Firestone – North Port, FL

$3,867,979
Price
N/A
Noi
Market
Cap Rate
6,262
Leasable Area
2021
Year Built

CONTACT US REGARDING THIS LISTING

Ben Schultz

Senior Director

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OFFERING MEMORANDUM

Fortis Net Lease is pleased to present this 6,262 SF. Firestone Complete Auto Care store located in North Port, Florida. This property will offer a brand new Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains 5% rental rate increases every 5 years during the primary term and including each five (5) year option to renew. The store is preparing for construction, with rent estimated to commence in March of 2021.

This Firestone store is highly visible as it is strategically positioned on Toledo Blade Blvd., which sees 21,000 cars per day, just off W. Price Blvd., which sees 15,000 cars per day. Immediately adjacent to the site is a brand new apartment complex development which will have 224 units. Across the street is a Publix anchored shopping center, 7-11, Jiffy Lube and AutoZone making it a prime location. The five mile population from the site is 65,416 while the one mile average household income is $81,169 per year, which is ideal for a Firestone. The area is experiencing great growth with the one mile population growth rate at 8.01%. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Firestone. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant.

INVESTMENT HIGHLIGHTS
• Absolute NNN 15 Year Lease | Zero Landlord Responsibilities
• 5% Rental Rate Increase Every 5 Years
• Brand New Upgraded Design Construction | Essential Business
• 5 (5 Year) Options | 5% Rental Increase At Each Option
• One Mile Household Income $81,169
• Five Mile Population 65,146 with Expected 7.68% Growth
• One Mile Population Growth Rate 8.01%
• 21,000 Cars Per Day on Toledo Blade Blvd.
• 15,000 Cars Per Day on W. Price Blvd.
• Surrounded by National Tenants | Publix Anchored | Adjacent to New Apartment Complex Development

 

Instate Broker of Record: Michael Houghton | Oak Realty Advisors