Investment Summary
Price | $6,510,000 |
Cap Rate | |
NOI | |
Lease Term | 15 Years |
Lease Type | Absolute NNN, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Including Roof, Structure, and Parking Lot |
Rental Increases | 10% Rental Increases Every Five (5) Years (After Initial 10 Years of Lease) |
Year Built | 2021 |
Building Size | 3,454 SF |
Lot Size | 1.25 Acres (54,450 SF) |
Status | Sold |
Lead Brokers | Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
NEW 15-YEAR ABSOLUTE NNN LEASE
» 7-Eleven is the largest convenience retail chain in the world, with more than 67,000 stores worldwide
» 7-Eleven, Inc. is an investment grade tenant with a “AA-” rating from Standard & Poor’s
» New 15-year absolute NNN lease with four (4) five (5) year options
» 10% rental increases every five years, starting at year 11 providing a hedge against inflation
» New 2021 construction built to latest 7-Eleven prototype, featuring 12 fuel pumps, a car wash, and a freestanding c-store
LOCATED IN A DENSELY POPULATED, EXTREMELY AFFLUENT, AND GROWING FLORIDA CORRIDOR
» Hard-corner location at the four-way intersection of Northwest St. James Drive and Northwest Hatches Harbor (19,000 AADT)
» Beneficial proximity to the highly trafficked Florida thoroughfares, including U.S. Route 1 and Florida Turnpike (combined 89,300 AADT)
» Average annual household income of $94,854 within one mile of the location
» Population of 119,476 within a five-mile radius of the location, creating a large customer base for the site
» Projected 17 percent average annual household income increase within one mile of the site in the next five years, poising the site for significant concurrent growth
CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Strategically located outparcel to a Publix-anchored shopping center, significantly increasing crossover shopping to the site
» Surrounded by a strong mix of local and national retailers, including Walmart Supercenter, The Home Depot, McDonald’s, Chick-fil-A, Starbucks, and more
» Excellent location in a major commuter corridor, with close proximity to several high density single family developments
» Beneficial proximity to Port St. Lucie’s most highly attended schools, including Fort Pierce Central High School, Northport K-8 School, and Southern Oaks Middle School (combined 4,814 students)
» Across the street from Oxbow Eco-Center, a riverside reserve spanning 225 acres with trails, viewing towers, and a sustainable discovery center
» Five miles from Indian River State College (17,511 students, 2,265 employees) and six miles from Lawnwood Regional Medical Center (380 beds, 1,479 employees)
» Florida has no state income tax
Property Description
SOLD
Visibility to the property is increased by the site’s centralized location in a densely populated, affluent, and growing retail corridor. The site has a hard-corner location at the four-way intersection of Northwest St. James Drive and Northwest Hatches Harbor (19,000 AADT). The location also benefits from its proximity to highly trafficked Florida thoroughfares, including U.S. Route 1 and the Florida Turnpike, which experience a combined 89,300 vehicles per day. 119,476 residents live within a five mile radius of the location, establishing an extremely large regular customer base for the site. The property resides in an affluent area as well, with an average annual household income of $94,854 within one mile of the location. The site is also located in an area that is experiencing rapid growth, with a projected 17 percent average annual household income increase within a one-mile radius of the site in the next five years.
The location is strategically located near major employers, retailers, and community hubs. The property is an outparcel to a Publix-anchored shopping center, significantly increasing crossover traffic to the location. The site is also surrounded by a strong mix of local and national retailers, including Walmart Supercenter, The Home Depot, Tractor Supply Company, Dollar Tree, McDonald’s, Chick-fil-A, Starbucks, and many more. The property maintains an excellent location in a major commuter corridor, with close proximity to several high-density single family developments. The site resides near Port St. Lucie’s most highly attended schools, including Fort Pierce Central High School, Northport K-8 School, and Southern Oaks Middle School (combined 4,814 students). The location also maintains a beneficial proximity five miles from Indian River State College (17,511 students, 2,265 employees) and is six miles from Lawnwood Regional Medical Center (380 beds, 1,479 employees). It is also directly across from Oxbow Eco-Center, a riverside reserve spanning 225 acres with trails, viewing towers, and a sustainable discovery center.