Enterprise Rent-a-Car NNN Lease

10733 Philips Hwy, Jacksonville, FL 32256, USA
$1,177,175

Description

Marcus & Millichap is pleased to present corporate guaranteed Enterprise Rent-a-Car located 10733 Philips Highway, Jacksonville, Florida. The subject property consists of a 2,400 square foot freestanding building on a 0.73-acre parcel of land. Located within the Butler/Baymeadows submarket of Jacksonville, the property benefits from desirable and strong demographics, with a population of 115,818 and an average household income of $91,501 within a 5-mile radius. Strategically located on Highway US-1 less than 1 mile from the intersection of Interstate-95 and Interstate-295, the property experiences traffic counts of over 39,000 vehicles per day. The Butler/Baymeadows submarket’s strength is made evident by the annual consumer spending above $4.5 Billion within a 5-mile radius of the property. Consumer household spending on transportation and maintenance within a 5-mile radius is $372 million, making it the second-largest category behind food and alcohol. The numerous car dealerships, rental agencies, and auto service shops in the surrounding area create an automotive retail corridor with synergy in the consumer market, making this location ideal for Enterprise retail sites.
National retailers in the immediate trade area include Walmart Supercenter, Home Depot, Best Buy, McDonald’s, Starbucks, Chickfil-A, Simon Outlet Mall, Ford, Nissan, Chevrolet, Volvo, Tire Kingdom, and many others. This Enterprise is a well-established location with over 12 years of operation since opening in 2009. As a demonstration of the tenant’s commitment, upon exercising their second five-year option, they added a five-year option with 2.25 percent annual increases. The tenant, Enterprise Leasing of Company of Florida LLC, is owned by Enterprise Holdings, with S&P A- Credit Rating and reported $25.9B of annual revenue. Florida is an income tax-free income state.

  • Corporate Guaranteed Absolute NNN Lease
  • High Traffic Location Visible to 39,372 Vehicles Per Day
  • 2.25 Percent Annual Rent Increases
  • S&P A- Credit Rating $25.9B Annual Revenue
  • One Additional 5 Year Option with 2.25 Percent Annual Increases Extended Recently
  • Vehicle Rental Locations Are Essential Retail
  • Automotive Retail Corridor – Rental Car Demand from Surrounding Repair Shops and Car Dealerships
  • 1-Mile Avg Household Income $131,943
  • Nearby Regional Outlet Mall & Top National Retailers
  • Triple Net Lease – No Landlord Responsibilities
  • Florida Has No State Income Tax

Property Documents

  • Enterprise-Jacksonville-FL-om-ib
  • City: Jacksonville
  • State/county: Florida
  • Zip/Postal Code: 32256
  • Country: United States

Detail

  • Price: $1,177,175
  • Year Built: 1986

Additional details

  • CAP RATE: 6.80%
  • NOI: $80,048

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