T-Mobile,
Starke, FL Investment Summary
| Price | $1,750,000 |
| Cap Rate | |
| NOI | $105,300 |
| Lease Term | 10 Years |
| Lease Type | Net, With Tenant Responsible For All Taxes, Insurance, and Maintenance |
| Rental Increases | 10% Rental Increases Every Five (5) Years |
| Year Built | Contact For Details |
| Building Size | 2,700 SF |
| Lot Size | 0.72 Acres (31,343 SF) |
| Status | |
| Lead Brokers | Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Scott Crowle Executive Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
NET LEASE TO GROWING NATIONAL RETAILER IN FLORIDA SUBMARKET
» T-Mobile (NASDAQ: “TMUS”) is the second largest wireless carrier in the United States (98.3 million users)
» T-Mobile recorded $45 billion in 2019 revenue
» 10% rental increases every five (5) years, providing a hedge against inflation
» Three (3) extension periods of five (5) years each
» New 2021 remodel to latest T-Mobile prototype
» Large, .72-acre parcel
HIGH-TRAFFIC AND GROWING LOCATION ALONG MAJOR STARKE THOROUGHFARE
» Prominent location outparcel to Walmart Supercenter
» Surrounded by a strong mix of local and national retailers, including Tractor Supply, Bealls Outlet, McDonald’s, KFC, IHOP, Dunkin’, Taco Bell, Dollar General, Advance Auto Parts, and many more
» Strategically located along U.S. Hwy 301, with excellent visibility and access to 33,000 vehicles per day
» Projected 10% average annual household income increase within five miles of the site in the next five years, poising Starke and T-Mobile for significant concurrent growth
» 25 miles from the University of Florida with over 65,000 students and staff
» Site serves as the only T-Mobile authorized retailer within 30 minutes of the property
» 50 miles from Downtown Jacksonville and 23 miles to Downtown Gainesville
NEWLY REMODELED IN AN INCOME TAX-FREE STATE
» New 2021 remodel
» Located in an income tax-free state
Property Description
SOLD
The property is strategically located on U.S. Highway 301 with excellent access and visibility to 33,000 vehicles per day directly in front of the store. The subject property is located outparcel to Walmart Supercenter on the primary retail corridor in Starke with many other national retailers including Tractor Supply Company, Ace Hardware, O’Reilly Auto Parts, Advance Auto Parts, Murphy USA, IHOP, McDonald’s, Popeyes, KFC, Dunkin’ and many others. Within a five-mile radius of the property, there are 13,819 residents and an average household income over $59,000. The average household income is projected to grow by 10% over the next five years poising T-Mobile and the Starke area for strong growth.
