Listed by Matthews
$1,717,219
Trulieve
Details
Property Type Retail
Sub Type Storefront
Square Footage 5,256
Cap Rate 7.5%
NOI $128,750
Tenancy Single
Brand/Tenant Trulieve
Lease Type Absolute NNN
Lease Term 10
Lease Expiration 10/31/2034
Remaining Term 8.4
Lease Options Two, 5-year Options
Price per SqFt $327
Year Renovated 2026
Buildings 1
Acreage 0.580
Lease Commencement 10/30/2024
Ownership Fee Simple
Absolute NNN | 3% Annual Increases
Investment highlights
- Absolute NNN Lease — Zero Landlord Obligations, Tenant is solely responsible for all real estate taxes, property insurance, CAM, HVAC maintenance, plumbing, and all interior repairs. Landlord has no ongoing obligations — true passive income from day one.
- Annual Rent Increases – Fixed 3.00% annual rental escalations provide a reliable hedge against inflation and support consistent income growth throughout the lease term.
- Long Term Lease – Approximately ±8.6 years remaining on the initial base term, coupled with two five-year options, providing stable, predictable income.
- Strong Multi-State/Established Operator – Trulieve is one of the largest cannabis operators in the United States, operating over 230 dispensaries nationwide with approximately 4 million square feet of cultivation and processing capacity across multiple states. For FY 2025, Trulieve reported approximately $1.2 billion in revenue with a 60% gross margin, along with record adjusted EBITDA of $427 million (36% of revenue) and record operating cash flow of $273 million and free cash flow of $229 million. The company also sold a record 50.1 million branded product units in 2025, further demonstrating the strength of its vertically integrated platform and customer demand.
- New Roof – The property benefits from a new roof installed in 2026. Tenant is responsible from roof.
- Prime Frontage on US Route 17 (1,206-Mile Atlantic Coastal Highway) – The subject property fronts N Woodland Boulevard, which carries US Route 17 — a major federal highway spanning approximately 1,206 miles from Punta Gorda, FL to Winchester, VA, running close to the Atlantic Coast through Florida, Georgia, South Carolina, North Carolina, and Virginia. As the principal commercial corridor through DeLand, Woodland Boulevard serves as the dominant retail artery for the region, driving consistent consumer traffic past the subject property.
Listing Contacts
Listed by Matthews
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Loan Amount
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Annual Debt Service
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$--
Annual Cash Flow
$128,750.00
$10,729.17/mo
Valuation Metrics
0
DSCR
7.5%
Cap Rate
7.5%
ROI
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