Retail Space For Lease @ 1240 8th Ave W

THIS BRAND NEW CONSTRUCTION SHELL STATION IS LOCATED ON US-HWY 41 IN PALMETTO, FL, A MAJOR INTERSTATE THAT RUNS DIRECTLY THROUGH THE STATE OF FLORIDA. THE HIGHWAY HAS HIGH DAILY TRAFFIC COUNTS FOR BOTH TOURISTS AND LOCALS! CURRENTLY, THE TENANT IS REMODELING THE PROPERTY IN ITS ENTIRETY, WITH A SCHEDULED COMPLETION DATE OF NOVEMBER 15, 2021! THIS ONE-OF-A-KIND INVESTMENT OPPORTUNITY COMES WITH A 4-PUMP SERVICE STATION WITH 8 FUELING POSITIONS, A NEW (20-YEAR) LEASE, ALL NEW PUMPS, TANKS, A BRAND-NEW BUILDING WITH A SIGNATURE GO MARKET CONVENIENCE STORE, WITH NEW HVAC UNITS, A NEW ROOF, AND STRONG HISTORIC SALES.

THE TENANT HAS SUCCESSFULLY OPERATED THE SITE FOR OVER 3 YEARS, LARGELY DUE TO THE RAPID GROWTH AND DEVELOPMENT OF THE SURROUNDING AREA AND THE HEAVY TRAFFIC ON US-HWY 41. THIS IS A SAFE AND EASY WAY TO MAKE A (6.2% TO 9%) RETURN FOR THE NEXT 20 YEARS! THE TENANT HAS AN EXTREMELY STRONG BUSINESS, WITH PROVEN HISTORICAL SUCCESS IN THIS LOCATION, WHICH ONLY HELPS STRENGTHEN THIS DEAL! DUE TO THE SUCCESS AT THIS LOCATION, THE TENANT DECIDED TO REMODEL THE ENTIRE STATION TO CREATE A STATE-OF-THE-ART FACILITY FOR CUSTOMERS WHICH WILL OPEN IN NOVEMBER 2021!

THE PROPERTY WILL HAVE A BRAND NEW 20-YEAR PURE NNN LEASE IN PLACE STARTING ON APPROXIMATELY NOVEMBER 15, 2021. THE LEASE WILL BEGIN UPON THE COMPLETION OF THE REMODEL AND WILL RUN FOR A TERM OF 20 YEARS. THE RENTAL RATE WILL START AT $10,300 (PER MONTH) IN 2021 AND WILL INCREASE BY 10% EVERY 5 YEARS UNTIL THE END OF THE 20-YEAR TERM. MORE COMPELLING IS THE FACT THAT THE TENANT HAS (2) FIVE-YEAR OPTIONS TO EXTEND AFTER THE EXPIRATION OF THE INITIAL 20- YEAR LEASE TERM. THIS GIVES THE BUYER LOCKED-IN SECURITY AND FANTASTIC RENTAL INCOME FOR THE NEXT 20+ YEARS. THE LEASE IS FULLY GUARANTEED AND BACKED BY THE TENANT, WHO HAS A SHELL GAS AGREEMENT IN PLACE THROUGHOUT THE LIFE OF THE LEASE.

THIS IS THE PERFECT INVESTMENT OPPORTUNITY FOR SOMEONE LOOKING TO LOCK IN A STRONG LONG-TERM INCOME ($123,600 MINIMUM PER YEAR) WITH A STRONG AND PROVEN TENANT. THE OPERATOR (TENANT) HAS MANY OTHER GAS STATIONS IN THE SURROUNDING AREA AND HAS BEEN RUNNING AND OPERATING GAS STATIONS FOR OVER 25 YEARS. THEY ARE SEASONED PROFESSIONALS WHO HAVE A STRONG TRACK RECORD AND A PROVEN BUSINESS MODEL THAT HAS BEEN SUCCESSFUL FOR YEARS! THE CURRENT SITE DOES AN AVERAGE OF APPROXIMATELY (80,000 GALLONS) PER MONTH AT THIS LOCATION, NOT TO MENTION THE AMAZING STORE SALES OF OVER ($130,000) WHICH WILL ONLY INCREASE IN THE NATIONALLY BRANDED AND BRAND-NEW “GO MARKET” THAT WILL SIT IN THE REAR OF THE PROPERTY!

ONE MAJOR ADVANTAGE FOR AN INVESTOR IS HOW EASY THIS ASSET IS TO MANAGE AS THE TENANT IS RESPONSIBLE FOR ALL EXPENSES INCLUDING, BUT NOT LIMITED TO, ALL PROPERTY REPAIRS, MAINTENANCE, UTILITIES, ALL OTHER CAM CHARGES, PROPERTY TAXES, AND INSURANCE AT THE PROPERTY. AS SUCH, THIS ASSET IS VERY EASY TO MANAGE AND MAINTAIN FOR A BUYER WHO LIVES IN THE AREA OR EVEN AN OUT-OF-STATE INVESTOR!

THE PROPERTY CURRENTLY BOASTS AN IN-PLACE CAP RATE OF APPROXIMATELY 6.2%, AND WITH THE RENTAL INCREASES EVERY 5YEARS THAT ARE BUILT INTO THE NEW LEASE, THIS NUMBER WILL ONLY CONTINUE TO GROW! BY 2026, THE BUYER WILL EASILY SURPASS A CAP RATE OF 7% AND THIS WILL RISE TO A CAP RATE OF OVER 8.2% BY 2036!

IT IS VIRTUALLY IMPOSSIBLE TO FIND ANY PURE NNN SHELL STATION ON THE MARKET PRODUCING A 6%-9% CAP RATE LOCKED IN FOR THE NEXT 20 YEARS. THIS OPPORTUNITY WILL NOT LAST LONG AS THE SECURITY OF THE TENANT IS IN PLACE AND THE RENTAL UPSIDE IS IMPOSSIBLE TO FIND ANYWHERE IN THIS MARKET. THE RECENT UPGRADES AND RENOVATIONS ONLY MAKE THIS INCREDIBLE VALUE-ADD ASSET EVEN BETTER!

THIS FANTASTIC INVESTMENT OPPORTUNITY GETS EVEN BETTER AS THE LEASE STARTING IN NOVEMBER 2021 IS PURE NNN AND THE OWNER IS NOT RESPONSIBLE FOR ANY EXPENSES AT THE PROPERTY. PER THE LEASE, THE TENANT IS RESPONSIBLE FOR ALL PROPERTY TAX, INSURANCE, CAM CHARGES, MAINTENANCE, APPLICABLE SALES TAX, AND ALL REPAIRS AND MAINTENANCE AT THE PROPERTY. THE TENANT IS ALSO FULLY RESPONSIBLE FOR ALL REPAIRS AND MAINTENANCE AT THE BRAND NEW “GO MARKET,” WHICH INCLUDES THE NEW ROOF AND NEW HVAC UNIT! FURTHERMORE, THE TENANT HAS AGREED TO REPAIR AND MAINTAIN THE NEW ROOF, OUTSIDE WALLS, FOUNDATION, STRUCTURAL PORTIONS, GAS PUMPS, FUEL TANKS, THE NEW CANOPY, SEWAGE SYSTEMS, AND THE PARKING LOT. THE TENANT IS ALSO RESPONSIBLE FOR ALL UTILITIES, TRASH, WATER, SEWER, AND ALL SERVICES AND SERVICE AGREEMENTS IN PLACE AT THE PROPERTY. THIS LEAVES THE BUYER IN A GREAT POSITION AS THEY ARE NOT RESPONSIBLE FOR ANY OPERATING EXPENSES OR REPAIRS AND MAINTENANCE AT THE PROPERTY IN THE FUTURE.

CURRENTLY, THE SITE IS UNDERGOING A FULL REMODEL, WITH BRAND NEW CONSTRUCTION ON BOTH THE GAS PORTION OF THE PROPERTY AND THE GO MARKET CONVENIENCE STORE! THIS REMODEL/NEW CONSTRUCTION INCLUDES THE FOLLOWING: NEW HVAC SYSTEM, NEW ROOF, NEW SIGNATURE “GO MARKET” CONVENIENCE STORE (INTERIOR IS BRAND-NEW AS WELL AS EXTERIOR BUILDING), NEW CANOPY, NEW FUEL TANKS & FUEL PUMPS, AS WELL AS NEW EXTERIOR AND INTERIOR PAINT! A BUYER CAN EASILY PURCHASE THIS ASSET AND HAVE APPROXIMATELY ZERO CAPEX EXPENSES FOR THE NEXT 20 YEARS! THE NEW CONSTRUCTION WILL BE COMPLETED IN NOVEMBER 2021 AND UPON COMPLETION, THE NEW 20-YEAR LEASE WILL GO INTO EFFECT! THE TENANT IS PAYING FOR THE ENTIRE NEW CONSTRUCTION AT THE PROPERTY WHICH IS IN EXCESS OF $1,700,000! This space offers accomodations for: retail pad.