Address: 102 Commercial Center Drive, Sun City Center, Florida, United States 33573
Cap Rate: 4.85%
Lease Type: NNN
Annual Rent: $186,737
Net Operating Income: $186,737
Lease Term Remaining: 17.75 Years
Rental Increases: 2% Annually
Options: Six (6), Five (5) Year Options
Year Built: 2004
Rentable Sq/Ft: 5,511 SF
Rent Sq/Ft: $33.88
Price Sq/Ft: $699
Lot Size: +/- 1.72 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans located at 102 Commercial Center Drive in Sun City Center, Florida. The property consists of 5,511 square feet of building space and is situated on approximately 1.72 acres of land. The property is subject to a 20-year triple-net (NNN) lease that commenced on April 28, 2017. The current rent is $183,075, increasing to $186,737 on 5/1/2020. There are 2% annual rental increases that will continue through six, five-year tenant renewal options. There are 17.75 years remaining on the base term of this lease.
This subject investment property is strategically situated on Commercial Center Drive which runs into Sun City Center Boulevard which further intersects Interstate-75. This Bob Evans is located off Sun City Center Boulevard which has average daily traffic counts of over 35,500 vehicles, respectively. Sun City Center Boulevard runs into Interstate-75, which brings in an additional 84,500 vehicles into the immediate area on average daily. This subject property also benefits being placed in a highly populated area. There are more than 34,523 individuals within a three-mile radius of the site and more than 75,814 individuals within a five-mile radius.
This Bob Evans benefits from being well-positioned in a highly dense retail corridor that features national and local tenants, shopping centers, and major tourist attractions all within a close proximity of this property. Major national tenants in the immediate area include: The Home Depot, Big Lots, Wendy’s, KFC, Dunkin’ Donuts, Checkers, Burger King, Taco Bell, Subway, Popeyes, Denny’s, Pizza Hut, MetroPCS, BB&T, and many more. This Bob Evan’s is also located directly next to Inspired Living, an assisted living facility. This investment property also benefits from being situated near many national and local hospitality accommodations. Hotels in the area include: Holiday Inn & Express, The Comfort Inn, and the Ruskin Inn Hotel. This Bob Evans property is located just under 30 miles away from St. Pete-Clearwater International Airport, Tampa International Airport, and Lakeland Linder International Airport, which all serve a combined 3,884,000 passengers annually.
Ruskin is located in Hillsborough County located approximately 20 miles away from Tampa Bay, Florida. Tampa is the third most populous city in Florida. Including metropolitan areas, Tampa surges to the 4th most populous city in the Southeast region and 18th in the nation. Tampa’s temperate climate and fast metropolitan make them a top candidate for companies considering expansion and relocation. Since 2010, roughly 350 companies have invested, creating over 29,000 new jobs. Companies such as: Citi, Amazon, USAA, JPMorgan Chase, MetLife, and Coca-Cola. Culturally, Tampa offers a number of professional sports teams, including the Tampa Bay Lightening, the Tampa Bay Buccaneers, and the Tampa Bay Rays, as well as a host of museums. These qualities led Tampa to be ranked as the 5th best outdoor city by Forbes in 2008, proving that they are more than just a business destination. Furthermore, given Tampa’s location on the Gulf of Mexico, it was ranked as the fifth most popular American city, based on where people want to live.
Broker of Record: Ryan Nee License #BK3154667