Wawa (GL)

2530 East Bay Drive, Largo, FL 33771

$2,900,000

Cap Rate 5.00%

Views: 161 DOM: 468 Updated: 11.04.24 Posted: 08.11.23 Status: Active

Summary

Price $2,900,000	Built/Renov 2023	Tenant Wawa (GL)
Cap Rate 5.00%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 2,016	Lease Start 06-13-2024	#Units 1,050
Price/SF $1,438.49	Expiration 06-30-2034	Tenant Type Convenience/Gas
NOI $145,000	R. Term 9.7	Ownership Ground Lease
Rent/SF $71.92	Increases 7.0%/5/yrs	Pop 5Mi 256,657
Lot/AC 0.91	Options 6/5yrs/7%	AHHI 5Mi $85,054

Lease Highlights

Brand-new 2023 construction with drive-thru
Wawa has 9+ years remaining on the current ground lease with 6 (5-year) options to extend
Lease features 7% rental increases every 5 years and at the beginning of each option
Absolute NNN lease | Zero landlord responsibilities
Corporate guaranteed by Wawa, Inc.
Income tax free state

Location Description

Wawa is strategically fronting East Bay Drive/Highway 686, averaging 60,500 vehicles passing by daily. The subject property is part of a larger development that features Winn-Dixie, Bank of America, Amped Fitness, and more. East Bay Drive is a primary retail thoroughfare serving the city of Largo with surrounding national/credit tenants such as Publix, Ross, Walmart Supercenter, and many more....

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Key Features

New construction
High traffic 50M+ VPD
Major thoroughfare
Highway location
Dense 200M+ pop 5 mi
Top 100 MSA
Affluent AHHI $100K 5 Mi
Brand new lease
Absolute NNN
Corporate Guarantee

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Links

Wawa Wikipedia Wawa Wikipedia Largo, Florida Zip Code 33771 Broker Site Page Drone Video

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Wawa
Guarantor:Corporate
Company:Wawa, Inc.
# Units:1,050
Stock:Private

About Tenant

Wawa, Inc. is an American chain of convenience stores and gas stations located along the East Coast of the United States, operating in Pennsylvania, New Jersey, Delaware, Maryland, Virginia,...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	15,970	123,354	256,648
2023 Total Population :	16,165	123,865	257,530
2023 Employed Civilian Pop :	7,808	63,952	130,524
2023 Total Businesses :	546	5,517	14,781
2023 Average Household Income :	$ 68,419	$ 79,403	$ 86,803
2023 Total Consumer Spending :	$ 498 M	$ 4028 M	$ 8734 M
2023 Median Age :	56	51	49
2023 Total Households :	8,368	58,174	115,588
2023 Pop Age 25+: Bachelor's Degree :	2,631	19,904	40,521
2023 Average Home Value :	$ 246,618	$ 284,083	$ 346,603

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Starkey Rd	E Bay Dr	2011	33,928	0.12 mi
E Bay Dr	Starkey Rd	2011	58,500	0.14 mi
E Bay Dr	Royal Palm Dr	2011	58,500	0.23 mi
East Bay Drive	Alt Keene Rd	2021	52,500	0.47 mi
East Bay Drive	Floral Dr SE	2021	58,500	0.58 mi
Lake Avenue Northeast	E Bay Dr	2021	52,500	0.65 mi
McMullen Road	Imperial Dr	2021	4,500	0.67 mi
Keene Rd	E Rosery Rd	2011	24,003	0.84 mi
E Bay Dr	Belcher Rd S	2011	60,500	0.85 mi
E Bay Dr	8th St NE	2011	43,500	1.00 mi

Listing Broker

William Wamble

SRS National Net Lease Group

Contact

186 Listings
20931 Views
49 Sold

Patrick Nutt

SRS National Net Lease Group

Contact

262 Listings
27351 Views
93 Sold

William Wamble

Will Wamble joined SRS in early 2019 and specializes in the advisory and sale of net leased properties, specifically in the Southeast. With more than $350M worth of transactional experience in his career, Will prides himself on valuing hard work and dedication to his clients. Will emphasizes collaboration and putting the best team together to find creative solutions to getting transactions completed. He started his commercial real estate career in 2013 with Marcus & Millichap where he focus

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Patrick Nutt

Patrick Nutt joined SRS as executive vice president for the National Net Lease Group and market leader in the Fort Lauderdale office in 2019. He leads the Fort Lauderdale office where he is tasked with recruiting and expansion efforts in the region and elevating the SRS brand throughout Florida. Additionally, Patrick Co-heads the National Net Lease Group for SRS, a group of 50 investment sales professionals who in 2020 managed over 500 transactions with an aggregate value of nearly $2 Billion

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