Sunnyside Medical Cannabis Dispensary Cape Coral, Florida

$4,273,000
Not Available
Property type: Single-Tenant Net Lease

The space

  • Price: $4,273,000
  • Cap Rate: 6.35%
  • Annual Rent: $271,320
  • Rentable Square Feet: 3,200
  • Land Area: 0.63 Acres
  • Year Built/Reno: 2018/2022
  • Lease Type: NNN
  • Option Periods: 2, 5-Year Options
  • Rent Increases: 2% Annually

Description

1897 Del Prado Blvd S
Cape Coral, Florida 33990

Investment Highlights

  • Located Directly Adjacent to Center Anchored by Publix, Ross, Dollar Tree and Bowlero Bowling & Entertainment Center
  • Long-Term, Triple Net (NNN) Lease with Two Percent Annual Rent Increases Throughout Base Term and Option Periods
  • Cap Rate Increases to 6.48% on November 1, 2023 | Blended Cap Rate of Approximately 6.95% During Remaining Base Lease Term
  • Building Includes a Drive-Thru Lane
  • Cresco Labs Has One of the Biggest Footprints in the U.S. and Growing With 67 Owned Dispensaries Across 10 States | One of the Largest Vertically-Integrated Multi-State Cannabis Operators in the United States
  • Excellent Access and Visibility to More Than 50,000 Vehicles Daily on Del Prado Boulevard, Cape Coral’s Primary Retail Corridor
  • Surrounding National Retailers Include Walmart Supercenter, Publix, Aldi, HomeGoods, TJ Maxx, Beall’s, Ross, Staples, Planet Fitness, Pet Supermarket, Party City, Hobby Lobby, Applebee’s, Starbucks, Moe’s Southwest Grill, McDonald’s, Taco Bell, KFC, Chase Bank, Bank of America, Walgreens and Many More

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Sunnyside Medical Cannabis Dispensary in Cape Coral, FL. This is a new location which includes a drive-thru and was renovated by tenant in 2022. The property features a long-term triple-net lease. The lease offers two percent annual rent increases in the base term and option periods. This increase will bring the cap rate to 6.48% on November 1, 2023. There is a blended cap rate of approximately 6.95% during the remaining base term of the lease.

Cresco Labs has one of the biggest footprints in the U.S. and growing with 67 owned dispensaries across 10 states.

This medical marijuana dispensary is located directly adjacent to a shopping center anchored by Publix, Ross, Dollar Tree and Bowlero Bowling & Entertainment Center, and features excellent access and visibility to more than 50,000 vehicles daily on Del Prado Boulevard, which is considered Cape Coral’s primary retail corridor. Surrounding national retailers include Walmart Supercenter, Publix, Aldi, HomeGoods, TJ Maxx, Beall’s, Ross, Staples, Planet Fitness, Pet Supermarket, Party City, Hobby Lobby, Applebee’s, Starbucks, Moe’s Southwest Grill, McDonald’s, Taco Bell, KFC, Chase Bank, Bank of America, Walgreens and many more.

The surrounding area boasts an average household income of $83,296 in one mile of subject property and $84,360 in three miles, with a massive population density, nearly 185,000 in a five-mile radius. The property is located just two miles from Cape Coral Hospital, a 291-bed medical facility with more than 600 doctors and 1,200 employees, and 4.5 miles north of Downtown Cape Coral.

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