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AFC Urgent Care, Largo, FL

AFC Urgent Care, Largo, FL


Investment Summary

Price $2,858,000
Cap Rate 5.75%
NOI $164,320
Lease Term 10 years
Lease Type Absolute NNN lease, with tenant responsible for all taxes, insurance, and maintenance, including roof, structure, and parking lot
Rental Increases 10% rental increases every five (5) years
Year Built 2007 (Remodeled in 2024)
Building Size 4,108 SF
Lot Size 0.559 acres (24,373 SF)
Status Under Contract
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 10-YEAR ABSOLUTE NNN LEASE TO A RAPIDLY EXPANDING HEALTHCARE TENANT
» New 10-year absolute NNN lease to AFC Urgent Care, a rapidly expanding healthcare tenant
» 10% rental increases every five (5) years in initial term and option periods, providing a passive long-term investment opportunity
» All AFC clinics are designed, equipped, and staffed to provide accessible primary care, urgent care, minor emergency treatment, and occupational medicine
» By the end of 2022 AFC, with a reported $1.6B in annual revenues, had opened its 300th clinic and was expanding aggressively in Colorado, California, and the North Atlantic states
» AFC anticipates having more than 500 clinics nationwide in the next five years
» Florida is an income tax-free state

EXCELLENT LOCATION AT THE CONFLUENCE OF MAJOR FLORIDA THOROUGHFARES
» Prime location near the signalized four-way intersection of Roosevelt Boulevard and Dodge Street (46,000 AADT)
» Beneficial proximity to U.S. Route 19, a long-haul thoroughfare connecting Lake Erie to the Gulf of Mexico, allowing the site to capture significant commuter traffic (111,000 AADT)
» Excellent proximity to major national tenants such as Walmart Supercenter, Costco, Sam’s Club, The Home Depot, Publix, CarMax, McDonald’s, Raising Cane’s, and many more
» Three miles from St. Pete-Clearwater International Airport, which welcomed 2,445,919 passengers in 2022, a 20% increase from 2021

CENTRALLY LOCATED CITY WITH EXCELLENT SURROUNDING FLORIDA DEMOGRAPHICS
» 233,277 residents live within five miles of the property
» Average annual household income of $81,948 within a five-mile radius of the site, with a projected increase of 17% over the next five years
» Projected income increase within 1-, 3- and 5-mile radii over the next five years, poising AFC Urgent Care and Largo for steady growth
» Located between Tampa, St. Petersburg, and Clearwater, attracting significant commuter traffic to the site
» Largo is the third-largest city in Pinellas County as well as the fourth largest in the Tampa Bay area
» Future job growth in Largo over the next ten years is predicted to be 43.7%, well above the U.S. average of 33.5%

Property Description

» This AFC Urgent Care has a prime location at the signalized four-way intersection of Roosevelt Boulevard and Dodge Street (46,000 AADT)
» The property is ideally located just off U.S. Route 19, a long-haul thoroughfare connecting Lake Erie to the Gulf of Mexico, allowing the site to capture significant commuter traffic (111,000 AADT)
» Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Walmart Supercenter, Costco, Sam’s Club, The Home Depot, Publix, CarMax, McDonald’s, Raising Cane’s, and many more, creating significant crossover shopping
» The site greatly benefits from its proximity three miles St. Pete-Clearwater International Airport, which welcomed 2,445,919 passengers in 2022, a 20% increase from 2021
» 233,277 residents live within a five-mile radius of the site, providing an extremely large and reliable customer base
» Projected income increases within 1-, 3-, and 5-mile radii over the next five years poise AFC Urgent Care and Largo for steady concurrent growth

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