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Brand New Racetrac | 15 Year NNN Ground Lease

3310 NE 8th St, Homestead, FL 33033, USA
$3,747,400

Description

Marcus & Millichap is pleased to present for sale this brand new construction Racetrac in Homestead (Miami MSA), Florida. Racetrac signed a 15 Year NNN Ground Lease with 10 percent increases every five years, beginning in March 2029 and every five years thereafter. This Racetrac is an outparcel to Crystal Lake Shopping Center, a new construction retail plaza located just east of the Florida Turnpike on Campbell Drive in Southern Miami Dade County.
This 5,411 Square Foot Racetrac Convenience store provides gas and convenience to an area of South Miami Dade which is experiencing explosive population growth. There are over 1,500 new homes and multifamily units either recently completed or under construction within a one mile radius of the subject property. The area’s projected population growth of 25 percent over the next five years will fuel the demand for necessity-based shopping needs for the community and should lead to continued low vacancy rates and future rental rate growth. Baptist Homestead Hospital is also located directly across the street from this property.
RaceTrac is a brand of RaceTrac Petroleum, Inc. Headquartered in Atlanta, RaceTrac Petroleum, Inc. has been serving guests since 1934. Today, the company manages and operates over 700 retail convenience store locations in twelve southern states under the RaceTrac and RaceWay names. RaceTrac is ranked the 39th largest private company by Forbes. It is also the 26th largest convenience store operator in the U.S. and the 3rd largest privately owned company in Georgia. A typical RaceTrac store features more than 4,000 items available to satisfy the needs of its guests and up to 24 fueling positions.

  • Corporate Guaranteed RaceTrac with 15 Year Absolute NNN Ground Lease
  • Brand New Construction Racetrac Ground Lease in South Miami Dade County
  • Excellent Intrinsic Value/Priced Below Replacement Cost: 5,411 SF Convenience Store on 1.61 Acres of Land
  • Corporate Guarantee from Racetrac: 700+ Locations and $8.7 Billion in Sales
  • Outparcel to Crystal Lake Shopping Center: A brand new 100% Occupied Shopping Center Anchored by Presidente Supermarket, 24 Hour Fitness, Goodwill, Pizza Hut and Cricket Wireless
  • Located right off the Florida Turnpike and directly across from Baptist Homestead Hospital
  • Absolute NNN Lease with No Landlord Responsibility
  • Florida is a No Income Tax State

Property Documents

  • City: Homestead
  • State/county: Florida
  • Zip/Postal Code: 33033
  • Country: United States

Detail

  • Price: $3,747,400

Additional details

  • CAP Rate: 4.75%
  • NOI: $178,000

Features