Address: 7025 Southern Boulevard, West Palm Beach, Florida, United States 33413
Type: Gas & Conv. Store
Cap Rate: 4.75%
Lease Type: Triple-Net (NNN)
Annual Rent: $322,583
Net Operating Income: $322,583
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: 3,135 SF
Rent Sq/Ft: $102.9
Price Sq/Ft: $2166
Lot Size: +/- 1.15 Acres
Marcus & Millichap is pleased to present the exclusive listing for a 7-Eleven located at 7025 Southern Boulevard in West Palm Beach, Florida. The property consists of roughly 3,135 rentable square feet of building space on an estimated 1.15 acre parcel of land.
7-Eleven is subject to a brand new 15-year absolute triple-net (NNN) lease. The initial rent is $322,583 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 the corner of Southern Boulevard and Cleary Road at 7025 Southern Boulevard. The site sits just before the intersection of Southern Boulevard and Florida’s Turnpike (Highway-91). Southern Boulevard has an average daily traffic count exceeding 57,900 vehicles. The Florida Turnpike brings an additional 88,300 vehicles into the immediate area daily. There are more than 88,500 individuals within a three-mile radius of the subject property and nearly 243,000 within a five-mile radius of the subject property.
This 7-Eleven benefits from being well-positioned in a dense suburban, industrial and retail corridor consisting of national and local tenants.
Major national tenants include: Walmart, Lowe’s, Bed Bath & Beyond, PetSmart, Dollar Tree, Burlington Coat Factory, McDonald’s, Dunkin Donuts, Applebee’s, KFC, Wendy’s, Kohl’s, Dick’s Sporting Goods, Office Depot and many more. The site is located in the industrial section of the surrounding area with strong visibility and ease of access directly off Southern Boulevard. This site also benefits from its close proximity to several academic institutions. The most notable being Palm Beach State College, which has a student enrollment of over 30,050 individuals. This 7-Eleven is located less than threemiles from Palm Beach International Airport, which services over 6,513,943 individuals per year. It is also one of three major airports serving the South Florida metropolitan area. The site sits approximately 12-miles from St. Mary’s Medical Center, a 460-bed, acute care hospital that provides medical, surgical, pediatric, trauma, and emergency services to a five-county area.
West Palm Beach is a city in and the county seat of Palm Beach County, Florida. It is separated from neighboring Palm Beach to the west by the Lake Worth Lagoon. With an estimated population of 104,978. West Palm Beach is located approximately 68 miles (109 km) north of Downtown Miami. U.S. 1 passes though the city’s downtown, commercial, and industrial districts. Interstate 95 bisects the city from north to south with multiple interchanges serving West Palm Beach, including an entrance to Palm Beach International Airport. Downtown Palm Beach’s Clematis Street and CityPlace districts are filled with restaurants, shops, bars and clubs. For those looking to enjoy the outdoors, the city’s teeming waterfront offers walkways and fantastic views. On the city’s western edge, visitors can hike, bike, and get a view of the Florida Everglades at Grassy Water Everglades Preserve. West Palm Beach also plays host to several annual festivals including the Palm Beach International Film Festival and SunFest: an annual music, art, and waterfront festival with an annual attendance of more than 275,000 people.
Broker of Record: Ryan Nee License #BK3154667