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Auto Service - Gas-Conv

Speedway Gas (Xpress Fuel Sublease)

345 Elm St, West Haven, CT 06516

Listing Price: $1,573,000

Cap Rate
6.00%
Tenant Name
Xpress Fuel
Years Remaining On Lease
11.3
Guarantor
Corporate Guarantee
Rentable SF
1,000
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$94.38

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for an Xpress Fuel located at 345 Elm Street, West Haven, CT. The property consists of a 0.47 acre tract of land in West Haven, CT that has been a gas station since Hess Oil signed a lease here in the spring of 1972. Hess Express operated at this location for a full 40 years before signing a new 20-year lease extension complete with 10% rental increases every five years. In March of 2014, Hess Express sold its retail operations including this Hess Express to Marathon Petroleum to be rebranded as Speedway. In November of 2017, Speedway subleased the Hess Express locations in the Northeast. This site was assigned to a local operator and rebranded as Xpress Fuel; however, Speedway remained the guarantor on the lease. In 2021, 7-Eleven acquired all of Speedway’s retail locations from Marathon. This site is currently guaranteed by SEI Speedway Holdings LLC which is a wholly owned subsidiary of 7-Eleven and will be through the expiration of the lease at the end of 2032. Investors should take note of the low rent this site pays for what is a dense and developed Northeast location. Despite the change of operators throughout the years, this location has remained open and paying full rent as it is located on a busy street in West Haven minutes from one of the most travelled interstate in the country, I-95. Furthermore, the site is conveniently located in downtown West Haven among numerous national tenants, municipal buildings and minutes from the West Haven Metro North station which is part of the most travelled commuter rail line in the nation (New Haven – New York City).

Investment Highlights

  • Hess Express Signed Original Lease at this Location in 1972 | Continuous Operation for Nearly 50 Years
  • 11+ Years of NNN Term Remain on the Lease | 10% Rental Increases | One, Ten-Year Renewal
  • Guaranteed by SEI Speedway Holdings | Wholly-Owned Subsidiary of 7-Eleven
  • Location Less than a Half of a Mile From Interstate-95 | 149,000+ Vehicles Per Day
  • Located On Elm Street | 23,000+ Vehicles Per Day

Exclusively Listed By

Broker of Record

  • John Krueger

    Vice President / Regional Manager

    (203) 672-3300

    License(s) CT: REB.0752012

    Connecticut

Financing By

Auto Service - Gas-Conv

Speedway Gas (Xpress Fuel Sublease)

Listing Price: $1,573,000

Cap Rate
6.00%
Tenant Name
Xpress Fuel
Years Remaining On Lease
11.3
Guarantor
Corporate Guarantee
Rentable SF
1,000
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$94.38

Investment Highlights

  • Hess Express Signed Original Lease at this Location in 1972 | Continuous Operation for Nearly 50 Years
  • 11+ Years of NNN Term Remain on the Lease | 10% Rental Increases | One, Ten-Year Renewal
  • Guaranteed by SEI Speedway Holdings | Wholly-Owned Subsidiary of 7-Eleven
  • Location Less than a Half of a Mile From Interstate-95 | 149,000+ Vehicles Per Day
  • Located On Elm Street | 23,000+ Vehicles Per Day

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for an Xpress Fuel located at 345 Elm Street, West Haven, CT. The property consists of a 0.47 acre tract of land in West Haven, CT that has been a gas station since Hess Oil signed a lease here in the spring of 1972. Hess Express operated at this location for a full 40 years before signing a new 20-year lease extension complete with 10% rental increases every five years. In March of 2014, Hess Express sold its retail operations including this Hess Express to Marathon Petroleum to be rebranded as Speedway. In November of 2017, Speedway subleased the Hess Express locations in the Northeast. This site was assigned to a local operator and rebranded as Xpress Fuel; however, Speedway remained the guarantor on the lease. In 2021, 7-Eleven acquired all of Speedway’s retail locations from Marathon. This site is currently guaranteed by SEI Speedway Holdings LLC which is a wholly owned subsidiary of 7-Eleven and will be through the expiration of the lease at the end of 2032. Investors should take note of the low rent this site pays for what is a dense and developed Northeast location. Despite the change of operators throughout the years, this location has remained open and paying full rent as it is located on a busy street in West Haven minutes from one of the most travelled interstate in the country, I-95. Furthermore, the site is conveniently located in downtown West Haven among numerous national tenants, municipal buildings and minutes from the West Haven Metro North station which is part of the most travelled commuter rail line in the nation (New Haven – New York City).

Exclusively Listed By

Broker of Record

  • John Krueger

    Vice President / Regional Manager

    (203) 672-3300

    License(s): CT: REB.0752012

    Connecticut

Financing By

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