Wawa Delray Beach, Florida

$6,890,000
Cap Rate: 4.50%
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 4.50%
Price: $6,890,000
Annual Rent: $310,000
GLA: 6,119
Rent/Square Foot: $50.66
Land Area: 2.24 Acres
Year Built: 2019
Lease Term: 20 Years
Lease Type: Ground Lease
Option Periods: 6, 5-Year Options
Rental Increases: 7% Every 5 Yrs, Starts Yr 11
Lease Expiration: 3/31/2039 est

15001 South State Road 7
Delray Beach, FL 33446

Investment Highlights

  • Brand New Location; Scheduled to Open 1st Quarter of 2019
  • Long-Term, 20-Year Ground Lease
  • 6, 5-Year Renewal Options with 7% Increases Every 5 Years Beginning in Year 11
  • Corporate Tenant | Corporate Guarantee
  • Strong Traffic Counts | Atlantic Avenue & State Road 7 | Over 60,000 VPD

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire Wawa located in Delray Beach, FL. Wawa’s new, 20-year ground lease features six, five-year renewal options and seven percent rental increases every five years in both base term and option periods, beginning in year 11. The lease is corporately guaranteed by Wawa, Inc. This is a brand-new location which is scheduled to open first quarter of 2019.

This 6,119-square-foot Wawa property sits on a large 2.24-acre parcel and offers excellent access and visibility at the high-profile intersection of Atlantic Avenue and State Road 7, with a combined traffic count of more than 60,000 vehicles. It provides access to a dynamic and affluent trade area that is experiencing tremendous growth. A major residential development surrounds the property with over 9,000 new homes. The average home prices in the area range from $500,000 to over $5 million, and median home values in immediate area are nearly $750,000. 

Delray Beach is a diverse, vibrant community situated in southern Palm Beach County. Known worldwide as a first-class resort destination and intimate town with big city sophistication, Delray Beach is a gem of South Florida, directly on the Atlantic Ocean. The area boasts excellent demographics with a population of more than 1.4 million people, and average household income which exceeds $170,000 in the immediate area. Delray Beach was named ‘Most Fun Small Town in the United States’ by Rand McNally, USA Today and the Travel Channel.

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