New O'Reilly Auto Parts - 20 year lease

Retail-Commercial for Sale
New O'Reilly Auto Parts - 20 year lease
Catylist Listing ID: 30384848
Property Subtypes: Free-Standing Building
Building Status: Under Construction
Building Size (RSF): 7,716 SF
Gross Building Area: See Agent
Sale Price: $2,880,000
Unit Price: $373.25 PSF
Property Use Type: Net Leased Investment (NNN)
Sale Terms: Cash to Seller
Cap Rate: 5.25%
Average Occupancy Rate: 100
Last Updated: 6/20/2019

Overview / Comments

For Sale: O’Reilly Auto Parts that is currently under construction at 15215 N Nebraska Ave. in Tampa, Fla. It’s directly across the street from a newer Super Walmart & Wawa and contiguous to a brand new Tire Kingdom & car wash. It has a 20 year initial lease term which will commence in May 2019.

Deal Terms Synopsis:

• 20 year deal with four 5 year options!
• Initial NN rent is $151,198.56 annually.
• Fixed for 10 years, then 6% bump beg. Year 11 and every 5 years thereafter.
• LL is responsible for maintenance and replacement (as needed) of structure (walls and roof) and utilities to the point of entry to the building.
• The roof is standing seam metal with clips. HVAC units are rooftop.
• There is No termination language in the lease once they take possession.
• Cap rates seem to be hovering around 5.25% for a new 20 year lease term O’Reilly’s in larger MSA’s

Brochure is attached that includes a Financial Summary.

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Hillsborough
Tax ID/APN: 192731ZZZ000001233700U
Property Located Between: I-275 & Nebraska Ave.
Property Visibility: Excellent
Largest Nearby Street: Bearrs Ave / Nebraska Ave
Highway Access: The site is a half mile from the intersection of I-275 & Bearrs Ave
Site Description: Brand new 7,716 SF O'Reilly Auto Parts store
Area Description: Property is Contiguous to Tire Kingdom & Culvers. Directly across the street is a Super WalMart & WAWA.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 7,716 SF
Property Condition: Excellent
Year Built: 2019
Construction/Siding: Block
Parking Type: Surface

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,242 103,493 274,790
Median Age: 36.57 35.07 35.89
Households: 4,869 41,975 110,844

Contact

Photograph of Listing Agent

Michael Marini

Site Works Commercial Real Estate
CE-FL Member
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