Auto Service - Gas-Conv

Brand New 7-Eleven 15 Year Lease

116 N Tamiami Trail, Venice, FL 34285

Listing Price: $5,642,104

Cap Rate
4.75%
Tenant Name
7-Eleven
Years Remaining On Lease
15.00
Gross SF
3,109
Guarantor
Corporate Guarantee
Rentable SF
3,109
Price/Gross SF
$1,814.76
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$86.20

Investment Overview

Marcus & Millichap is pleased to present for sale this freestanding,
single-tenant 7-Eleven located in Venice, FL. Venice is an affluent
area 18 miles south of Sarasota that is situated along the coast of the
Gulf of Mexico. The fee simple lease, backed by 7-Eleven Corporate,
will have a 15-year lease with 10 percent increases in rent every five
years and four, five-year options to extend expected to commence
in October 2020. This is an ideal passive investment opportunity
with zero landlord responsibilities being offered at a four and three
quarters capitalization rate.
The subject property consists of a 3,109 square foot retail space and
12 fueling stations with ample parking on a 0.70-acre parcel. It is
strategically located within the historic downtown central business
district of Venice at the signalized hard corner of Venice Avenue and
North Tamiami Trail (US-41) with a combined traffic count of 45,200
vehicles per day. The property benefits from the 73,524 residents
within a 5-mile radius and will continue to strengthen with an expected
5% population growth by 2024. In addition, the part-time seasonal
snowbird residents increase the population by an additional 25% for
about half of the year.
According to Forbes magazine, North Port-Sarasota-Bradenton MSA
is ranked #13 in its annual list of Americas fastest-growing cities.
Forbes looks at growth of population, employment, wages, economic
output and used home price growth as a proxy for wealth when
creating the list.
There are numerous National and regional retailers in the immediate
area including Publix, Winn-Dixie, Bealls Outlet, Big Lots, McDonalds,
Burger King, Arbys, Circle K, Walgreens, Wells Fargo among others.
7-Eleven is the worlds largest operator, franchisor and licensor of
convenience stores with approximately 65,000 stores in 18 countries.
In the 10,500 stores in North America, 7-Eleven offers over 2,500
different products and services.

Investment Highlights

  • Strong Demographics | Average Household Income Exceeds $76,334 in a 5-Mile Radius
  • Growing Market | Population Projected to Grow 5% by 2024 in a 5-Mile Radius
  • Coastal Destination | Six Blocks from Gulf of Mexico Beaches
  • Under Two Miles From the Venice Municipal Airport | 473 Flights Per Day On Average
  • Florida is a No Income Tax State
  • 15 Year Absolute NNN Lease with 10% Increases Every 5 Years

Exclusively Listed By

Auto Service - Gas-Conv

Brand New 7-Eleven 15 Year Lease

Listing Price: $5,642,104

Cap Rate
4.75%
Tenant Name
7-Eleven
Years Remaining On Lease
15.00
Gross SF
3,109
Guarantor
Corporate Guarantee
Rentable SF
3,109
Price/Gross SF
$1,814.76
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$86.20

Investment Highlights

  • Strong Demographics | Average Household Income Exceeds $76,334 in a 5-Mile Radius
  • Growing Market | Population Projected to Grow 5% by 2024 in a 5-Mile Radius
  • Coastal Destination | Six Blocks from Gulf of Mexico Beaches
  • Under Two Miles From the Venice Municipal Airport | 473 Flights Per Day On Average
  • Florida is a No Income Tax State
  • 15 Year Absolute NNN Lease with 10% Increases Every 5 Years

Investment Overview

Marcus & Millichap is pleased to present for sale this freestanding,
single-tenant 7-Eleven located in Venice, FL. Venice is an affluent
area 18 miles south of Sarasota that is situated along the coast of the
Gulf of Mexico. The fee simple lease, backed by 7-Eleven Corporate,
will have a 15-year lease with 10 percent increases in rent every five
years and four, five-year options to extend expected to commence
in October 2020. This is an ideal passive investment opportunity
with zero landlord responsibilities being offered at a four and three
quarters capitalization rate.
The subject property consists of a 3,109 square foot retail space and
12 fueling stations with ample parking on a 0.70-acre parcel. It is
strategically located within the historic downtown central business
district of Venice at the signalized hard corner of Venice Avenue and
North Tamiami Trail (US-41) with a combined traffic count of 45,200
vehicles per day. The property benefits from the 73,524 residents
within a 5-mile radius and will continue to strengthen with an expected
5% population growth by 2024. In addition, the part-time seasonal
snowbird residents increase the population by an additional 25% for
about half of the year.
According to Forbes magazine, North Port-Sarasota-Bradenton MSA
is ranked #13 in its annual list of Americas fastest-growing cities.
Forbes looks at growth of population, employment, wages, economic
output and used home price growth as a proxy for wealth when
creating the list.
There are numerous National and regional retailers in the immediate
area including Publix, Winn-Dixie, Bealls Outlet, Big Lots, McDonalds,
Burger King, Arbys, Circle K, Walgreens, Wells Fargo among others.
7-Eleven is the worlds largest operator, franchisor and licensor of
convenience stores with approximately 65,000 stores in 18 countries.
In the 10,500 stores in North America, 7-Eleven offers over 2,500
different products and services.

Exclusively Listed By

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