Brand New 15 Year NNN 7-Eleven | 2020 Construction

116 N Tamiami Trail, Osprey, FL 34229, USA
$5,642,104

Description

Marcus & Millichap is pleased to present for sale this freestanding, single-tenant 7-Eleven located in Venice, FL. Venice is an affluent area 18 miles south of Sarasota that is situated along the coast of the Gulf of Mexico. The fee simple lease, backed by 7-Eleven Corporate, will have a 15-year lease with 10 percent increases in rent every five years and four, five-year options to extend expected to commence in October 2020. This is an ideal passive investment opportunity with zero landlord responsibilities being offered at a four and three quarters capitalization rate.
The subject property consists of a 3,109 square foot retail space and 12 fueling stations with ample parking on a 0.70-acre parcel. It is strategically located within the historic downtown central business district of Venice at the signalized hard corner of Venice Avenue and North Tamiami Trail (US-41) with a combined traffic count of 45,200 vehicles per day. The property benefits from the 73,524 residents within a 5-mile radius and will continue to strengthen with an expected 5% population growth by 2024. In addition, the part-time seasonal ‘snowbird´ residents increase the population by an additional 25% for about half of the year.
According to Forbes magazine, North Port-Sarasota-Bradenton MSA is ranked #13 in its annual list of America’s fastest-growing cities. Forbes looks at growth of population, employment, wages, economic output and used home price growth as a proxy for wealth when creating the list.
There are numerous National and regional retailers in the immediate area including Publix, Winn-Dixie, Bealls Outlet, Big Lots, McDonald’s, Burger King, Arby’s, Circle K, Walgreens, Wells Fargo among others.
7-Eleven is the world’s largest operator, franchisor and licensor of convenience stores with approximately 65,000 stores in 18 countries. In the 10,500 stores in North America, 7-Eleven offers over 2,500 different products and services.

  • 15Year Absolute NNN Lease with 10% Increases Every 5 Years
  • Brand New Construction 7-Eleven Corporate Guarantee | 68,000+ Locations and S&P Credit Rating: AA-
  • Attractive Rent Growth | 10% Increases Every 5 Years | Blended Cap Rate of 5.24% Over Base Term of Lease
  • Strong Demographics | Average Household Income Exceeds $76,334 in a 5-Mile Radius
  • Growing Market | Population Projected to Grow 5% by 2024 in a 5-Mile Radius
  • Located within Historic Downtown Central Business District of Venice| Many Boutiques, Antique Shops and Local Fine Dining Options Located on Venice Avenue
  • Coastal Destination | Six Blocks from Gulf of Mexico Beaches
  • Under Two Miles From the Venice Municipal Airport | 473 Flights Per Day On Average
  • Seasonal Part-Time Residents “Snowbirds” Increase Population in Venice by 25%
  • 7-Eleven Expected to Take Occupancy in October 2020
  • Florida is a “No Income Tax State”

Property Documents

  • 7Eleven-Tamiami-Venice-FL-om-ib
  • City: Venice
  • State/county: Florida
  • Zip/Postal Code: 34285
  • Country: United States

Detail

  • Price: $5,642,104
  • Year Built: 2020

Additional details

  • CAP RATE: 4.75%
  • NOI: $268,000

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