Office Depot Absolute NNN Lease | Large 5+ Acre Parcel

3151 Capital Cir NE, Tallahassee, FL 32308, USA
$4,645,230

Description

Marcus & Millichap is pleased to present for sale this Absolute Net Leased Office Depot located at 3151 Capital Circle NE in Tallahassee, Florida. The subject property consists of a free-standing building comprised of 30,450 square feet of retail space and is situated on a large 5.38-acre parcel of land just five miles Northeast of downtown Tallahassee.
Strategically located off Capital Circle NE, the property is situated in a dominant retail corridor with access to more than 56,606 vehicles per day and surrounded by a plethora of National Retailers. Some of the of National Retailers in the area include but not limited to Home Depot, PetSmart, Bealls, Publix, HomeGoods, O’Reilly’s, Chick-Fil-A, TJ Maxx, Hobby Lobby, 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 Ormond Beach 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 Responsibility
  • Strong Corporate Guarantee (NASDAQ: ODP) | 1,378 Locations / 38,000+ Employees
  • Tallahassee MSA | 5 Miles from Downtown & CBD
  • Strong Demographics | Population Exceeds 130,541 in Immediate Trade Area
  • Large 5+ Acre Parcel
  • Fee Simple Ownership Allowing for Depreciation
  • Attractive Returns
  • Florida is a No Income Tax Free State

Property Documents

  • OfficeDepot-Tallahassee-FL-om-ib
  • City: Tallahassee
  • State/county: Florida
  • Zip/Postal Code: 32308
  • Country: United States

Detail

  • Price: $4,645,230
  • Year Built: 1998

Additional details

  • CAP RATE: 8.03%
  • NOI: $373,012

Features