7-Eleven | Trophy Location Boca Raton, Florida

$5,650,000
Cap Rate: 4.51%
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 4.51%
Price: $5,650,000
Rentable SF: 4,113
Annual Rent: $255,000
Price PSF: $1,373.69
Land Area: 0.33 Acres
Year Built: 2020
Lease Type: Modified NNN
Lease Term: 15 Years
Option Periods: 4, 5-Year Options
Rental Increases: 10% Every 5 Yrs Starting Yr 11
Roof & Structure: Landlord
Commencement: 1/1/2020 est
Lease Expiration: 12/31/2034 est

103 West Palmetto Park Road
Boca Raton, FL 33432

Investment Highlights

• Trophy Location in Downtown Boca Raton
• Brand New, Corporate Guaranteed, 15-Year, Modified Triple Net (NNN) Lease
• 7-Eleven has Operated Continuously from this Location for Approximately 60 Years
• Roof Warranty Will Be Transferred to Buyer at Closing
• Four, Five-Year Renewal Options with 10 Percent Rent Increases Every Five Years Beginning Year 11
• New Construction; to be Opened Approximately January 2020
• Surrounding Retailers Include Publix, The Fresh Market, Trader Joe’s, Wells Fargo, Walgreens, CVS, Burger King, Tire Kingdom, Max’s Grille, Lord & Taylor, Tommy Bahama, Z Gallerie, Dunkin’ Donuts, Starbucks and Many More
• Walking Distance to Famed Mizner Park – a Luxury Landmark in Downtown Boca Raton that Includes Retail, Office, Residential, Cultural Space, and a 5,000-Person-Capacity Amphitheater
• Boca Raton is One of the Most Affluent Places in the World With an Average Net Worth of $21.2 Million for Taxpayers Having a Minimum Income of $200k
• Strong Demographics; Population of More Than 180,000 Within a Five-Mile Radius of Subject Property
• Located on Palmetto Park Road with a Daily Traffic Count of More Than 58,000 Vehicles
• Adjacent to Proposed Boca Raton Administrative Campus, and Commuter Train Station (According to the City’s Master Plan)
• One Mile from the Beach
• Two Miles from Florida Atlantic University – With More than 30,000 Students, and Palm Beach State College

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a 7-Eleven Convenience Store in a trophy location in downtown Boca Raton, Florida. This 7-Eleven offers a brand new, 15-year, corporate, modified triple net lease. There are four, five-year renewal options with 10 percent rental increases every five years, beginning year 11. 7-Eleven has been operating from this location for approximately 60 years, showing a strong commitment to the site. Brand new construction which is anticipated to be opened in January 2020. The roof warranty will be transferred to the buyer at closing.

This 7-Eleven is within walking distance to Mizner Park, which is a luxury landmark in downtown Boca Raton. It includes retail, office, residential, cultural space, and a 5,000-person-capacity amphitheater. Boca Raton is one of the most affluent places in the world with strong demographics. There is a population of more than 180,000 within a five-mile radius of subject property.

Surrounding national retailers include Publix, The Fresh Market, Trader Joes, Wells Fargo, Walgreens, CVS, Burger King, Tire Kingdom, Maxs Grille, Lord & Taylor, Tommy Bahama, Z Gallerie, Dunkin Donuts, Starbucks and many more. The subject property is one mile from the beach, and two miles from Florida Atlantic University, which has more than 30,000 students.

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