Sale Price: $9,600,000
CAP Rate: 6.40%
Building Size: 15,660 SF
Lot Size: 1.63 AC
Market: Puerto Rico
The subject offering is a fee simple interest in an absolute NNN leased Walgreens. There are over 21 years remaining on the initial lease, with the lease calling for zero landlord obligations. The tenant has fifty 1-year options to renew. The subject property is well situated in a major recreational boating hub in Puerto Rico.
Fajardo is a small city and municipality in Puerto Rico located in the east region of the island, bordering the Atlantic Ocean, north of Ceiba and east of Luquillo. Fajardo is spread over 7 wards and Downtown Fajardo (commonly called by the locals “Fajardo Pueblo”), which serves as the administrative center of the city. It is both a principal city of the Fajardo Metropolitan Statistical Area and the San Juan-Caguas-Fajardo Combined Statistical Area.
Fajardo is the hub of the majority of recreational boating in Puerto Rico and a popular launching port to Culebra, Vieques, and the American and British Virgin Islands. It is also the home to the largest Marina in the Caribbean, called Puerto del Rey. The town contains various hotels and inns.