Address: 3990 Southwest State Road 200, Ocala, Florida, United States 34474
Cap Rate: 5.55%
Lease Type: Triple Net (NNN)
Annual Rent: $139,159
Net Operating Income: $139,159
Lease Term Remaining: Lease Term Remaining
Rental Increases: 1.5% Annually
Options: Six (6), Five (5)-Year Options
Year Built: 1988
Rentable Sq/Ft: 4,770 SF
Rent Sq/Ft: $29.17
Price Sq/Ft: $526
Lot Size: +/- 2.1 Acres
Marcus & Millichap is pleased to present the exclusive listing for a SunTrust Bank located at 3990 Southwest State Road 200 in Ocala, FL. The site constructed in 1988, consists of roughly 4,770 rentable square feet of building space on estimated 2.1 acre parcel of land.
SunTrust Bank is subject to an absolute triple-net (NNN) lease. The annual rent is $139,159. In 2016, SunTrust Bank executed its renewal option early & extended the term of the lease by 10 Years. There are six (6), five (5)-year tenant renewal options.
The subject investment property is situated on the hard corner of Southwest State Road 200 and Southwest 43rd Street Road. State Road 200 experiences an average daily traffic count exceeding 54,100 vehicles, and Southwest 43rd Street Road brings an additional average of 12,000 vehicles to the immediate area per day. There are more than 21,448 individuals residing within a three-mile radius of the subject property and more than 58,050 individuals within a five-mile radius.
The subject property benefits from being well-positioned in a very dense retail corridor consisting of national and local tenants, hotels, and hospitals all within close proximity of this property. Major national tenants include: Lowes Home Improvements, Home Depot, Kohl’s, Macy’s, JCPenney, Belk, Sears, McDonald’s, Burger King, Chick-fil-A, Sam’s Club, Dunkin’ Donuts and many more. This subject property also benefits from being positioned in a very accommodating area. Hotels in the immediate area include: Hampton Inn & Suites, Best Western, Hilton, La Quinta Inn & Suites, Quality Inn & Suites, Country Inn & Suites, Courtyard by Marriott, Residence Inn by Marriott, Holiday Inn & Suites and Fairfield Inn & Suites. This SunTrust is less than two miles from the College of Central Florida Ocala Campus, which boasts an enrollment exceeding 18,836 students, and less than five miles from Ocala Regional Medical Center, a 222-bed medical facility.
Ocala rests in Marion County, part of the northern region of Florida. Known as “horse country,” Ocala offers visitors winding community pathways and the opportunity to explore miles of untainted nature. Ocala and the region’s freshwater streams, rolling hills and clean air remain unspoiled and have been used for Hollywood movies. Ocala is known for nearby Silver Springs, a national landmark and nature theme park on 350 acres, considered to be Florida’s “original attraction.” Ocala is one of only five cities allowed to use the title, “Horse Capital of the World,” based on annual revenue produced by the horse industry. 44,000 jobs are sustained by breeding, training, and related support of the industry, which generates over $2.2 billion in annual revenue. Postime Farms and Ocala serve as host to one of the largest horse shows in the country: H.I.T.S or “Horses in the Sun”, a Dressage/Jumper event lasting about two months. It generates some 6 to 7 million dollars for the local Marion County economy each year.
Broker of Record: Ryan Nee License #BK3154667