7-Eleven Coral Springs,Florida

$5,951,500
Property type:Single-Tenant Net Lease

The space

  • Price: $5,951,500
  • Cap Rate: 4.75%
  • Rentable Square Feet: 5,740 SF
  • Annual Rent: $282,696
  • Land Area: 1.27 Acres
  • Year Built: 2000
  • Lease Type: NNN
  • Option Periods: 4, 5-Year Options
  • Rent Increases: Every 5 Years

Description

5615 North University Drive
Coral Springs, FL 33067

Investment Highlights

  • New, 15-Year, Triple Net (NNN) Lease with Four, Five-Year Renewal Options
  • Rent Increases Every Five Years Throughout Base Term of Lease, Extension and Option Periods
  • This Location has Been Operating as a 7-Eleven Since 1999, Showing a Strong Commitment to the Site
  • Surrounding Area has Very Strong Demographics | Population Over 275,000 Within a Five-Mile Radius
  • Located at Hard Signalized Intersection of University Drive and Westview Drive | Combined Daily Traffic Count of 46,500 Vehicles

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a 7-Eleven convenience store and gas station in Coral Springs, Florida. This location has been operating as a 7-Eleven for more than 20 years showing that the tenant has a very strong commitment to the site. There is a new, 15-year, absolute triple net lease in place. The lease offers four, five-year renewal options with rent increases every five years throughout the base term and option periods.

The subject property is located directly off the exit and entrance ramps of Sawgrass Expressway which is a major roadway in the area and has a daily traffic count of more than 91,000 vehicles. This 7-Eleven is situated at the hard signalized intersection of University Drive and Westview Drive with a combined daily traffic count of 46,500 vehicles. The surrounding area has seen a lot of retail growth with national retailers including Walmart Neighborhood Market, Bed Bath & Beyond, Target, The Fresh Market, Marshalls, Office Depot, Youfit Health Club, Regal Magnolia Place, Ross, Chipotle, Starbucks, Dunkin Donuts, Anthony’s Coal Fired Pizza, McDonald’s, CVS and many more.

Located in Broward County, this 7-Eleven benefits from attractive demographics with over 275,000 residents in a five-mile radius, and the average household income in one-mile is nearly $145,000. Coral Springs was ranked third in Florida on the ‘100 Best Places to Live’ list by Money Magazine. With more than 1.9 million residents, the population of Broward County continues to grow at a pace well above the U.S. rate.

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