Address: 120 Pond Cypress Road, Venice, Florida, United States 32494
Type: Gas & Conv. Store
Cap Rate: 5.00%
Lease Type: Triple-Net (NNN)
Annual Rent: $308,208
Net Operating Income: $308,208
Lease Term Remaining: 15 Years
Rental Increases: Ten Percent (10%) Every Five (5) Years
Options: Four (4), Five (5) Year Option Periods
Rentable Sq/Ft: 3,010 SF
Rent Sq/Ft: $102.39
Price Sq/Ft: $2048
Lot Size: +/- 1.96 Acres
Marcus & Millichap is pleased to present the exclusive listing for a 7-Eleven located at 120 Pond Cypress Road in Venice, Florida. The property consists of roughly 3,010 rentable square feet of building space on an estimated 1.96 acre parcel of land.
7-Eleven is subject to a brand new 15-year absolute triple-net (NNN) lease. The initial rent is $308,208 with 10% increases every 5 years. There are four (4), five (5)-year tenant renewal options, extending the total possible lease term to 35 years.
This 7-Eleven investment property is located on a hard corner at 120 Pond Cypress Road and Jacaranda Boulevard. Jacaranda Boulevard intersects Interstate-75, which connects Venice and Sarasota, Florida. Jacaranda Boulevard has an average daily traffic count exceeding 16,900 vehicles. Interstate-75 brings an additional 62,854 vehicles into the immediate area daily. There are more than 27,899 individuals within a three-mile radius of the subject property and 78,386 within a five-mile radius of the subject property.
This 7-Eleven benefits from being well-positioned at the entrance of Sarasota County Interstate Business Center. Major national tenants include: McDonald’s, Dunkin Donuts, Culver’s, Cracker Barrel, Wawa, Scentsational Soaps and Candles, CrossFit Gym, Shell, Speedway, and many more retailers within a close distance of this property. The site is located in an industrial park with strong visibility and ease of access directly off Interstate-75. This site also benefits from its proximity to several academic institutions. The most notable being State College of Florida Manatee Sarasota, which has a student enrollment of over 10,800 individuals. This 7-Eleven is located approximately 20-miles from Sarasota-Bradenton International Airport, which services over 1,316,000 individuals per year. The site sits approximately 6-miles from Venice beach, ranked one of the top beaches in Sarasota County.
Venice is located on the Gulf Coast of Florida, one of the fastest growing regions in the U.S. The community was named after the city in Italy, namely because the city includes “Venice Island”. This part of the city can only be accessed by bridges over the intracoastal waterway. Graced by Northern Italian Renaissance architecture, beautifully landscaped boulevards and parks, the city of Venice is an exception to most beach communities. It is completely surrounded by water with three bridges providing access to the downtown area. Health care and tourism/recreation are major employment sectors, with growth in manufacturing, technology, life sciences and financial service jobs to continue to build strength into the local economy. Venice lies within the Sarasota-Manatee MSA which was recently ranked as the 10th fastest growing metropolitan area in the United States, with a 2.7% annual growth rate. This is due to local job creation, beautiful beaches, golf courses, a relatively low cost of living and high quality of life. Major home builders are extremely active in Venice. Over 2,500 new homes have recently been completed or are under construction within 5 miles of the subject property. Venice lies 40 miles south of the Tampa-St. Petersburg-Clearwater metropolitan area, giving it easy access to international airports, cruise ports and cultural events, while offering a small city lifestyle. Venice has been named as one of the top ten Happiest Seaside Towns by Coastal Living.
Broker of Record: Ryan Nee License #BK3154667