Address: 8940 Colonial Center Drive, Fort Myers, Florida, United States 33905
Cap Rate: 4.85%
Lease Type: Triple-Net (NNN)
Annual Rent: $181,912
Net Operating Income: $181,912
Lease Term Remaining: 17.75 Years
Rental Increases: 2% Annually
Options: Six (6), Five (5) Year Options
Year Built: 2013
Rentable Sq/Ft: 5,510 SF
Rent Sq/Ft: $33.01
Price Sq/Ft: $681
Lot Size: +/- 1.50 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans located at 8940 Colonial Drive, Fort Myers, FL 33905. The property consists of 5510 square feet of building space and is situated on approximately 1.50 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$178,345, increasing to $181,912 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 Bob Evans property is strategically situated on Colonial Boulevard in Fort Myers, FL, just off an exit from Interstate-75. Ortiz Avenue is an active side street experiencing daily traffic counts of 12,695, intersecting with Colonial Boulevard. Colonial Boulevard, experiencing average daily traffic counts of over 87,745 vehicles, is just an exit off Interstate-75, which brings an additional daily 86,200 vehicles into the immediate proximity of the investment property.
The Bob Evans benefits from being well-positioned in a highly dense retail corridor that features national and local tenants. Major national tenants in the immediate area include: Walmart, 7-Eleven, Burger King, Target, Home Depot, Chick-Fil-A, McDonald’s, Dunkin’ Donuts, Lowe’s, Publix and Starbucks among many more. Within an immediate one-mile radius is an affluent suburban community with average household income exceeding $88,300. There are more than 131,500 individuals residing within a five-mile radius of the site. Florida Gulf Coast University is located in Fort Myers, home to just over 15,000 students.
Fort Myers is a major tourist destination within Florida, known for its beaches, fishing and shopping. The historic River District, also known as the City of Palms, stretches for miles along the Caloosahatchee River and offers a number of restaurants, stores, art galleries, bars, and clubs. Attractions in the River District include theaters, a skate park, and museums. Fort Myers Beach is one of the safest family beaches in the world and is located near several resorts and cottages. Fort Myers is located in Lee County, which leads the nation in migration and population growth. The Cape Coral-Fort Myers area is among the highest metro areas in the nation for percentage growth over the last several years, growing to 754,610 residents. The area’s rapid economic expansion has also put Fort Myers in the nations number one spot for job growth and median house price growth. Fort Myers also holds the nations highest decrease in poverty rate, declining 2.92 percent over the last seven years.
Broker of Record: Ryan Nee License #BK3154667