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Circle K

$ 1,481,407
Arcadia, Florida
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Address: 405 North Brevard Avenue, Arcadia, Florida, United States 34266

Type: Gas & Conv. Store

Cap Rate: 6.75%

Lease Type: Triple Net (NNN)

Annual Rent: $99,995

Net Operating Income: $99,995

Lease Term Remaining: 6.9 Years

Rental Increases: 5% Every 5 Years

Options: One (1), Three (3)-Year; Four (4), Five (5)-Year; Two (2), Ten (10)-Year Options

Year Built: 1970

Rentable Sq/Ft: 2,000 SF

Rent Sq/Ft: $50

Price Sq/Ft: $741

Lot Size: +/-0.5 Acres

Marcus & Millichap is pleased to present the exclusive listing for a Circle K located at 405 North Brevard Avenue in Arcadia, Florida. The site constructed in 1970, remodeled in 2007, and consists of roughly 2,000 rentable square feet of building space on estimated 0.5 acre parcel of land.

This Circle K is subject to an original long term, 17-year triple-net (NNN) lease, which commenced on 10/14/2008. The annual rent is $99,995. There is One (1), Three (3)-year; Four (4), Five (5)-year; Two (2), Ten (10)-year tenant renewal options.

This Circle K property is situated along North Brevard Avenue. North Brevard Avenue boasts average daily traffic counts exceeding 9,800 vehicles, respectively. North Brevard Avenue intersects with East Oak Street, which brings an additional 13,800 vehicles into the immediate area on average daily. There are approximately 18,000 individuals residing within a three-mile radius of the property and more than 23,100 individuals within a five-mile radius.

The subject property benefits from being well-positioned in a dense retail corridor consisting of national and local tenants, shopping centers, medical centers and academic institutions within close proximity of this property. Major national tenants include: Walmart, Save-a-Lot, Winn Dixie, Walgreens, CVS Pharmacy, Dollar Tree, Dollar General, McDonald’s, Pizza Hut, as well as many others. This Circle K property also benefits from its close proximity to several academic institutions. Most notably is South Florida State College: Desoto Campus, which has a total enrollment exceeding 2,880 students and is located less than a mile from the subject property. Desoto Memorial Hospital, a 49-bed, general medical and surgical facility, is located less than one mile north from this Circle K property.

Arcadia is a city and county seat of DeSoto County, Florida. It is centrally located between Orlando, Ft. Myers; Sarasota and Lake Okeechobee at the crossroads of US 17 and State Route 70. Arcadia is famous throughout Florida for its historic downtown antique district. Additionally, on the fourth Saturday of each month, vendors from surrounding locations take over our streets with even more wares and precious finds. Tucked between the shops, people have the chance to enjoy cafes, home cooking, a tea room and even an old fashion ice cream parlor, complete with homemade delicious flavors, sundaes and shakes. The Arcadia All-Florida Championship Rodeo is held in March, the Annual Watermelon Festival in May at the height of the harvesting season, and car shows, parades, and special events take place throughout the year. Arcadia is served by the Arcadia Municipal Airport, a public-use airport located 1 mile southeast of the central business district. The airport has a deep history of aviation, with the old Carlstrom & Dorr training fields in DeSoto County. The airport also hosts an annual Aviation Day event in the month of March. The event consists of a static display of aircraft, biplane rides, helicopter rides, and a skydiving demonstration. Arcadia is located on the Peace River, the major tributary of the Charlotte Harbor estuary. The river offers fine canoeing, shark tooth hunting and natural habitats. Tours, recreational accessories and accommodations are readily available.

 

 

Broker of Record: Ryan Nee – License # BK3154667

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Glen Kunofsky

President, Founder
(212) 430-5115

Richard Nardi

Senior Managing Director, Investments
(212) 430-5202

Christopher Urban

Vice President, Investments
(212) 430-5123