O’Reilly Auto Parts Gainesville,Florida

$2,267,000
Property type:Single-Tenant Net Lease

The space

  • Price: $2,267,000
  • Cap Rate: 5.25%
  • Rentable Square Feet: 7,500
  • Annual Rent: $119,005
  • Price PSF: $302.26
  • Land Area: 0.99 Acres
  • Year Built: 2019
  • Lease Type: NN
  • Lease Guarantor: Corporate

Description

4169 SW 34th Street
Gainesville, FL 32608

Investment Highlights

  • 2 Miles from the University of Florida, the Largest Employer in the Metro
  • New, 20-Year, Double Net (NN) Lease with 19 Years Remaining
  • Four, Five-Year Renewal Options, Bringing Total Term to 40 Years
  • Five Percent Rent Increases Every Five Years Beginning Year 11
  • New Location, Built in 2019
  • Located on 34th Street with a Daily Traffic Count of More Than 22,000 Vehicles. One Mile from Interstate 75 with a Daily Traffic Count of 89,000 Vehicles
  • Surrounding National Retailers Include Walmart Supercenter, Publix, Whole Foods, Lowe’s, The Home Depot, Trader Joe’s, Target, Aldi, Ross, Michael’s, Bass Pro Shops, Olive Garden, Outback Steakhouse, Bonefish Grill, Miller’s Ale House, Cracker Barrel, Chick-fil-A, McDonald’s, Chase Bank and Many More

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire O’Reilly Auto Parts located in Gainesville, Florida. This O’Reilly Auto Parts offers a new, 20-year double net lease with more than 18 years remaining on the base term. There are four, five-year renewal options with five percent rental increases every five years throughout the base term and option periods. This is a new location with construction completed in 2019.

The subject property is located on 34th Street with a daily traffic count of more than 22,000 vehicles. This O’Reilly is one mile from Interstate 75, which connects Gainesville South to Tampa and North to Georgia and has a daily traffic count of 89,000 vehicles. This property is just outside a busy retail area off Archer Road with surrounding national retailers including Walmart Supercenter, Publix, Whole Foods, Lowe’s, The Home Depot, Trader Joe’s, Target, Aldi, Ross, Michael’s, Bass Pro Shops, Olive Garden, Outback Steakhouse, Bonefish Grill, Miller’s Ale House, Cracker Barrel, Chick-fil-A, McDonald’s, Chase Bank and many more.

This O’Reilly is two miles from the University of Florida – the fifth largest University in the nation and employs approximately 28,000 individuals and has 52,000 students. In additional to the University of Florida, Gainesville is also home to Santa Fe College and City College of Gainesville, marking a combined student enrollment of 74,400. The University of Florida is also the largest employer in the Gainesville metro and contributes $16 billion to the local economy, making it a major driving force economically. Gainesville is 70 miles Southwest of Jacksonville and 115 miles North of Orlando.

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