Asking Price: $1,850,000
Building Size: 9,180 SQ FT
Lot Size: 61420
Cost per Square Foot: $201.53
This new construction Family Dollar, located in Eastpoint, FL near Apalachicola, is estimated to open August 2019. Family Dollar chose to build a larger format ±9,180 SF building on a ±1.41 acre corner lot on Highway 98. It has the added investor tax benefit of being in an Opportunity Zone.
This 10-year NN leased property is an ideal 1031 exchange property with a strong national tenant and is offered at a 7% cap rate. It also has six 5-year renewal options, each with a 5% rent increase. The initial annual rent is $129,319.08. It is anticipated that store sales, based upon limited local retail options, coupled with the extensive vacation rental activity, will be high.
There are minimal Landlord responsibilities which include roof, structure, fire sprinkler system and the parking lot. The roof includes a transferable warranty. The Tenant is responsible for all other repairs and maintenance and fully reimburses the Landlord for insurance and taxes. This STNL investment opportunity is offered at $1,850,000.
Key Points: New 2019 construction, scheduled to be completed by July with store opening estimated in August 10-year NN lease with six 5-year renewal options Attractive 7% cap rate located in an "Opportunity Zone" * Anticipated strong sales due to limited area retail options Minimal Landlord responsibilities with transferable roof warranty Excellent 1031 exchange with a strong credit tenant