AFC Urgent Care 2 Tenant Center | Walmart Outparcel

9040 Ulmerton Rd, Largo, FL 33771, USA
$4,003,000

Description

Ulmerton Center is an 6,881 square foot, two tenant, NNN center on a 0.79 acre parcel, located at 9040 Ulmerton Road, in Largo (Tampa), Florida. The Center is a Walmart Neighborhood Market  outparcel, shadowed by a busy WAWA. It lies alonga major commercial artery, within 1.5 miles of The Largo Mall, Home Depot, Lowes, and numerous other national and regional retailers and restaurants. The property benefits from numerous access points, with turn-in lanes and a traffic signal at the intersection of Ulmerton and Starkey, which sees over 85,000 cars daily. Newly
constructed, the center boasts beautiful curb appeal, no deferred maintenance, two great tenants, and easy to manage, 10-year, NNN leases.
Ulmerton Center is occupied by two strong, growing national tenants. Founded in 1982, AFC Urgent Care is the largest urgent care provider in the United States, with over 220 locations, and a plan to increase to 500 locations by 2025. Willie Jewell’s Old School BBQ is the sister concept to Bono’s Pit Bar-B-Q, a Florida staple that has been in business since 1949 and grown to 20 locations. In 2009 Bono’s opened it’s first Willie Jewell’s location, and has since grown the concept to sixteen units in three states. Both AFC and Willie Jewell’s are strong, growing companies, that have survived, and thrived, through recessions, wars, booms, financial meltdowns, and yes, pandemics. With long term, 10-year, triple net leases, bolstered by robust 10 percent increases every 5 years, Ulmerton Center offers and investor a stable, higher return, alternative to the typical STNL.

Location:
• Ulmerton Road – over 55,000 cars daily. Ulmerton/Starkey intersection sees over 85,000 cars daily.
• Outparcel to Walmart Neighborhood Market
• Excellent access

Rent Roll:
• Two strong, growing tenants.
• Two ten-year leases

Demos:
• Pinellas County is the most densely populated county in Florida. Commercial land is a premium here
• 1/3/5 mile populations: 9K / 108K / 279K
• 1/3/5 mile AAHI: $60K / $60K / $62K

Opportunity:
• Ideal 1031 Option
• A clean, new construction, virtually zero management shopping center with stellar tenants, outstanding location that offers the simplicity of a single tenant net leased investment, while also delivering a higher yield, better return, and the security of not having to rely on just one tenant.

Portfolio Opportunity: 4 properties on Park Blvd and one on Ulmerton – all new construction, long-term leases, and same seller:
• 4049 Park Blvd N: Spectrum (5yr) / Jollibee (10yr) / Red Ribbon Bakery (10yr)
• 4590 Park Blvd N: Huey Magoo’s (10yr) / Paris Bakery (10yr)
• 4596 Park Blvd N: Auto Zone (20yr ground lease)
• 4671 Park Blvd N: IHOP Publix Shadow Center
• 9050 Ulmerton Rd: AFC Urgent Care (10yr) / Willie Jewell’s (10yr)
In summary; great real estate, solid tenants, incredibly dense demos, and the ease of management and stability of a net leased offering, but with a higher return and without the single tenant risk. The portfolio opportunity adds economies of scale and efficiencies.

  • Top Tier Location
  • Class A National and Regional Tenants
  • Two 10-Year, NNN Leases
  • 10% Rent Increases Every 5 Years
  • Rare Drive Thru Anchored Center (Williw Jewel’s BBQ)
  • Easy Access, Tremendous Traffic and Visibility
  • Outstanding Demos – Most Dense County in Florida
  • Portfolio Opportunity – 4 Properties on Park Blvd, One a Few Blocks Away on Ulmerton
  • City: Largo
  • State/county: Florida
  • Zip/Postal Code: 33771
  • Country: United States

Detail

  • Price: $4,003,000
  • Year Built: 2019

Additional details

  • CAP RATE: 5.50%
  • NOI: $220,192

Features

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