Florida is the best demographic story in U.S. net lease — and the one where the insurance line can quietly eat the yield. No state income tax and relentless in-migration make the demand real; hurricane exposure and rising premiums make the lease structure decisive. We underwrite both before you wire.
Florida net-lease has the demand most states would envy: no state income tax, a torrent of new residents, and corridors that build rooftops faster than retailers can open. The catch is the same word every Florida owner learns — insurance — and in net lease, who carries it changes everything.
Florida adds residents faster than almost any state, has no state income tax, and channels enormous traffic along the I-4 corridor and the interstates. The strongest net-lease demand concentrates in a handful of MSAs: Tampa–St. Petersburg, Orlando and the I-4 spine through Davenport, ChampionsGate and Lake Nona, Jacksonville in the northeast, and the Naples–Fort Myers coast in the southwest. These are where rooftops, traffic counts and household formation support tenant renewals at higher rents. The depth of the market also brings a flood of paper to the table — and not all of it should be bought. The broader mandate is on the NNN advisory page.
The core variables are the same as any net lease — tenant credit, remaining term, escalations, fee-simple dirt, location. What's different in Florida is that the insurance line is no longer a rounding error. Premiums have risen sharply, and in a double-net lease where the landlord carries property insurance, a hard renewal can erase a chunk of your yield. In a true absolute-net lease the tenant carries it — which is exactly why the lease structure deserves more scrutiny here than almost anywhere else.
Who signs the rent and can they carry it for the full term. Corporate-guaranteed leases price tighter than a single franchisee — read the actual guarantor.
In Florida this is decisive. Absolute-net puts hurricane and property insurance on the tenant; NN leaves it with you, and premiums here move fast.
Ten-plus years with rent bumps protect against inflation and re-leasing risk in a fast-growing but competitive market.
Own the land in a growth corridor. In Florida the irreplaceable corner is what holds value as the trade area builds out around it.
Tampa, Orlando, the I-4 corridor, Jacksonville, Naples/Fort Myers — rooftops and traffic decide whether the tenant renews, and at what rent.
Zone, construction type and roof age drive premiums and insurability. A coastal site in a flood zone underwrites very differently from an inland pad.
Florida is the natural entry point for Latin American capital into U.S. net lease — familiar, dollar-denominated, and a short flight from home. Non-residents typically acquire through a U.S. LLC for liability and tax planning, and financing is available with a larger down payment. The same discipline applies as anywhere: separate the real income from the pro-forma, read who signs the rent, and price the insurance line honestly given the state's exposure. Done right, a Florida net-lease asset is durable dollar income in a market with a genuine demographic tailwind. The thesis and how I work are on the insights and advisory pages.
No state income tax, some of the fastest population growth in the country, and deep demand along the I-4 corridor and major MSAs — a genuine demographic tailwind for net-lease tenants.
Tampa–St. Petersburg, Orlando and the I-4 corridor (Davenport, ChampionsGate, Lake Nona), Jacksonville, and the Naples–Fort Myers coast — where rooftops, traffic and household growth support tenant renewals.
It depends on the lease. In a true absolute-net lease the tenant carries property and hurricane insurance; in a double-net lease the landlord does — and with Florida premiums rising fast, that line can materially affect your yield.
Yes — usually through a U.S. LLC for liability and tax planning. Financing for non-residents is available with a larger down payment, and Florida is the natural entry point for Latin American capital.
Send me the OM and the rent roll. I'll tell you what the real cap is after insurance, where the risk sits, and whether it's worth pursuing — independent, buyer-side, no obligation.
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Florida NNN is one part of a broader single-tenant net-lease mandate. See the full thesis, tenant criteria and how I work.
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