Cumberland Farms Titusville, Florida

$2,845,000
Cap Rate: 4.75%
Closed Single-Tenant
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 4.75%
Price: $2,845,000
Rentable Square Feet: 6,005 SF
Annual Rent: $135,000
Price PSF: $473.77
Land Area: 1.44 Acres
Year Built: 2018
Lease Guarantor: Cumberland Farms
Lease Type: Ground Lease
Lease Term: 20 Years
Option Periods: 6, 5-Year Options
Rent Increases: 7.5% Every 5 Years
Lease Expiration: September 31, 2038

10 North Hopkins Avenue
Titusville, Florida 32796

Investment Highlights

  • New, 20-Year Ground Lease
  • Six, Five-Year Renewal Options with 7.5 Percent Rental Increases Every Five Years Throughout Base Term and Option Periods
  • Within Close Proximity to Cape Canaveral, Home to the Kennedy Space Center and Port Canaveral
  • Cumberland Farms has More Than 600 Locations Throughout Eight States with 7,200 Employees
  • One Half Mile from U.S. Space Walk of Fame Museum and Port Canaveral
  • Two Miles from Titus Landing, a New Shopping Destination, and Eastern Florida State College, Which has Four Campuses and Approximately 35,000 Students

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire Cumberland Farms located in Titusville, FL. Cumberland Farms offers a brand new, 20-year ground lease featuring six, five-year renewal options and 7.5% percent rental increases every five years in both base term and option periods. The lease is corporately guaranteed by Cumberland Farms, Inc.

The subject property is one half mile from U.S. Space Walk of Fame Museum and Port Canaveral. It is also two miles from Titus Landing, a new shopping destination and Eastern Florida State College, which has four campuses and approximately 35,000 students. It is near the Space Coast Stadium, a Spring Training Facility for Several Major League Baseball Teams and the future home of United States Specialty Sports Association (USSSA).

Titusville is part of Brevard County and within the immediate vicinity of Melbourne nicknamed the Space Coast.  It is home to Kennedy Space Center and Cape Canaveral. Tourists flock to the area for its beautiful beaches, cruise port, and space industry, adding billions of dollars to the local economy every year. Kennedy Space Center and Cape Canaveral Air Station are large drivers of the economy, drawing companies such as Space X and Boeing to the area, which creates many high paying technically skilled jobs.

Cumberland Farms is a chain of more than 700 convenience retail stores in eight states and has over 7,200 employees. The company was the first convenience store operator in New England. Cumberland Farms is the 15th largest convenience store operator by units in The U.S. and is ranked as Americas favorite convenience store/gas station for 2018.

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