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7-Eleven 702 S 50th St 3,121 SF Retail Building Tampa, FL 33619 $8,833,301 CAD ($2,830.28 CAD/SF) 5% Cap Rate
Investment Highlights
- BONUS DEPRECIATION ELIGIBLE
- INFILL LOCATION
- RECENT 15-YEAR SALE-LEASEBACK
Executive Summary
BONUS DEPRECIATION ELIGIBLE
- The sale offers land and improvements, allowing for buyer to take 100% Bonus Depreciation
GREAT LEASE FUNDAMENTALS
- 15 Year Lease with 10% bumps every 5 years and in extension periods
- Abs. NNN lease providing zero landlord responsibilities
- Passive investment
CORPORATE BACKED INVESTMENT GRADE TENANT
- 7-Eleven’s parent company, Seven-Eleven Japan Co, LTD has a market cap of $37.18B (Ticker: SVNDY)
- There are over 83,000 locations across the world
HIGH VISIBILITY OFF BUSY US HWY 41
- In the Top 30% of Convenience Stores Nationwide (Placer.ai)
- Excellent exposure along a major retail and commuter corridor
- Located on a hard corner, the site provides unmatched visibility and access along US Hwy 41 with 33,000 VPD
INFILL LOCATION
- 5 miles from downtown Tampa
- Within a 1-mile radius the retail vacancy rate sits at 0% while multifamily rent growth YoY is up 8.8%
- Site benefits from a limited retail supply pipeline and the dense residential neighborhoods of East Tampa
RETAIL SYNERGY & YOUNG DEMOGRAPHICS
- The immediate trade area serves a younger population with Tampa seeing outsized growth in residents age 25- 44 a demographic that over indexes on convenience retail, prepared food and grab-and-go purchases
- Proximity to University of South Florida and surrounding campuses stable young professional presence & reinforce long term consumer demand
RECENT 15-YEAR SALE-LEASEBACK AT LOCATION
- 7-Eleven recently executed a new 15-year NNN sale-leaseback at this location, demonstrating their commitment and long-term viability at the site
- The sale offers land and improvements, allowing for buyer to take 100% Bonus Depreciation
GREAT LEASE FUNDAMENTALS
- 15 Year Lease with 10% bumps every 5 years and in extension periods
- Abs. NNN lease providing zero landlord responsibilities
- Passive investment
CORPORATE BACKED INVESTMENT GRADE TENANT
- 7-Eleven’s parent company, Seven-Eleven Japan Co, LTD has a market cap of $37.18B (Ticker: SVNDY)
- There are over 83,000 locations across the world
HIGH VISIBILITY OFF BUSY US HWY 41
- In the Top 30% of Convenience Stores Nationwide (Placer.ai)
- Excellent exposure along a major retail and commuter corridor
- Located on a hard corner, the site provides unmatched visibility and access along US Hwy 41 with 33,000 VPD
INFILL LOCATION
- 5 miles from downtown Tampa
- Within a 1-mile radius the retail vacancy rate sits at 0% while multifamily rent growth YoY is up 8.8%
- Site benefits from a limited retail supply pipeline and the dense residential neighborhoods of East Tampa
RETAIL SYNERGY & YOUNG DEMOGRAPHICS
- The immediate trade area serves a younger population with Tampa seeing outsized growth in residents age 25- 44 a demographic that over indexes on convenience retail, prepared food and grab-and-go purchases
- Proximity to University of South Florida and surrounding campuses stable young professional presence & reinforce long term consumer demand
RECENT 15-YEAR SALE-LEASEBACK AT LOCATION
- 7-Eleven recently executed a new 15-year NNN sale-leaseback at this location, demonstrating their commitment and long-term viability at the site
Property Facts
Sale Type
Investment NNN
Property Type
Building Size
3,121 SF
Building Class
B
Year Built
1987
Price
$8,833,301 CAD
Price Per SF
$2,830.28 CAD
Cap Rate
5%
NOI
$441,690 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
0.89 AC
Zoning
CG
Parking
10 Spaces (3.2 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Pylon Sign
- Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Retailer
- 3,121 SF
- -
- Dec 2040
7-Eleven began in 1927 as the Southland Ice Company in Dallas and later grew into the 7-Eleven convenience brand. The company operates convenience retail stores and a franchise system, with banners and brands that include Speedway, Stripes, Laredo Taco Company, and Raise the Roost Chicken & Biscuits, while also offering signature food and drink items such as Slurpee and Big Gulp beverages. 7-Eleven continues as a global convenience retailer and remains focused on fast, everyday shopping across a wide network of stores.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Retailer | 3,121 SF | - | Dec 2040 |
Somewhat walkable
30/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | U-22-29-19-ZZZ-000001-49900.0 | Improvements Assessment | $525,595 CAD |
| Land Assessment | $382,379 CAD | Total Assessment | $907,975 CAD |
Property Taxes
Parcel Number
U-22-29-19-ZZZ-000001-49900.0
Land Assessment
$382,379 CAD
Improvements Assessment
$525,595 CAD
Total Assessment
$907,975 CAD
Contacts
-
Eric Suffoletto -
David Hoppe -
Mike Lucier -
Ben Olmstead -
Ben McCarter -
Kendra Doherty -
Connor Kuchman -
Atlantic Capital Partners
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7-Eleven | 702 S 50th St
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