Brand New Fee Simple 15 Year NNN 7-Eleven | 2021 Construction

1442 FL-64, Wauchula, FL 33873, USA
$8,021,739

Description

Marcus & Millichap is pleased to present for sale this freestanding, single tenant 7-Eleven located in Bradenton, Florida. Bradenton is in Manatee County located 11 miles east of Sarasota, and 53 miles south of Tampa. The fee simple lease, backed by 7-Eleven Corporate, will have a 15-year lease with 10 percent increases in rent every five years and four, five year options to extend with an expected rent commencement of May 2021. This is an ideal passive investment opportunity with zero landlord responsibilities being offered at a 4.60 percent capitalization rate.
The subject property consists of a 4,634 square foot retail space, a single row canopy with eight dispensers (16 fueling stations) and a 980 square foot car wash and with ample parking on a large 3.37-acre parcel. It is strategically located on the northwest corner of State Road 64 and Lorraine Road with a combined traffic count of 19,600 vehicles per day. The property benefits from the 54,192 residents within a 5-mile radius with an expected 25 percent population growth by 2025.
According to Forbes magazine, the North Port-Sarasota-Bradenton MSA is ranked #24 in its annual list of America’s 100 Fastest Growing Cities. Forbes looks at growth of population, employment, wages, economic output and used home price growth as a proxy for wealth when creating their list. Specifically, the Lakewood Ranch planned community within Bradenton is growing at a faster pace the already expanding Gulf Coast MSA. Lakewood Ranch has been named the best selling multi-generational planned community in the country with 17 villages to choose from and five new villages and apartment communities having opened in 2020. It also has the ability to offer up to 14 million square feet of commercial real estate space and is home to 1,350 businesses across a variety of sectors, including biomedical, technology, insurance and education.
There are numerous National and Regional retailers in the immediate area including Publix, McDonald’s, CVS, Wawa, Walgreens, Speedway, SunTrust, Bank of America, Chase Bank among others.
7-Eleven is the world’s largest operator, franchisor and licensor of convenience stores with approximately 68,000 stores in 18 countries. In the 10,500 stores in North America, 7-Eleven offers over 2,500 different products and services.

  • 15-Year Absolute NNN Lease
  • Brand New Construction 7-Eleven Corporate Guarantee | 68,000+ Locations and S&P Credit Rating: AA-
  • Large 3.37 Acre Parcel
  • Attractive Rent Growth | 10% Increases Every 5 Years | Blended Cap Rate of 5.07% Over Base Term of Lease
  • Growing Market | Population Projected to Grow 25% by 2025 in a 5-Mile Radius
  • Average Household Income within 1-Mile Radius is Over $134,913
  • Top 25 Fastest Growing City in the Country
  • Lakewood Ranch named Best Selling Multi-Generational Planned Community in the Country
  • Proximity to Sarasota, Tampa and St. Petersburg
  • Rent Commencement Expected in June 2021
  • Florida is a “No Income Tax State”

Property Documents

  • City: Bradenton
  • State/county: Florida
  • Zip/Postal Code: 33873
  • Country: United States

Detail

  • Price: $8,021,739
  • Year Built: 2021

Additional details

  • CAP RATE: 4.60%
  • NOI: $369,000

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