Listed by Ripco Real Estate
$1,040,000
7002 State Road 54 | Trulieve | 3.00% annual increases
Details
Property Type Retail
Sub Type Pharmacy/Drug, Freestanding
Square Footage 2,400
Units 13
Cap Rate 6.50%
NOI $67,473
Occupancy 100%
Tenancy Single
Brand/Tenant Trulieve
Lease Type NNN
Lease Term 10
Lease Expiration 07/31/2034
Remaining Term 8
Rent Bumps Yes
Lease Options Four (4) five (5) year options
Class B
Year Built 1975
Year Renovated 2024
Buildings 1
Acreage 0.390
Zoning C2
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Ground Lease No
7002 State Road 54, New Port Richey, FL 34653
Marketing description
This offering presents the opportunity to acquire a fully remodeled asset leased to a billion-dollar guarantor with minimal landlord responsibilities and strategically located in Pasco County - Florida's fastest-growing county.
Investment highlights
- The Opportunity: This offering presents the opportunity to acquire a fully remodeled asset leased to a billion-dollar guarantor with minimal landlord responsibilities and strategically located in Pasco County - Florida's fastest-growing county.
- Investment-Grade Tenancy: Property is subject to a Corporate Guaranteed NNN lease by Trulieve Cannabis Dispensary (CSE: TRUL | OTCQX: TCNNF) with a 2025 market cap of $1.6B and 2025 EBITDA of $425M.
- Tenant Responsibility: Tenant is responsible for property taxes, insurance, and common area maintenance with minimal landlord responsibilities.
- Recent Improvements: The building has experienced full exterior and interior renovation: new roof, new HVAC systems, new facade, site work, and interior build out.
- Site: Located at the southeast corner of State Road 54 and Celine, the site experiences excess of 50,000 VPD and over 200 FT of frontage with two points of ingress and egress and east/west median break access.
- Strategic Location: Surrounding trade area benefits from Pasco County's explosive growth one of the fastest-growing counties in the nation with population increasing by 30% over the past decade (approximately 3.8% annually).
Listing Contacts
Listed by Ripco Real Estate
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$67,473.24
$5,622.77/mo
Valuation Metrics
0
DSCR
6.49%
Cap Rate
6.49%
ROI
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