Wawa (GL)

435 East Merritt Island Causeway, Merritt Island, FL 32952

$6,086,000

Cap Rate 4.60%

Views: 159 DOM: 191 Updated: 11.04.24 Posted: 05.14.24 Status: Contract 11.04.24

Summary

Price $6,086,000	Built/Renov 2024	Tenant Wawa (GL)
Cap Rate 4.60%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 6,119	Lease Start 09-01-2024	#Units 1,050
Price/SF $994.61	Expiration 08-31-2044	Tenant Type Convenience/Gas
NOI $280,000	R. Term 19.9	Ownership Ground Lease
Rent/SF $45.76	Increases 7.0%/5/yrs	Pop 5Mi 88,454
Lot/AC 2.34	Options 6/5yrs/7%	AHHI 5Mi $99,093

Lease Highlights

Brand new 2024 construction
Brand new 20-year ground lease with 6 (5-year) options to extend
The lease features 7% rental escalations starting in lease year 11 and at the beginning of each option period
Absolute NNN lease | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Wawa is strategically located on E Merritt Island Causeway, a major retail corridor, with access to a significant daily traffic count of 44,900 vehicles. The property is part of a larger development that includes Chipotle, 7-Eleven, El Car Wash, and Christian Brothers Automotive. Just west of the site is Merritt Square Mall, a super-regional mall anchored by Macy’s, JCPenney, and more....

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Key Features

New construction
Build to suit
Major thoroughfare
Near major nationals
Top 100 MSA
Affluent suburb location
Income tax free state
Long 20+ yr lease
Accelerated depreciation
Corporate Guarantee

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Links

Wawa Wikipedia Wawa Wikipedia Merritt Island, Florida Zip Code 32952 Broker Site Page

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
2029 Total Population :	6,353	33,877	90,308
2024 Total Population :	6,421	33,525	88,796
2024 Employed Civilian Pop :	3,295	15,912	42,771
2024 Total Businesses :	973	2,704	4,890
2024 Average Household Income :	$ 89,205	$ 113,613	$ 110,969
2024 Total Consumer Spending :	$ 227 M	$ 1505 M	$ 3692 M
2024 Median Age :	51	52	48
2024 Total Households :	2,911	15,175	38,091
2024 Pop Age 25+: Bachelor's Degree :	1,147	6,357	14,988
2024 Average Home Value :	$ 480,971	$ 515,355	$ 455,487

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
S Plumosa St	E Merritt Island Cswy	2009	5,730	0.10 mi
E Merritt Island Cswy	Amsdell Rd	2009	33,300	0.11 mi
North Plumosa Street	Enola Pl	2022	4,900	0.16 mi
E Merritt Island Cswy	Imperial St	2009	32,280	0.16 mi
Fortenberry Rd	Imperial St	2019	7,500	0.29 mi
East Merritt Avenue	6th St	2022	13,300	0.31 mi
E Merritt Ave	del Rio Way	2009	14,810	0.35 mi
South Plumosa Street	Bimini Dr	2022	6,100	0.35 mi
Fortenberry Road	Harbor Woods Blvd	2022	5,900	0.37 mi
E Merritt Ave	4th St	2009	14,050	0.41 mi

Listing Broker

Patrick Nutt

SRS National Net Lease Group

Contact

262 Listings
27371 Views
93 Sold

William Wamble

SRS National Net Lease Group

Contact

186 Listings
20944 Views
49 Sold

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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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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