DELRAY BEACH FLORIDA

REPRESENTATIVE PHOTO

10 S. Congress Avenue

DELRAY BEACH FLORIDA

SINGLE TENANT ABSOLUTE NNNInvestment Opportunity W/ Drive-Thru Pharmacy

(S&P: BBB)

REPRESENTATIVE PHOTO2 NATIONAL NET LEASE GROUP

Qualifying Broker: Patrick Nutt, SRS Real Estate Partners-SOFLO LLC | FL License No. BK3120739

EXCLUSIVELY MARKETED BY

ANDREW FALLONExecutive Managing DirectorSRS National Net Lease Group [email protected]: 703.787.4733 | M: 202.286.15421765 Greensboro Station Place Tower 1, Suite 900, McLean, VA 22102DC License No. SP200204411

PATRICK NUTTEVP, NNLG & Market LeaderSRS National Net Lease Group [email protected]: 954.302.7365 | M: 703.434.2599200 SW First Avenue, Suite 970Fort Lauderdale, FL 33301FL License No. BK3120739

*Tenant has the Option to Terminate the lease beginning April 30th, 2033 and every five years thereafter until April 30th, 2063.


O F F E R I N G

P R O P E R T Y S P E C I F I C A T I O N S

Property Address10 S. Congress Ave, Delray Beach, FL 33445

Rentable Area 13,778 SF

Land Area 1.59 AC

Year Built / Remodeled 2001 / 2021

Tenant Walgreens

Guaranty Corporate (S&P: BBB)

Lease Type Absolute NNN

Landlord Responsibilities None

Lease Term Remaining 12 Years

Lease Start February 18th, 2001

Lease Expiration April 30th, 2068

Asking Price $5,700,000

Cap Rate 4.65%

Net Operating Income $264,996

OFFERING SUMMARY

*Tenant has the Option to Terminate the lease beginning April 30th, 2033 and every five years thereafter until April 30th, 2063.

4 NATIONAL NET LEASE GROUP

RENT ROLL & INVESTMENT HIGHLIGHTS

Lease Term Rental Rates

TENANT NAME SQUARE FEET LEASE START LEASE END BEGIN INCREASE MONTHLY PSF ANNUALLY PSF

Walgreens(Corporate Guaranty)

13,778 February 2001 April 2068 Current - $22,083 $1.60 $264,996 $19.23

Recent Lease Extension - 12 Years | Corporate Guaranteed | Investment Grade Tenant (S&P: BBB) | Brand New Roof

• Walgreens recently executed a new lease extension with the first option to terminate in April of 2033

• The lease is corporate guaranteed by Walgreens, Co., the second-largest pharmacy store with more than 9,000 locations

• Walgreens is an investment grade tenant (S&P: BBB)• The asset is equipped with a brand-new roof

Absolute NNN Lease | Fee Simple Ownership | Zero Landlord Responsibilities | No State Income Tax

• Tenant pays for CAM, taxes, insurance, and maintains all aspects of the premises

• No landlord responsibilities• Investor benefits from fee-simple ownership of the building & land • Ideal management-free investment in a state with no state income tax

Signalized, Hard Corner Intersection | Primary Thoroughfares | Directly off Interstate 95 | Excellent Visibility & Access

• Walgreens is strategically located at the signalized, hard corner intersection of W. Atlantic Avenue and S. Congress Avenue, averaging more than 84,000 vehicles passing by daily

• Atlantic Avenue and Congress Avenue are both primary thoroughfares serving Delray Beach and immediate trade area

• Directly off Interstate 95 (164,000 VPD), the main north-south Interstate Highway in the country

• The asset benefits from significant street frontage and multiple points of ingress/egress, providing convenience and ease for customers

Strong Demographics in 5-mile Trade Area | Direct Residential Consumer Base | Aura Townhomes

• More than 211,000 residents and 114,000 employees support the trade area• Features an average household income of $94,314• This trade area has more than 100,000 households, providing a direct

residential consumer base from which to pull from• Walgreens is directly across Aura Townhomes, a 350+ apartment complex

development


BRAND PROFILE

W A L G R E E N S

walgreens.com Company Type: SubsidiaryLocations: 9,000+ Parent: Walgreens Boots Alliance2020 Employees: 223,0002020 Revenue: $139.54 Billion2020 Net Income: $456 Million2020 Assets: $87.17 Billion2020 Equity: $20.64 BillionCredit Rating: S&P: BBB

Walgreens is included in the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), a global leader in retail and wholesale pharmacy. As America’s most loved pharmacy, health and beauty company, Walgreens purpose is to champion the health and well-being of every community in America. Operating more than 9,000 retail locations across America, Puerto Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighborhood health destination serving approximately 8 million customers each day. Walgreens pharmacists play a critical role in the U.S. healthcare system by providing a wide range of pharmacy and healthcare services. To best meet the needs of customers and patients, Walgreens offers a true omnichannel experience, with platforms bringing together physical and digital, supported by the latest technology to deliver high-quality products and services in local communities nationwide.


PROPERTY OVERVIEW

Location

Zoning

Access

ConstructionTraffic Counts

Parking

Improvements

Parcel

Delray Beach, FloridaPalm Beach CountyWest Palm Beach MSA

There are approximately 78 parking spaces on the owned parcel. The parking ratio is approximately 5.66 stalls per 1,000 SF of leasable area.

S. Congress Avenue: 1 Access PointW. Atlantic Avenue: 1 Access Point

Parcel Number: 12-43-46-18-56-001-0000Acres: 1.59Square Feet: 69,169 SF

S. Congress Avenue: 32,000 VPDW. Atlantic Avenue: 52,000 VPDInterstate 95: 164,000 VPD

Year Built: 2001Year Renovated: 2021

There is approximately 13,778 SF SF of existing building area

PC - Planned Commercial


LOCATION MAP WEST PALM BEACH25 mins | 20 miles

BOCA RATON13 mins | 8 miles

FT. LAUDERDALE35 mins | 27 miles

MIAMI55 mins | 55 miles

2020 POPULATION

1 Mile 12,580

3 Miles 97,847

5 Miles 211,625

2020 AVERAGE HOUSEHOLD INCOME

1 Mile $64,497

3 Miles $88,605

5 Miles $94,314

2020 TOTAL EMPLOYEES

1 Mile 5,819

3 Miles 50,532

5 Miles 114,224

STATE HIGHWAY 806

STATE HIGHWAY 806S. CO

NGRESS AVE.S. CO

NGRESS AVE.

INTE

RSTA

TE 9

5IN

TERS

TATE

95

CORAL TRACE CORAL TRACE OFFICE PARKOFFICE PARK

ATLANTIC COMMUNITY ATLANTIC COMMUNITY HIGH SCHOOLHIGH SCHOOL

CONGRESS SQUARECONGRESS SQUARE

VEHICLES PER DAY52,000



292-unit apartment complex with 292-unit apartment complex with 73 workforce housing units73 workforce housing units

UNDER DEVELOPMENTUNDER DEVELOPMENT



STATE HIGHWAY 806STATE HIGHWAY 806

STAT

E HI

GHW

AY A

1A

STAT

E HI

GHW

AY A

1A

U.S.

HIG

HWAY

1U.

S. H

IGHW

AY 1

S. CONGRESS AVE.

S. CONGRESS AVE.

INTE

RSTA

TE 9

5IN

TERS

TATE

95

ATLANTIC ATLANTIC COMMUNITY HIGH COMMUNITY HIGH

SCHOOLSCHOOL

S.D. SPADY S.D. SPADY ELEMENTARY ELEMENTARY

SCHOOLSCHOOL

VILLAGE ACADEMY SCHOOL VILLAGE ACADEMY SCHOOL ON THE ART AND SARA JO ON THE ART AND SARA JO

KOBACKER CAMPUSKOBACKER CAMPUS

DELRAY PLAZADELRAY PLAZA

LINTON SQUARELINTON SQUARE

ORCHARD VIEW ORCHARD VIEW ELEMENTARY ELEMENTARY

SCHOOLSCHOOL

BED BATH & BED BATH & BEYOND PLAZABEYOND PLAZA

MARKETPLACE OF MARKETPLACE OF DELRAY LTDDELRAY LTD

DELRAY SQUAREDELRAY SQUARE

HARBOR PLAZAHARBOR PLAZA

TRINITY DELRAY TRINITY DELRAY LUTHERAN LUTHERAN

SCHOOLSCHOOL






FUTURE 292-UNIT FUTURE 292-UNIT APARTMENT APARTMENT

COMPLEXCOMPLEX


PASSERI MARBLE

STOP N GO INC

W. ATLANTIC AVE.

W. ATLANTIC AVE.

S. CONGRESS AVE.

S. CONGRESS AVE.

MCNAB AVE.

MCNAB AVE.




AREA DEMOGRAPHICS

1 MILE 3 MILES 5 MILES

POPULATION

2020 Estimated Population 12,580 97,847 211,625

2025 Projected Population 13,638 104,232 224,977

2020-2025 Annual Rate 1.63% 1.27% 1.23%

2020 Median Age 43.3 55.0 61.0

HOUSEHOLDS & GROWTH

2020 Estimated Households 4,770 46,232 104,790

2025 Projected Households 5,117 49,225 111,042

Projected Annual Growth 2020 to 2025 1.41% 1.26% 1.17%

INCOME

2020 Estimated Average Household Income $64,497 $88,605 $94,314

2020 Estimated Median Household Income $48,046 $56,775 $58,541

DAYTIME POPULATION

2020 Estimated Total Businesses 766 6,704 13,622

2020 Estimated Total Employees 5,819 50,532 114,224


AREA OVERVIEW

D E L R A Y B E A C H , F L O R I D A

The city of Delray Beach is located in the southern end of Palm Beach County, Florida, about 9 miles north of Boca Raton. The city is also situated 30 miles north of Fort Lauderdale and 60 miles north of Miami, both cities which are accessible via Interstate I-95. Delray Beach is a charming, vibrant city of dynamic and diverse communities with a bright future, rich in history and cultural diversity. The City of Delray Beach had a population of 68,107 as of July 1, 2020.

The City of Delray Beach continues to be in healthy financial condition with diverse and growing population, increasing property values, positive trends in economic activity. Principal employer of the City are Delray Medical Center, Palm Beach County School District, City of Delray Beach, Seo Every Where, Annco Services, Meisner Electric Inc of FL, Ed Morse Delray Toyota & Scion, Shullman Group, Pinecrest Rehabilitation Hospital and Schumacher Automotive Group.

One of Palm Beach County’s top attractions is the Morikami Museum and Japanese Gardens. The museum, the only one of Japanese culture in the United States, features a library, classrooms, a 230-seat auditorium and interactive exhibits, and hosts regular special events and festivals that showcase Japanese culture. Located adjacent to the Morikami is the new international headquarters of the American Orchid Society (AOS), the world’s largest special-interest horticultural organization. Another popular site in Delray Beach is Wakodahatchee Wetlands, home to an abundant variety of wildlife including turtles, frogs, alligators and more than 140 different species of birds.

The nearest major airport is Palm Beach International Airport. This airport has international and domestic flights from West Palm Beach, Florida and is 19 miles from the center of Delray Beach, FL.

This document has been prepared by SRS Real Estate Partners’ National Net Lease Group (SRS) and has been approved for distribution by all necessary parties. Although effort has been made to provide accurate information, SRS and those represented by SRS make no guarantees, warranties, or representations as to the completeness of the materials presented herein or in any other written

or oral communications transmitted or made available. Documents may have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither SRS or those represented by SRS represent that this document is all inclusive or contains all of the information you may require. Any financial projections and/or conclusions presented herein are provided strictly for reference and have been developed based upon assumptions and conditions in effect at the time the evaluations were

undertaken. They do not purport to reflect changes in economic performance, local market conditions, economic and demographic statistics, or further business activities since the date of preparation of this document. Recipients of this document are urged to undertake their own independent evaluation of the subject and/or asset(s) being shared in this document.

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T H E E X C L U S I V E N E T L E A S E C A P I T A L M A R K E T S T E A M

O F S R S R E A L E S T A T E P A R T N E R S

275+ 25+ #1RETAIL

PROFESSIONALSOFFICES LARGEST REAL ESTATE

SERVICES FIRMin North America

exclusively dedicatedto retail

1.7K+ 500+ $1.9BRETAIL

TRANSACTIONScompany-wide

in 2020

NET LEASEPROPERTIES SOLD

in 2020

NET LEASE TRANSACTION VALUE

in 2020