7-Eleven

Tenant

7-Eleven

Location

Port Richey , Florida

Price

$3,639,000

CAP Rate

5.40%

NOI

$196,536

Lease Term

5 Years Remaining

Occupancy

100%

Building Size

3,199 Sq. Ft.

Property Type

Single Tenant

Year Built

1999 / 2014

Lot Size

1.14 acres

Status

Available

Property Contacts:

Karly Iacono

Vice President

(201) 742-6119 | Email

David Bitton

Associate

(201) 742-6173 | Email

  • Absolute NNN Corporately Guaranteed Lease
  • 4% Rent Increase in 2021 and 10% Increases in each Option
  • Investment Grade Tenant | AA- Rating from S&P
  • High Traffic Location | 60,500 Combined VPD
  • Located at a Signalized Intersection
  • Early Lease Extension Initiated by Tenant
  • Excellent Demographics | 138k+ People in 5 Miles
  • Located in the Tampa MSA | Over 2.7 Million Residents
  • Near Many Prominent Retailers such as Publix, Home Depot, Lowes, Walmart, CVS, Kohl’s and more

The Iacono Team at Marcus and Millichap is pleased to exclusively present a 7-Eleven in Port Richey, FL. The property is subject to an Absolute NNN lease with 5 years remaining on the base term and three 5-year option periods available. The lease is backed by 7-Eleven corporate which has an investment grade S&P rating of AA-. The lease calls for rental increases of 4% in December 2021 and 10% each option period thereafter.

 

7-Eleven is an American-Japanese international chain of convenience stores. They are the world’s largest operator franchisor, and licensor of convenience stores with more than 68,000 locations across 17 countries. Founded in 1927, 7-Eleven was the pioneer of the convenience concept and was the first convenience store to sell gas and use ATM services. The company’s most iconic products include the Slurpee, Big Gulp soft drinks, and fresh-made coffee. Their product mix is always evolving to better serve their customers.

 

The subject property is located on a hard corner with excellent visibility. There are more than 60,500 combined vehicles per day. There are many national retailers in the area such as Publix, Home Depot, Lowe’s, Walmart, CVS, Kohl’s and more. Additionally, there is an elementary school located just one mile away with more than 700 students. The area is heavily residential with more than nine neighborhoods located in the immediate vicinity. The neighborhood is densely populated with more than 138,000 people residing within five miles. Port Richey is located in the larger Tampa metropolitan statistical area which has more than 2.7 million people.