Log In/Sign Up
Your email has been sent.
1814 Commerce Ave
Vero Beach, FL 32960
Trulieve · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Fee Simple Ownership with enhanced depreciation benefits
- Strong Tenant Covenant: Trulieve is the #1 medical cannabis operator in Florida with 160+ national locations and 48% state market share
- Reliable Cash Flow: Annual base rent escalations of 2% provide built-in income growth
- Long-Term NNN Lease — Tenant responsible for all taxes, insurance, maintenance, and utilities
- Growing Market: Indian River County features high median household income $101,474 within 3 miles and strong employment base 36,000+ employees nearby
- Strategic Location: Central Vero Beach corridor with strong traffic counts and proximity to major redevelopment initiatives
EXECUTIVE SUMMARY
Annual Rent (Current): $116,294 (2023–2024 term)
Lease Expiration: August 31, 2033
Rent Growth Schedule: Continues through 2033, reaching $138,982 in final lease year (6.89% cap)
Tenant Financials (2024):
Revenue: $1.2 Billion
Gross Profit: $716 Million (60% margin)
EBITDA: $420 Million
Freestanding retail property on Commerce Avenue, situated near U.S. Highway 1 (±22,240 VPD) and major arterial routes including State Road 60 and State Road 656.The site benefits from excellent visibility and access in a high-density trade area with nearby retailers such as Publix, Majestic 11 Theatre, and other neighborhood shopping centers (Luria’s Plaza, Miracle Mile, Indian River Plaza).Located less than half a mile from the Vero Beach Airport and civic destinations such as the Indian River Courthouse and County Library.
Address: 1814 Commerce Avenue, Vero Beach, FL 32960
Tenant: Trulieve (Publicly traded, “TCNNF”)
Building Size: 3,586 SF
Lot Size: ±0.20 acres (8,712 SF)
Year Renovated: 2021
Lease Type: Absolute Triple Net (NNN)
Lease Term: 12 years (commenced Sept. 1, 2021; expires Aug. 31, 2033)
Options: Two (2) five-year extensions
Base Rent Escalations: 2% annually
Parking: Nine dedicated spaces + ample street parking
Lease Expiration: August 31, 2033
Rent Growth Schedule: Continues through 2033, reaching $138,982 in final lease year (6.89% cap)
Tenant Financials (2024):
Revenue: $1.2 Billion
Gross Profit: $716 Million (60% margin)
EBITDA: $420 Million
Freestanding retail property on Commerce Avenue, situated near U.S. Highway 1 (±22,240 VPD) and major arterial routes including State Road 60 and State Road 656.The site benefits from excellent visibility and access in a high-density trade area with nearby retailers such as Publix, Majestic 11 Theatre, and other neighborhood shopping centers (Luria’s Plaza, Miracle Mile, Indian River Plaza).Located less than half a mile from the Vero Beach Airport and civic destinations such as the Indian River Courthouse and County Library.
Address: 1814 Commerce Avenue, Vero Beach, FL 32960
Tenant: Trulieve (Publicly traded, “TCNNF”)
Building Size: 3,586 SF
Lot Size: ±0.20 acres (8,712 SF)
Year Renovated: 2021
Lease Type: Absolute Triple Net (NNN)
Lease Term: 12 years (commenced Sept. 1, 2021; expires Aug. 31, 2033)
Options: Two (2) five-year extensions
Base Rent Escalations: 2% annually
Parking: Nine dedicated spaces + ample street parking
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
3,586 SF
Building Class
C
Year Built
1984
Price
$2,778,268 CAD
Price Per SF
$774.75 CAD
Cap Rate
6.79%
NOI
$188,644 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.41
Lot Size
0.20 AC
Zoning
M - Medium-Density Residential
Parking
10 Spaces (2.79 Spaces per 1,000 SF Leased)
PROPERTY TAXES
| Parcel Number | 33-39-01-00044-0030-00006.0 | Improvements Assessment | $471,947 CAD |
| Land Assessment | $61,527 CAD | Total Assessment | $533,474 CAD |
PROPERTY TAXES
Parcel Number
33-39-01-00044-0030-00006.0
Land Assessment
$61,527 CAD
Improvements Assessment
$471,947 CAD
Total Assessment
$533,474 CAD
1 of 11
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
