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Auto Service - Gas-Conv

SQRL Service Station 20 Year NNN Lease 2% Annual Bumps

2197 Kings Rd, Jacksonville, FL 32209

Listing Price: $2,538,462

Cap Rate
6.63%
Tenant Name
SQRL Fuel
Years Remaining On Lease
18.3
Guarantor
Corporate Guarantee
Rentable SF
1,698
Lease Type
Absolute Net
Rent Per Square Feet
$99.12

Investment Overview

Marcus & Millichap is pleased to present for sale this free-standing, singletenant,
SQRL Fuel Station Portfolio located in Jacksonville, Florida. The fee
simple lease, backed by SQRL Fuel Corporate, has a 20-year lease with
2 percent annual rent increases with an expected rent commencement of
October 2022. The absolute net lease (NNN) offers a true passive income
investment opportunity with zero landlord responsibilities.
The subject property consists of a 1,698 square foot retail space, a single row
canopy with three fueling stations, six pumps, and ample parking on a large
1.1 acre parcel. There is a car wash on premises.
It is strategically located at the signalized corner of Kings Road and N. Canal
Street with three points of ingress/egress. It has exposure to high traffic counts
of 56,900 vehicles per day. The property benefits from the 178,853 residents
in a 5-mile radius with an average household income of $56,272. The area is
projected to see explosive growth of 6 percent by 2027.
This Property is located in a School District nearby Edward Waters University
and is on an Interstate Highway access road.
All of the properties are being renovated as SQRL Fuel Stations. SQRL fuel
stations are clean, well lit, safe places to fill up or grab some food. The stations
will offer full service at the pump and inside, along with drive-thru convenience
store service. Clean parking lots and bathrooms can be expected at every SQRL
Fuel Station. These family friendly, coffee-shop-like convenience stores offer
products sourced from local businesses, and do not have any inappropriate
material on store shelves. Their focus on sustainability and environmentally
conscious building includes the use of LEED Certified materials and intermodal
or shipping containers. Customers can enjoy a smoothie at the juice bar, or
treat the entire family to some local ice cream while their electric vehicle
charges outside. Chick-fil-a like service and security is standard at all SQRL
locations.
The leases are guaranteed by an 85-unit operating entity, doing $100 million
in revenue and $20 million EBITDAR, plus a $120 million personal guarantee.
Due to the success of SQRL rollouts, the operator has plans to continue
expansion with an additional 70 units in its development pipeline.
Florida is an income tax free state.

Investment Highlights

  • 20 Year Absolute Net Lease | Zero Landlord Responsibilities
  • Being Remodeled as SQRL Fuel Stations
  • 2 Percent Annual Rent Increases | Strong Hedge Against Inflation
  • Busy Retail Corridor Visible to High Traffic Counts of 56,900 VPD
  • Every Location Offers Full Service | Drive-Thru & Order at Pump Convenience Store Service | Electric Vehicle Charging Station with Free WiFi
  • Florida is an Income Tax-Free State

Exclusively Listed By

Financing By

Auto Service - Gas-Conv

SQRL Service Station 20 Year NNN Lease 2% Annual Bumps

Listing Price: $2,538,462

Cap Rate
6.63%
Tenant Name
SQRL Fuel
Years Remaining On Lease
18.3
Guarantor
Corporate Guarantee
Rentable SF
1,698
Lease Type
Absolute Net
Rent Per Square Feet
$99.12

Investment Highlights

  • 20 Year Absolute Net Lease | Zero Landlord Responsibilities
  • Being Remodeled as SQRL Fuel Stations
  • 2 Percent Annual Rent Increases | Strong Hedge Against Inflation
  • Busy Retail Corridor Visible to High Traffic Counts of 56,900 VPD
  • Every Location Offers Full Service | Drive-Thru & Order at Pump Convenience Store Service | Electric Vehicle Charging Station with Free WiFi
  • Florida is an Income Tax-Free State

Investment Overview

Marcus & Millichap is pleased to present for sale this free-standing, singletenant, SQRL Fuel Station Portfolio located in Jacksonville, Florida. The fee simple lease, backed by SQRL Fuel Corporate, has a 20-year lease with 2 percent annual rent increases with an expected rent commencement of October 2022. The absolute net lease (NNN) offers a true passive income investment opportunity with zero landlord responsibilities. The subject property consists of a 1,698 square foot retail space, a single row canopy with three fueling stations, six pumps, and ample parking on a large 1.1 acre parcel. There is a car wash on premises. It is strategically located at the signalized corner of Kings Road and N. Canal Street with three points of ingress/egress. It has exposure to high traffic counts of 56,900 vehicles per day. The property benefits from the 178,853 residents in a 5-mile radius with an average household income of $56,272. The area is projected to see explosive growth of 6 percent by 2027. This Property is located in a School District nearby Edward Waters University and is on an Interstate Highway access road. All of the properties are being renovated as SQRL Fuel Stations. SQRL fuel stations are clean, well lit, safe places to fill up or grab some food. The stations will offer full service at the pump and inside, along with drive-thru convenience store service. Clean parking lots and bathrooms can be expected at every SQRL Fuel Station. These family friendly, coffee-shop-like convenience stores offer products sourced from local businesses, and do not have any inappropriate material on store shelves. Their focus on sustainability and environmentally conscious building includes the use of LEED Certified materials and intermodal or shipping containers. Customers can enjoy a smoothie at the juice bar, or treat the entire family to some local ice cream while their electric vehicle charges outside. Chick-fil-a like service and security is standard at all SQRL locations. The leases are guaranteed by an 85-unit operating entity, doing $100 million in revenue and $20 million EBITDAR, plus a $120 million personal guarantee. Due to the success of SQRL rollouts, the operator has plans to continue expansion with an additional 70 units in its development pipeline. Florida is an income tax free state.

Exclusively Listed By

Financing By

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