Address: 200 West Main Street, Perry, Florida, United States 32347
Cap Rate: 7.83%
Lease Type: Gross Lease
Annual Rent: $48,961
Net Operating Income: $48,961
Lease Term Remaining: 4.75 Years
Rental Increases: 5% Every Five Years
Options: Six (6), Five (5)-Year Options
Year Built: 1954
Rentable Sq/Ft: 14,464 SF
Rent Sq/Ft: $3.39
Price Sq/Ft: $43
Lot Size: +/- 0.69 Acres
Marcus & Millichap is pleased to exclusively market for sale the subject single-tenant Wells Fargo property located at 200 West Main Street in Perry, Florida. The property is comprised of a 14,464 square feet building and is situated on approximately 0.69 acres of land. The investment opportunity is subject to a gross lease which has approximately 4.75 years of term remaining. The current net operating income is $48,961 and is subject to 5% rental increases in each option period. This property features a brand-new replaced roof and upgraded HVAC system, both in 2019. Additionally, the Landlord can lease the second floor of the building providing additional rental income. The lease is guaranteed by Wells Fargo.
Wells Fargo & Company is an American multinational financial services company headquartered in San Francisco, California, with central offices throughout the United States. It is the world’s fourth-largest bank by market capitalization and the fourth largest bank in the US by total assets. Wells Fargo is ranked number 26 on the 2018 Fortune 500 rankings of the largest US corporations by total revenue.
This Wells Fargo asset is located at 200 West Main Street in Perry, Florida. Perry is the county seat of Taylor County, Florida. The city was named for Madison Perry, fourth Governor of the State of Florida and a Confederate colonel during the American Civil War. It is located approximately fifty miles southeast of Tallahassee.
The subject property is positioned in the heart of downtown Perry steps away from the Taylor County Courthouse. Retail in the immediate area include national retailers such as DaVita Dialysis, CVS Pharmacy, Chevron, Allstate Insurance, Capital City Bank, and NAPA Auto Parts, amongst others. Local retailers include Harbor Seafood, Johnson’s Bakery, Java Depot, Rosehead Junction, O’Quinn Pharmacy, Photos Frames & Trophies and many more. Doctor’s Memorial Hospital is in the immediate area, with over 48 beds. Taylor County Elementary, Middle, and High Schools are within one mile of the subject property. The school district has over 2,800 students and approximately 200 teachers.
The Wells Fargo property benefits from active demographics with over 13,300 individuals residing within a five-mile radius and 17,700 individuals residing within a ten-mile radius. The property is located on West Main Street which intersects with both U.S. Route 19 and North Jefferson Street. Both thoroughfares have daily traffic counts of 13,200 vehicles, and 8,500 vehicles, respectively.
Perry is approximately fifty miles southeast of Tallahassee. Tallahassee is the capital of the state of Florida. It is the county seat and only incorporated municipality in Leon County, and is the 125th largest city in the United States. Tallahassee is home to Florida State University and Florida A&M University. Tallahassee is a center for trade and agriculture in the Big Bend (Florida) region and Southwest Georgia and is served by Tallahassee Regional Airport and Interstate 10. As a capital city, Tallahassee is home to the Florida State Capitol, Supreme Court of Florida, Florida Governor’s Mansion, and nearly 30 state agency headquarters.
Broker of Record: Ryan Nee License #BK3154667