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Dark 7 Eleven Redevelopment or User Opportunity in Somerset, MA

1639 Grand Army of the Republic Highway Somerset, Massachusetts, 02726
$1,450,000

Description

Marcus & Millichap is pleased to present for sale the 7-Eleven Gas Station and Convenience Store Reposition or Development Opportunity on US Route 6 (GAR Highway) in Somerset, Massachusetts. The offering is a 3,180 square foot singletenant, free standing building on approximately 0.84 acres that was built in 2001. The 7-Eleven is not operational, however, the tenant is paying an annual rent of $195,800 through June 2020. There is a possibility to work with 7-Eleven on a buyout of the Lease. The Lease* is absolute net with all taxes, insurance, utilities, operating costs, and responsibility for interior and exterior on the Tenant. This is a fee simple transaction with land and improvements, as opposed to a ground lease sale, which is common with convenience store net leased sales.
The Offering represents an opportunity to reposition the building as a convenience store or to capitalize on the area’s strong demographics and proximity to highway access with new commercial development. The Property’s location is poised to be a destination area for the local residents and is only 4 miles from Fall River, Massachusetts and 14 miles southeast of Providence, Rhode Island. The population within a five-mile radius is over 137,000 residents with average incomes nearly $70,000 within a one-mile radius.

  • Ability to collect positive cashflow for one and a half years while executing a re-tenant scenario or determining a redevelopment strategy
  • Purchase Options:
    • Option 1: Collect rent from 7-Eleven until June 2020 and re-tenant or redevelop the site after lease expiration
    • Option 2: Collect rent from 7-Eleven while searching for a new tenant and work with 7-Eleven on an early lease buyout
    • Option 3: Collect rent from 7-Eleven during permitting for redevelopment and work with 7-Eleven on an early lease buyout
  • Located at a signalized hard corner
    • Grand Army of the Republic (GAR) Highway: ±18,000 VPD
    • Lees River Avenue: ±8,500 VPD
  • Direct access to Interstate 195 South via Lees River Avenue
  • Centrally located between Swansea Mall (510,000 square feet), Target, Marshalls, Walmart Supercenter (2 miles west) and Home Depot, Stop & Shop, Ocean State Job Lot, Planet Fitness and more (1 mile east)

Property Documents

  • City: Somerset
  • State/county: Massachusetts
  • Zip/Postal Code: 02726
  • Country: United States

Detail

  • Price: $1,450,000

Additional details

  • CAP Rate: 13.5%
  • NOI: $195,800

Features