1814 Commerce Ave
Vero Beach, FL 32960
Trulieve · Retail Property For Sale

The property is positioned in a dense, centrally located commercial corridor of Vero Beach with immediate connectivity to major thoroughfares including US Highway 1, State Road 60, and Old Dixie Highway. Traffic counts around the site range from 13,000–22,240 VPD, providing strong visibility and accessibility.
The site benefits from proximity to key demand drivers:
Vero Beach Regional Airport
Publix Supermarket
Majestic 11 (only movie theatre within 5 miles)
Numerous shopping centers: Luria’s Plaza, Miracle Mile Shopping Center, Treasure Coast Plaza
Government & community services: Indian River County Courthouse, Main Library, Vero Beach Elementary School
Demographics:
3-Mile Radius: 49,286 population, $101,474 average household income
Strong daytime population: 36,742 employees within 3 miles
Area features “above-average incomes” and high levels of seasonal residents and tourist activity.
The broader Vero Beach market is supported by:
A resilient economy driven by healthcare, tourism, and professional services
Cultural amenities including Vero Beach Museum of Art and Riverside Theatre
Major workforce development from Indian River State College
Growth fueled by ongoing civic and redevelopment initiatives (Three Corners Project, Indian River Mall Redevelopment, Downtown Master Plan)
Tenant: Trulieve (NNN Lease)
Building Size: 3,586 SF
Lot Size: ±0.20 Acres (8,712 SF)
Year Renovated: 2021
Lease Type: Absolute NNN (tenant covers all expenses)
Lease Term Remaining: 11 years (Initial term ends August 31, 2033)
Rent Commencement: September 1, 2021
Annual Base Rent (Current/2025–2026): $120,992
Annual Increases: 2%
Parking: 9 dedicated spaces + ample street parking
Ownership: Fee Simple — delivered free & clear of debt
Tenant Options: (2) 5-year renewal options with 2% annual bumps
Tenant Financials:
2024 Revenue: $1.2B
GAAP Gross Profit: $716M
EBITDA: $420M
48% FL market share; 162 Florida locations, 233 nationwide
? Only cannabis dispensary permitted in the City of Vero Beach (competitive moat).
? Municipality has halted new cannabis approvals indefinitely
The offering presents a stable, long-term, passive investment backed by Florida’s largest medical cannabis operator.
The absolute NNN structure eliminates landlord responsibilities, making it ideal for 1031 buyers and low-touch investors.
The city’s regulatory stance—permitting only one dispensary and freezing new cannabis licenses—creates exceptional tenant stickiness and protects the site’s long-term value.
Situated in a central infill location surrounded by strong demographics, diverse retailers, and major traffic corridors, ensuring sustained customer flow.
Vero Beach’s ongoing redevelopment and economic expansion enhances long-term market resilience and upward rent potential on future renewals.
With 2% annual rent escalations, investors benefit from predictable income growth and inflation protection throughout the lease term.
Protected trade area with strong competitive moat
High household incomes and robust seasonal/tourism population
Located near major retail, airport, and community anchors
Long remaining lease term with built-in annual increases
Delivered unencumbered, offering flexibility for buyers