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Views: 154 DOM: 462 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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Maps

  • 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

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