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WAWA in Largo, FL | Absolute NNN Ground Lease

8910 Ulmerton Rd, Largo, FL 33771, USA
$4,555,555

Description

Marcus & Millichap is pleased to exclusively offer for sale a WAWA, located at 8910 Ulmerton Road in Largo, Florida. The property benefits from a 20-Year Corporate Ground Lease with eight percent increases in Years 11 and 16 of the primary term and in each of the six (five-year) option periods. This 5,536 SF convenience store is positioned on a large 1.97 acre Walmart Neighborhood Market outparcel, ensuring a tremendous intrinsic value. Furthermore, the site is positioned at the busy intersection of Ulmerton and Sharkey Roads, and has outstanding visibility for the 87,000+ cars that traverse this intersection daily.

Largo is a flourishing city in Pinellas County, the most densely populated county in all of Florida. Pinellas is considered to be under-retailed, with less than half of the national average of retail square feet per capita. This means that infill retail land – such as this oversized 1.97 acre site, is valued at a premium. Due to the daytime 1 mile population being over 14,000 people, the average per capita income of whom is more than $60,000, and the tremendous traffic at this intersection, this corner lot is one of the best in the market. Given the millions of dollars invested by WAWA into its sites, this investment, at $4.55 million, represents an opportunity to purchase a high intrinsic value asset at a below replacement cost price.

WAWA is a chain of more than 800 convenience retail stores with over 365 sites offering gasoline as well. Wawa is an investment grade tenant with a BBB credit rating by Fitch, and 2016 revenue was approximately $9.68 billion. With an additional 50 locations planned for 2018, WAWA is a brand that is on the move, redefining the traditional view of a convenience store, creating a lifestyle brand.

  • Corporate Guaranteed WAWA with 16 Years Remaining on the Original 20 Year Absolute NNN Ground Lease
  • Close to 274,983 Residents in the Market Area with An Average Household Income Exceeding $61,844
  • 8% Increases Every 5 Years Starting in Year 10; Next Rent Increase Will Occur in 2024
  • Features Easy Access and Visibility; Hard Corner Signalized Intersection to Daily Traffic Counts Exceeding 87,000 Vehicles Per Day
  • Outparcel to a WalMart Neighborhood Market
  • WAWA is a chain of more than 800 Convenience Stores with more than $9 Billion in Annual Revenue

Property Documents

  • City: Largo
  • State/county: Florida
  • Zip/Postal Code: 33771
  • Country: United States

Detail

  • Price: $4,555,555

Additional details

  • CAP Rate: 4.50%
  • NOI: $205,000

Features