Wawa (GL)

2901 West 16th Avenue, Hialeah, FL 33012

$8,556,000

Cap Rate 4.50%

Views: 84 Updated: 07.09.24 Posted: 07.09.24 Status: Inactive 10.03.24

Summary

Price $8,556,000	Built/Renov 2022	Tenant Wawa (GL)
Cap Rate 4.50%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 6,141	Lease Start 01-01-2022	#Units 1,032
Price/SF $1,393.26	Expiration 12-31-2041	Tenant Type Convenience/Gas
NOI $385,000	R. Term 17.0	Ownership Ground Lease
Rent/SF $62.69	Increases 10.0%/5/yrs	Pop 5Mi 413,444
Lot/AC 1.34	Options 9/5yrs/10%	AHHI 5Mi $77,702

Lease Highlights

Wawa has 17+ years remaining on the original 20-year ground lease with 9 (5-year) options to extend
The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Wawa is strategically located at the signalized, hard corner intersection of W 16th Ave, W 29th St, and W Okeechobee Rd, averaging a combined 122,000 vehicles per day. The asset is located directly off State Highway 826 (277,000 VPD), allowing for direct on/off ramp access to the site. The property consists of a 6,141 SF convenience store, a canopy with eight gas pumps and sixteen nozzles...

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Key Features

Signalized intersection
High traffic 50M+ VPD
Dense retail corridor
Highway close
Top 100 MSA
Strong demographics
Income tax free state
Long 15+ yr lease
Absolute NNN
Corporate Guarantee

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Links

Wawa Wikipedia Wawa Wikipedia Hialeah, Florida Zip Code 33012 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Wawa
Guarantor:Corporate
Company:Wawa, Inc.
# Units:1,032
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 :	23,904	201,885	415,556
2023 Total Population :	23,333	202,767	413,444
2023 Employed Civilian Pop :	10,444	99,941	208,425
2023 Total Businesses :	2,541	20,102	44,641
2023 Average Household Income :	$ 52,650	$ 66,169	$ 77,702
2023 Total Consumer Spending :	$ 400 M	$ 4149 M	$ 9590 M
2023 Median Age :	46	44	42
2023 Total Households :	8,474	71,082	141,200
2023 Pop Age 25+: Bachelor's Degree :	1,866	23,665	55,566
2023 Average Home Value :	$ 288,301	$ 390,950	$ 416,709

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Okeechobee Road	W 16th Ave	2021	54,500	0.07 mi
Okeechobee Road	NW 91st Ter	2022	58,500	0.07 mi
Northwest 72nd Avenue	NW 77th Ter	2022	17,200	0.28 mi
S Okeechobee Rd	W 32nd Pl	2009	63,000	0.39 mi
Palmetto Expressway	NW 77th Ave	2019	233,000	0.53 mi
W 20th Ave	S Okeechobee Rd	2004	9,700	0.53 mi
Express Lanes	W 49th St	2022	250,000	0.54 mi
Bridge No-870975	NW 80th Ter	2021	245,000	0.54 mi
NW South River Dr	Palmetto Expy	2005	3,700	0.54 mi
		2006	16,170	0.54 mi

Listing Broker

Patrick Nutt

SRS National Net Lease Group

Contact

262 Listings
30304 Views
93 Sold

William Wamble

SRS National Net Lease Group

Contact

186 Listings
23435 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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