1120 W University Ave - Restaurant FOR SALE


Gainesville, FL 32601- Midtown Gainesville
$4,105,777 USD
727-452-6864
1120 W University Ave, Gainesville, FL for Sale
$4,105,777 USD
Restaurant - FOR SALE
1/4
null | 7.25% Cap Rate

1120 W University Ave
Gainesville, FL 32601
Midtown Gainesville


HIGHLIGHTS

  • Absolute NNN lease with no Landlord responsibilities, including roof, structure and HVAC, delivering a fully passive income stream
  • Rent grows 2% annually through the term and every renewal option, a built-in hedge against inflation
  • Roughly six years of remaining term, guaranteed by Green Ops Ocala LLC, an affiliate of the operating tenant
  • Jungle Boys operates 15 approved dispensing locations in Florida, its largest market by store count
  • Jungle Boys rebuilt the building at its sole cost, with no Landlord contribution
  • The University of Florida, two blocks west, enrolls 63,148 students and anchors demand along the corridor

OVERVIEW

RIPCO Real Estate is pleased to offer for sale 1120 W University Avenue, a 3,725 SF in-line retail building occupied by a Jungle Boys cannabis dispensary two blocks east of the University of Florida campus in Gainesville, Florida. The absolute NNN lease carries no Landlord responsibilities, including roof, structure and HVAC, and runs through August 2032, leaving roughly six years remaining under a guaranty from Green Ops Ocala LLC, an affiliate of the tenant. Rent grows 2% annually through the term and every option period, and three renewal options can extend tenancy to 2047. Jungle Boys operates 15 approved dispensing locations in Florida, its largest market, and is one of just 28 licensedmedical marijuana treatment centers in the state. The tenant took possession in February 2022 and rebuilt the building at its sole cost before opening, installing a new TPO roof, three rooftop HVAC units, new storefront glazing and a 400-amp electrical service, leaving no scheduled capital for a new owner. West University Avenue is the primary retail corridor serving the University of Florida, which enrolls 63,148 students and employs 33,516 people, with UF Health Shands and its 1,145-bed academic medical campus just south. Hub on Campus and Sweetwater, two student high-rises delivering more than 900 beds, front the south side of the street, and the Gainesville Innovation District, a University of Florida partnership, sits two blocks southeast. The corridor carries 16,300 AADT at the site, with a 3-mile population of 95,408 and an average household income of $68,458. The asset would be an attractive opportunity for an investor seeking absolute NNN income with 2% annual rent growth in a walkable university trade area.

FOR SALE DETAILS

PRICE

$4,105,777 USD

PRICE/SF

$1,102 USD /SF

CAP RATE

7.25%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1935

SPRINKLERS

-

PARKING SPACES

7

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,098 SF

ZONING

U9

APN/PARCEL ID

13971-000-000

ASK ABOUT THIS PROPERTY

Ari RaviRIPCO Real EstateMore Info
727-452-6864

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Ari RaviRIPCO Real EstateMore Info
727-452-6864

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.