Catylist ID: #30384848
New O'Reilly Auto Parts - 20 year lease
Retail-Commercial for Sale
|Catylist Listing ID:||30384848|
|Property Subtypes:||Free-Standing Building|
|Building Status:||Under Construction|
|Building Size (RSF):||7,716 SF|
|Gross Building Area:||See Agent|
|Unit Price:||$373.25 PSF|
|Property Use Type:||Net Leased Investment (NNN)|
|Sale Terms:||Cash to Seller|
|Average Occupancy Rate:||100|
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.
|Nearest MSA:||Tampa-St. Petersburg-Clearwater|
|Property Located Between:||I-275 & Nebraska Ave.|
|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.|
|Total Number of Buildings:||1|
|Number of Stories:||1|
|Typical SF / Floor:||7,716 SF|
|Proximity:||1 mile||3 miles||5 miles|
Michael MariniSite Works Commercial Real Estate
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