Marcus & Millichap is pleased to present the exclusive listing for a 7 Eleven Gas Station and Dunkin’ Donuts property located at 149 North Street in Hyannis, MA. The property is situated on a four-way, signalized intersection on the corner of North Street and High School Road among national retail tenants such as CVS, McDonalds and Burger King and is located minutes from the Hyannis Yacht Club and Kalmus Beach.
The building at 149 North Street is two full stories and includes a drive-through. Investors should note that both drive-through and gas station development in downtown Hyannis are restricted in new construction projects. These barriers to entry are another indication that it is likely for both Dunkin’ Donuts and 7- Eleven to continue operating at this location, beyond their already ideal central location in downtown Hyannis. Furthermore, the net operating income to the landlord is diversified as it is generated by three separate sources; the gas station, the Dunkin’ Donuts, and the four apartment tenants.
The original lease commenced in 2006 for a term of twenty years and there are currently over 5 years remaining on a true triple net lease. The lease and option periods call for strong 12% rental increases every five years. Speedway LLC is a now wholly owned subsidiary of 7-Eleven which operates over 70,000 stores in 17 countries. The lease is structured as triple net, with the landlord’s only responsibilities to include cleaning and maintaining the indoor stairs to the second-floor apartment units. For more information on the apartment, please see page 5.
Broker of Record: John Horowitz Lic #1000303