Fee Simple NNN 7-Eleven | New Construction 2020

2751 North river Road venice, Florida 34292
$6,770,800

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, will have a 15-year lease with 10 percent increases in rent every five years and three, five-year options to extend. This is an ideal passive investment opportunity with very minimal landlord responsibilities being offered at a 4.8 capitalization rate.
The subject property consists of a 3,010 square foot retail space, a 980 square foot car wash and 16 fueling stations with ample parking on a 1.80-acre parcel. The tenant is expected to take
occupancy in January 2020. It is strategically located on North River Road just south of the entrance and exit ramp to Interstate 75 (50,916 vehicles per day). River Road is the most direct route to the $125 million Atlanta Braves spring training complex in North Port featuring seven fields including CoolToday Park, a 6,200-seat stadium. The property benefits from the 45,032 residents and will continue to strengthen with an expected 15 percent population growth by 2023.
Immediately south of the property is the Caribbean Village, a new, 178-home gated community built in 2017 that features a clubhouse with resort-style pool, cabanas overlooking the lake, and other institutional quality amenities developed by D.R. Horton.
Sarasota County has accepted the Florida Department of Transportation’s project to widen River Road from Interstate 75 to West Villages Parkway estimated at $41 Million transforming River
Road into a modern divided highway with bike lanes, sidewalks and lighting. This project is expected to commence in 2021.
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.

  • 15 Year NNN Lease with 10% Increases Every 5 Years
  • Brand New Construction 2020
  • 7-Eleven Corporate Guarantee (65,000+ Locations and AAS& P Credit Rating)
  • Attractive Rent Growth | 10% Increases Every 5 Years | Blended Cap Rate of 5.3% Over Base Term of Lease
  • Strong Demographics | Average Household Income Exceeds $106,263 in a 1 Mile Radius
  • Growing Market | Population Projected to Grow 15% by 2023 in a 3 Mile Radius
  • River Road is the Most Direct Route to New Atlanta Braves Spring Training Complex | $125 Million Development
  • Sarasota County Accepted Florida Department of Transportation Project to Widen River Road Into Divided Highway to Commence in 2021
  • Only 0.2 Miles from Entrance to I-75 with over 62,854 Vehicles Per Day
  • Florida is a “No Income Tax State”

Property Documents

  • City: Venice
  • State/county: Florida
  • Zip/Postal Code: 34292
  • Country: United States

Detail

  • Price: $6,770,800
  • Year Built: 2020

Additional details

  • CAP RATE: 4.80%
  • NOI: $325,000

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