Investment Overview

Marcus and Millichap is pleased to present the property at 1363 S Main Street in Fall River, Massachusetts. The property consists of a Citgo Gas Station with eight fueling stations and a convenience store, which also houses a second tenant, Honey Dew Donuts. The station is situated at the signalized intersection of five roads that sees a combined traffic count of more than 30,000 vehicles per day. The location features a total of four curb cuts, providing easy ingress and egress to the property, and a lighted pylon sign at the southwestern tip of the site provides good visibility from every direction. The property is in a densely populated area, with more than 135,000 residents within five miles of the site. Fall River is within easy commuting distance to Providence, RI, just 18 miles east of the city, and is also commutable to Boston, which is just over an hour north. On track to be serving residents starting in the summer of 2024 is a new MBTA station located in Fall River just seven minutes from the subject property, making travel to and from the area much more convenient. Citgo has seven years of remaining term on a 20-year lease, and Honey Dew has recently renewed their lease for another seven years, with a tenant option to extend that term by an additional three years. The Citgo lease features healthy 1.5% annual increases, providing a solid hedge against inflation, and the Honey Dew lease calls for rent that is the greater of $59,498 or 12% of gross sales for any given year. There is a 10% increase in the minimum annual rent that Honey Dew pays in year 6 of the current term.