For sale

19721 State Road 54, Lutz, FL, USA

Lutz, Florida

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Medical
Mixed Use
Street Retail

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Key Details

Total Square Feet

±8,400

Total Acreage

±2.00

Asking Price

$6,406,000

NOI

$368,341

CAP Rate

5.75%

Investment Highlights

AdventHealth is one of the largest nonprofit, faith-based health systems in the United States, operating 57 hospitals across 9 states and generating $23 billion in revenue in 2025
AdventHealth carries an “AA” credit rating from S&P and is recognized for an exceptional financial profile characterized by strong operating results and sizable market share
AdventHealth is investing approximately $600,000 into building out their space and signed a 5-year lease with four 5-year options to extend, demonstrating a long-term commitment to the site
The property is 100% occupied with all three tenants on NNN leases, providing stable cash flow with minimal landlord responsibilities
The WALT is over 6 years, providing further reliability to the income stream
The tenant mix consists of AdventHealth, Sage Dental and Bliss Family Veterinarian, which are some of the most recession resilient, destination-based uses in real estate
Sage Dental is a leading dental service organization (DSO) with over 150 locations across Florida and Georgia
The property is located on the signalized intersection of State Road 54 and Oakstead Blvd, with a combined AADT of 76,500
Pasco County is among Florida’s fastest-growing counties, and the State Road 54 corridor has experienced explosive population growth. According to FDOT, AADT is expected to increase by over 50% over the next 20 years
The center benefits from strong co-tenancy with nearby retailers and QSRs along the SR 54 corridor, generating consistent drive-by traffic and supporting the center’s daily-needs
48,933 population within a 3-mile radius
$159,211 average household income within a 3-mile radius
Population within a mile of the site is expected to increase by 3.55% annually over the next 5 years, far exceeding the national average of 0.5%