Wawa (Drive-Thru) - Tampa/ St. Pete MSA

SRS Capital Markets is pleased to exclusively present the first drive-thru Wawa location in Florida and the third-ever built in the world.​ This investment opportunity is being offered for $2,900,000, which represents a 5% capitalization rate.​

The 2,500 sq.​ ft.​ upgraded construction double-drive-thru Wawa is located in the heart of Largo, FL.​ The tenant improved the site before occupying the premises and is paying below-market rents compared to their other locations.​

The original 10-year lease has 9.6 years remaining, with a 7% rental increase in year 6.​ There are an additional six 5-year renewal options with 7% rental increases.​ This is an Absolute NNN lease with no landlord responsibilities.​

Wawa, Inc.​ chose the Tampa/St.​ Petersburg MSA over other markets in the state to establish their first drive-thru location after extensive research.​ According to Placer AI, Wawa gas stations within the region rank among the top in the country in terms of visitations, attracting millions of visitors annually.​ There are over 60,000 vehicles passing the site each day, with over 254,000 residents within 5 miles.​

Winn-Dixie Cross-Access | Excellent Visibility & Ease of Access

·         Wawa is located at the hard signalized corner of East Bay Drive (65,500 VPD) & Keene Road (33,900 VPD)

·         The asset benefits from significant street frontage and multiple points of access, providing convenience and ease for customers

·         Wawa stands to gain significant advantages with its cross-access to the neighboring Winn-Dixie, resulting in increased consumer exposure

Strong Demographics In 5-mile Trade Area

·         More than 256,000 residents and 157,000 employees support the trade area

·         $85,054 average household income

Fronting East Bay Drive | Part of Larger Development | Primary Thoroughfare | Surrounding National/Credit Tenants

·         Wawa is strategically fronting East Bay Drive averaging 60,500 VPD

·         The site is part of a larger development that features a Winn-Dixie, Bank of America, Amped Fitness, and more

·         East Bay Drive is a primary retail thoroughfare serving the city of Largo with surrounding national/credit tenants such as Publix, Ross, Walmart Supercenter, and more

·         Strong tenant synergy increases consumer draw to the immediate trade area

Wawa Drive-Thru | Convenience Driven Prototype

·         Wawa plans to double its unit county by end of the decade, an expansion that will include more drive-thru locations

·         This store offers extra convenience and focuses on fresh food through drive-thru service and curbside pickup only