225 E North Blvd - Convenience Store FOR SALE


Leesburg, FL 34748
$4,990,000 USD
813-245-7333
225 E North Blvd, Leesburg, FL for Sale
$4,990,000 USD
Convenience Store - FOR SALE
1/10
null | 7.2% Cap Rate

225 E North Blvd
Leesburg, FL 34748


HIGHLIGHTS

  • NEW 10-PUMP SHELL GAS STATION WITH SIGNATURE "GO MARKET" C-STORE IN LEESBURG, FL
  • SITUATED ON A HARD CORNER DIRECTLY OFF OF US-HWY 441, ONE OF THE LARGEST HIGHWAYS IN THE STATE! HIGH TRAFFIC COUNT!
  • NEW 20-YEAR PURE NNN LEASE WITH TWO 5-YEAR OPTIONS! 10% RENTAL INCREASES EVERY 5 YEARS THROUGHOUT THE TERM OF THE LEASE!
  • 7.2% CAP RATE IN PLACE! 8% CAP RATE IN 2030! 9% CAP RATE IN 2035! 9.6% CAP RATE IN 2040! 10.3% CAP RATE IN 2045!
  • RECENT SITE RENOVATIONS INCLUDE NEW HVAC, NEW SECURITY SYSTEM, NEW ROOF, NEW PUMPS, NEW CANOPY, PYLON SIGNAGE, INTERIOR AND EXTERIOR PAINT!
  • STRONG TENANT IN PLACE WITH OVER 36 YEARS OF GAS STATION OPERATION EXPERIENCE AND EXTREMELY STRONG FINANCIALS!

OVERVIEW

THIS FULLY REMODELED, 10-PUMP SHELL GAS STATION WITH A SIGNATURE "GO MARKET" C-STORE IS LOCATED IN CENTRAL FL, JUST NORTH OF ORLANDO IN LEESBURG! THE SITE SITS DIRECTLY ON A HARD CORNER OFF OF US-HWY-441, ONE OF THE LARGEST HIGHWAYS IN ALL OF FL! HIGHWAY 441 RUNS NORTH TO SOUTH, STARTING IN MIAMI AND ENDING IN TENNESSEE. THE HIGHWAY HAS MASSIVE TRAFFIC COUNTS AND THIS LOCATION DOES INCREDIBLE NUMBERS DUE TO THE HEAVY DAILY TRAFFIC! WITH ITS PRIME LOCATION, THIS SITE HAS THRIVED FROM CUSTOMERS WHO ARE DRIVING UP AND DOWN THE STATE DAILY! THIS ONE-OF-A-KIND INVESTMENT OPPORTUNITY COMES WITH A 10-PUMP STATION, A FULLY REMODELED "GO MARKET" FOOD MART, A NEW (20-YEAR) LEASE (W/ (2) - 5 YEAR OPTIONS), & STRONG HISTORIC SALES. THE CURRENT OPERATOR HAS BEEN IN THE BUSINESS FOR OVER 36 YEARS! THEY HAVE OVER 50 LOCATIONS AND HAVE AN IMPRESSIVE TRACK RECORD FOR OPERATING SUCESSFULL GAS STATIONS IN THE STATE OF FLORIDA! CURRENTLY, THE PROPERTY HAS A NEW 20-YEAR PURE NNN LEASE THAT WILL BE SIGNED AT CLOSING & RUN FOR A FULL 20-YEAR TERM. THE RENTAL RATE STARTS AT $30,000 (PER MONTH) IN 2025 AND WILL INCREASE BY 10% EVERY 5 YEARS UNTIL THE END OF THE 10-YEAR TERM. THE TENANT ALSO HAS (2) FIVE-YEAR OPTIONS TO EXTEND AFTER THE EXPIRATION OF THE INITIAL LEASE TERM. THIS GIVES THE BUYER LOCKED-IN SECURITY & FANTASTIC RENTAL INCOME FOR THE NEXT 20+ YEARS. THE LEASE IS FULLY GUARANTEED BY THE OPERATOR & BACKED BY A SHELL GAS AGREEMENT THROUGHOUT THE TERM OF THE LEASE. THE PROPERTY CURRENTLY BOASTS AN IN-PLACE CAP RATE OF 7.2%. WITH THE RENTAL INCREASES EVERY 5 YEARS BUILT INTO THE CURRENT LEASE, THIS NUMBER WILL ONLY GROW! BY 2030, THE BUYER WILL EASILY SURPASS A CAP RATE OF 8% & THIS WILL RISE, 5 YEARS LATER, TO A CAP RATE OF OVER 9%. BY THE FINAL YEARS OF THE LEASE, THE CAP RATE WILL SURPASS 10.5%, WITH UPSIDE FOR MORE AFTER THE INITIAL TERM. THIS IS AN AMAZING RETURN FOR A NNN ASSET THAT IS COMPLETELY HANDS-OFF FOR THE BUYER!

FOR SALE DETAILS

PRICE

$4,990,000 USD

PRICE/SF

$3,702 USD /SF

CAP RATE

7.2%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

NEW (7.2% CAP RATE) SHELL STATION FOR SALE!

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Convenience Store

ADD'L SUBTYPES

Freestanding, Service Station, Truck Stop

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1953

SPRINKLERS

-

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.39 AC

LAND SF

16,988 SF

ZONING

C-3

APN/PARCEL ID

23-19-24-0004-000-11100

ASK ABOUT THIS PROPERTY

David RosenthalGrimaldi Commercial Realty Corp.More Info
813-245-7333

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David RosenthalGrimaldi Commercial Realty Corp.More Info
813-245-7333

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