Address: 3855 Tampa Road, Oldsmar, Florida, United States 34677
Type: Gas & Conv. Store
Cap Rate: 5.45%
Lease Type: Absolute Triple-Net (NNN)
Annual Rent: $215,000
Net Operating Income: $215,000
Lease Term Remaining: 10 Years
Rental Increases: 10% Every Five Years in Options
Options: Four (4), Five (5) Year Options
Year Built: 1999
Rentable Sq/Ft: 2,935 SF
Rent Sq/Ft: $73.25
Price Sq/Ft: $1344
Lot Size: +/- 1.88
Marcus & Millichap is pleased to present the exclusive listing for a 7-Eleven property located at 3855 Tampa Road in Oldsmar, Florida. 7-Eleven has been operating at this location for more than 19 years, and recently extended their lease by an additional ten years. Built in 1999, and renovated in 2004, the property consists of a 2,935 square foot building, and sits on 1.24 acres of land.
This 7-Eleven property is has approximately 10 years remaining on its original 19-year triple-net (NNN) lease. The current rent is $215,000 and is subject to 10 percent rental increases every five years in the option periods.
7-Eleven Inc. is a Japanese-owned American international chain of convenience stores, headquartered in Dallas, Texas. The chain was known as Tote’m Stores until it was renamed in 1946. Its parent company since 2005, Seven-Eleven Japan Co., Ltd., operates, franchises, and licenses 66,579 stores in 17 countries as of June 2018.
This 7-Eleven property is located at 3855 Tampa Road in Oldsmar, Florida. Oldsmar is a city in Pinellas County, Florida and is between Tampa and Clearwater. Oldsmar includes several parks along Tampa Bay, historic bungalows, a downtown, and a commercial area along West Hillsborough Avenue. In hopes of returning to the days of “Old Florida”, Oldsmar’s downtown is currently undergoing redevelopment efforts. Notable Oldsmar businesses include the nearby Tampa Bay Downs and the production office of Nielsen Media Research.
The subject property located on a signalized intersection, in an attractive commercial corridor in Oldsmar. Nearby national tenants include: Walmart, AMC Theatres, CVS Pharmacy, Walgreens, Aldi, Ross, Advance Auto Parts, Steak n Shake, Public Storage, Chili’s Grill and Bar, Marshalls, Regions Bank, Ruby Tuesday, Circle K, Pollo Tropical, KFC, Bealls, Five Below, Panera Bread, Sunoco, Tires Plus, AutoZone, Chick-fil-A, Domino’s Pizza, Dairy Queen, and many others. Forest Lakes Elementary School is in close proximity to the subject property and has over 490 students enrolled. The Tampa Bay Downs, a thoroughbread horse racing facility, is located approximately three miles away from the subject property.
There are approximately 49,679 people within a three-mile radius of this property and more than 160,230 within a five-mile radius. The property is situated on Tampa Road also known as Florida Route 584. The main thoroughfare has traffic counts of 54,500 vehicles per day. Additionally, the average household income exceeds $88,000 within a five-mile radius.
Oldsmar is located approximately sixteen miles southwest of Tampa. Tampa is a city in and the county seat of Hillsborough County, Florida. Tampa’s economy is founded on a diverse base that includes tourism, agriculture, construction, finance, health care, government, technology, and the port of Tampa. Tampa is the closest U.S. port to the Panama Canal. Some of the area’s largest employers include: BayCare Health Systems, Publix Super Market, HCA West Florida, Verizon, and Walmart. The University of South Florida has the 11th highest enrollment in the United States with 48,793 students.
Broker of Record: Ryan Nee License #BK3154667