174 Plaza Drive
Retail | 100.00% CAP | 5,429 SqFt
Marketing description
CBRE is pleased to exclusively offer the fee simple interest in a high yield single tenant net lease
investment opportunity located at 174 Plaza Dr in Wildwood, MO (the “Offering”). The Offering includes
a 5,429 SF building situated on 0.29 acres 100% leased on a NNN basis to Member Perks, LLC DBA
Luxorts Vacation Rentals, which specializes in providing time share and vacation rentals. The tenant
currently has 2-years of term remaining with a 3% annual increase scheduled in Oct. ’24, no renewal
options and LLD responsibilities limited to roof replacement and structure.
Investment highlights
High Yield + Upside Potential
The subject property is being offered as a 10% unlevered yield providing strong immediate returns, as well as future upside potential. Incoming investors can capitalize on the upside but structuring a long-term renewal with the current tenant or reletting the property to a new tenant on a long-term lease thereby allowing for substantial cap rate compression.
Below Replacement Cost
The Offering is listed at $200/SF which is well below replacement cost.
Owner User Opportunity
Due to the lack of renewal options and the short term nature of the lease the Offering provides a unique opportunity for prospective owner users.
Superior Demographics
The property is situated in a vibrant and sought after trade area that benefits from its locational attributes as well as its attractive demographic profile that includes an average household income of $143,130 and a population of 35,432 within a 3-mile radius.
Wildwood Towne Center Advantage
The Offering is a part of the Wildwood Town Center development, which is a vibrant 350,000 SF mixed use development that includes office, hospitality, senior living, entertainment and retail. It serves as the community gathering place and provides a highly captive audience for the businesses within the development.
Future Growth
Wildwood Town Center continues to grow further enhancing the strength of the trade area. A new 12-acre site directly to the south has been approved at the intersection of Main Street and Taylor rd for the development of 11 single-family dwellings on individual lots and 189 multi-family units.
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