814 Commerce Ave, Vero Beach, FL 32960
Tenant: Trulieve (NNN Lease)
Building Size: 3,586 SF
Lot Size: ±0.20 Acres (8,712 SF)
Year Renovated: 2021
Lease Type: Absolute NNN (tenant covers all expenses)
Lease Term Remaining: 11 years (Initial term ends August 31, 2033)
Rent Commencement: September 1, 2021
Annual Base Rent (Current/2025–2026): $120,992
Annual Increases: 2%
Parking: 9 dedicated spaces + ample street parking
Ownership: Fee Simple — delivered free & clear of debt
Tenant Options: (2) 5‑year renewal options with 2% annual bumps
Tenant Financials:
2024 Revenue: $1.2B
GAAP Gross Profit: $716M
EBITDA: $420M
48% FL market share; 162 Florida locations, 233 nationwide
Investment highlights
- Freestanding, absolute NNN Trulieve location
- Fee simple ownership with enhanced depreciation potential
- Situated in a high‑density trade area (47,000+ residents within 3 miles)
- Strong tenant: publicly traded ($TCNNF), $1.2B+ annual revenue
- Significant traffic counts: US‑1 at 22,240 VPD
- Only dispensary allowed in the city; new approvals indefinitely paused
- Protected trade area with strong competitive moat
- High household incomes and robust seasonal/tourism population
- Located near major retail, airport, and community anchors
- Long remaining lease term with built‑in annual increases
- Delivered unencumbered, offering flexibility for buyers
- The offering presents a stable, long‑term, passive investment backed by Florida’s largest medical cannabis operator.
- The absolute NNN structure eliminates landlord responsibilities, making it ideal for 1031 buyers and low‑touch investors.
- The city’s regulatory stance—permitting only one dispensary and freezing new cannabis licenses—creates exceptional tenant stickiness and protects the site’s long‑term value.
- Situated in a central infill location surrounded by strong demographics, diverse retailers, and major traffic corridors, ensuring sustained customer flow.
- Vero Beach’s ongoing redevelopment and economic expansion enhances long‑term market resilience and upward rent potential on future renewals.
- With 2% annual rent escalations, investors benefit from predictable income growth and inflation protection throughout the lease term.
Listing Contacts
Listed by Franklin Street Tampa
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$--
Annual Debt Service
$--
$--
Annual Cash Flow
$120,992.00
$10,082.67/mo
Valuation Metrics
0
DSCR
--
Cap Rate
--
ROI
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Name
License
Brokerage Phone
Name
License
Brokerage Address
Is there information that looks off?
