Trulieve Palm Coast
The property offers strong visibility, seamless access, and high daily traffic counts.
Marketing description
Address: 28 Old Kings Road N, Palm Coast, FL 32137
Building Size: 6,434 SF (freestanding retail)
Lot Size: 0.82 acres
Year Renovated: 2021
Parking: 55 dedicated spaces [2025_IVS_R...lmCoast_V3 | PDF]
Tenant: Trulieve – Florida’s #1 medical cannabis operator (48% market share, 233 nationwide locations, 162 in FL)
Lease Type: Absolute NNN (tenant responsible for taxes, insurance, utilities, repairs, maintenance)
Lease Term:
Rent commencement: September 1, 2021
±9 years remaining
Initial expiration: August 31, 2033
Two (2) 5‑year renewal options
2% annual base rent escalations
Annual Base Rent (2025–2026): $225,437 with 2% annual increases
Ownership: Fee Simple; delivered free and clear of debt
Tenant Financial Profile:
2024 Revenue: $1.2B
GAAP Gross Profit: $716M
EBITDA: $420M
Vertically integrated operation with 700+ SKUs
The property is centrally located in the high‑growth Palm Coast market, positioned along Old Kings Rd N with immediate access to Palm Coast Parkway and Interstate 95—less than 0.5 miles away. This corridor offers strong visibility, seamless access, and high daily traffic counts:
Palm Coast Pkwy: 32,000 VPD
I‑95: 65,500–89,601 VPD
Old Kings Rd N: 5,900 VPD
Nearby demand drivers include:
Palm Harbor Shopping Center
City Market Place
Microtel Inn & Suites
Demographics (3‑Mile Radius):
2025 Population: 55,788
Projected 2030 Population: 62,867
Average Household Income: $114,145
Daytime Employees: 14,339
High homeownership: 78.5%
As one of Florida’s fastest‑growing cities, Palm Coast benefits from:
Strong retiree migration and above‑average median ages
Expanding industries including healthcare, retail, logistics, and professional services
Connectivity to higher‑education hubs such as Daytona State College and nearby universities.
Lifestyle amenities include over 130 miles of trails, abundant parks, golf, boating, and Intracoastal Waterway access. Cultural and community points of interest include the Florida Agricultural Museum, Flagler County Cultural Council programming, and local festivals.
Investment highlights
- Fee Simple ownership with enhanced depreciation benefits
- Absolute NNN lease – no landlord responsibilities
- High‑growth market in one of Florida’s fastest‑expanding counties
- Strong tenant: publicly traded (“TCNNF”), $1.2B revenue, 48% Florida market share
- Strategic location near I‑95 and Palm Coast Pkwy with heavy traffic volumes
- Dense 3‑mile trade area: 55,000+ residents, high average income of $114K
- Significant employment base: 14,339 employees within 3 miles providing strong daily traffic
- 55 parking spaces supporting high‑volume retail use
- Long‑term lease stability with 2% annual rent growth and two 5‑year option periods
- This offering provides investors with a stable, passive, long‑term income stream backed by Trulieve, the market‑leading medical cannabis operator in Florida, Operating within an absolute NNN lease structure that eliminates landlord responsibilities.
- The asset is positioned in the heart of Palm Coast, one of Florida’s fastest‑growing MSAs, benefiting from strong household incomes, high homeownership, and sustained population growth. The property’s proximity to Interstate 95 ensures continual traffic flow and high consumer visibility, promoting strong tenant performance over time.
- Nearby commercial centers, hotels, and retail nodes support consistent demand, while a robust surrounding employment base of 14,339 workers drives daily activity. The trade area’s affluence and growth trajectory make this location exceptionally desirable for medical cannabis retail.
- Palm Coast’s economic outlook is further reinforced by multiple major development and infrastructure projects, including Town Center revitalization, large‑scale industrial rezoning, and transformative regional initiatives like Project Magellan and Ormond Crossings—each contributing to long‑term value appreciation.
- With 2% annual rent escalations, strong tenant credit, and an irreplaceable location within a flourishing region, this Trulieve asset offers investors an excellent opportunity for durable cash flow, risk‑adjusted returns, and long‑term market growth potential.
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