Address: 5431 Pine Island Road, Bokeelia, Florida, United States 33922
Type: Gas & Conv. Store
Cap Rate: 5.10%
Lease Type: Modified Triple-Net (NNN)
Annual Rent: $289,899
Net Operating Income: $289,899
Lease Term Remaining: 15 Years
Rental Increases: 10% Every Five Years
Options: Five (5), Five (5) Year Option Periods
Rentable Sq/Ft: 3,440 SF
Rent Sq/Ft: $84.27
Price Sq/Ft: $1652
Lot Size: +/- 2.50 Acres
Marcus & Millichap is pleased to present the exclusive listing for a 7-Eleven located at 5431 Pine Island Road in Bokeelia, Florida. The property consists of roughly 3,440 rentable square feet of building space on an estimated 2.50 acre parcel of land.
The 7-Eleven is subject to brand new 15-year Modified Triple-Net (NNN) lease beginning on September 12th, 2019. The initial rent is $289,899 with ten percent annual rental increases. There are five (5), five (5)-year tenant renewal options, extending the total possible lease term to 40 years.
This 7-Eleven investment property is located at 5431 Pine Island Road in Bokeelia, Florida. Pine Island is the largest island in the state of Florida in the United States. Located in Lee County, on the Gulf of Mexico coast of southwest Florida, it is also the 118th largest island in the United States. The Intracoastal Waterway passes through Pine Island Sound, to the west of the island. Matlacha Pass runs between Pine Island and the mainland. Pine Island lies west of Cape Coral. For many years Pine Island was a major commercial fishing community and many of its full-time residents still commercial fish today. The property is situated along Pine Island Road, which boasts average daily traffic counts exceeding 14,000 vehicles. The subject property benefits from being located in a well populated area. There are more than 120,000 individuals residing within a ten-mile radius of the property.
The subject property benefits from being well-positioned in a Bokeelia’s main retail corridor consisting of national and local tenants. The site is located on Pine Island Road, which is the only thoroughfare to access the community. It is the first gas station you encounter entering the island and is only one of two on the entire island. Major national tenants include Winn Dixie, CVS, Dollar General, Sun Trust, Wells Fargo, Subway, Shell, Century 21, Edward Jones, and more. The subject property also benefits from being within walking distance of Phillips Community Park and Pine Island Community Pool. Additionally, the investment property benefits from being within ten-miles of Sun Splash, South West Florida’s larges water park.
The Subject property benefits from being just five-miles outside of Cape Coral. At 120-square miles, Cape Coral is the third largest city in Florida by land mass. With a regional population of about 1.2 million, Southwest Florida is steadily gaining as a significant contributory market, which makes Cape Coral poised to be a driver for the region’s economic growth. The City of Cape Coral—the largest city in Southwest Florida—offers an ideal business environment and a competitive cost of living that go hand-in-hand with a high-quality, tropical lifestyle. Ranked among the best places to live in Florida, Cape Coral is full of opportunities for business owners to thrive personally and professionally in what’s fondly known as the City of Canals. In recent years, the city’s tremendous growth has placed it as a top contender for corporate relocations and business expansions for companies worldwide. Florida has a low corporate income tax rate and no personal income tax. The state offers a competitive cost-of-doing-business environment and is consistently ranked as one of the top pro-business states in the country. For the fifth consecutive year, Florida ranks as the No. 2 state in the nation for doing business by Chief Executive (2017). Nearly 75 percent of Florida’s population is within 160 miles of Cape Coral. The region’s award-winning Southwest Florida International Airport (RSW) is within 15 miles, and the Page Field Aviation Center and Punta Gorda Airport are in close proximity.
Broker of Record: Ryan Nee License #BK3154667