Office Depot | Absolute NNN | 6.87%+ Cash on Cash Return | Signalized Hard Corner

405 W Granada Blvd, Ormond Beach, FL 32174, USA
$4,039,812

Description

Marcus & Millichap is pleased to present for sale this Absolute Net Leased Office Depot located at 405 West Granada Boulevard in Ormond Beach, Florida. The subject property consists of a free-standing building comprised of 29,958 square feet of retail space and is situated on large 3.38-acre parcel of land just minutes from world-renowned Daytona Beach.
Strategically located on the hard signalized intersection of West Granada Boulevard and North Orchard Street, the property is highly visible to more than 33,646 vehicles per day. It also features excellent access and is within close proximity to US-1, a major North-South thoroughfare. The property sits across a free-standing Winn-Dixie and is surrounded by numerous National Retailers including Wawa, Arby’s, KFC, Pep Boys, CVS, and many others.
Office Depot signed their original 20-year lease in 1998 when the property was constructed. In 2015, Office Depot extended its lease term showing a strong commitment to the site. Currently there are just under four years remaining on the initial term with two 5-year options to extend. The lease is an absolute NNN lease with zero landlord responsibility and offers attractive rental increases every five years.
Office Depot, Inc. (NYSE: ODP), one of the world’s largest resellers of office products with annual sales of nearly $13 billion, was founded in 1986. The company conducts business in over 50 countries and has more than 1,140 retail stores in North America. Office Depot is your store for office supplies, equipment and furniture.

**A second Office Depot located in Tallahassee is also available for purchase. Please contact listing agent for more information.

    • Dominant Retail Location | High Traffic Counts & Concentration of National Retailers
    • Absolute NNN Lease | No Landlord Responsibilityv
    • Strong Corporate Guarantee (NASDAQ: ODP) | 1,378 Locations / 38,000+ Employees
    • Hard Signalized Intersection
    • Strong Demographics | Population Exceeds 95,500 in Immediate Trade Area
    • Large 3+ Acre Parcel
    • Fee Simple Ownership Allowing for Depreciation
    • Attractive Returns
    • Florida is a No Income Tax Free State

Property Documents

  • OfficeDepot-Ormond-Beach-FL-om-ib
  • City: Ormond Beach
  • State/county: Florida
  • Zip/Postal Code: 32174
  • Country: United States

Detail

  • Price: $4,039,812
  • Year Built: 1998

Additional details

  • CAP RATE: 7.97%
  • NOI: $321,973

Features