Single-Tenant Absolute NNN Lease
For Sale
Marketing description
Property Description
Introducing a prime investment opportunity in the heart of San Juan, PR: 209-211 Eleanor Roosevelt Avenue. This 16,634 SF Free Standing Building, zoned C-1 (Commercial), boasts 100% occupancy with a single-tenant, HCOA Fitness, a prominent gym chain with a solid track record and a new 10-year lease offering long-term stability. With an asking price of $4,550,000 or best offer, this property presents an ideal investment for passive investors, featuring an absolute NNN lease, 8% rent increments every five years, and zero landlord responsibilities. Don't miss this chance to acquire a lucrative investment property with strong cash flows and value appreciation potential.
Location Description
Discover the dynamic neighborhood of Hato Rey, San Juan, PR, where the property is located. This vibrant area is a commercial epicenter, with an array of office buildings, retail centers, and cultural attractions. Just moments away, you'll find the renowned Plaza Las Américas, the largest shopping center in the Caribbean, offering a diverse mix of retail, dining, and entertainment options. The nearby José Miguel Agrelot Coliseum, known as the "Choliseo," hosts major concerts, exhibitions, and events, adding to the lively atmosphere of the area. With its strategic location and thriving business community, Hato Rey presents an exceptional opportunity for commercial building investors seeking a prime investment in San Juan.
Investment highlights
Highlights
Asking Price: $4,550,000 or Best Offer
1st Year Cap Rate: 13.2%
Single-Tenancy: Founded in 2010 and with its headquarters in Miami, Florida, HCOA Fitness is a leading gym chain in Puerto Rico having 14 locations, 114 employees, strong customer loyalty, and proven growth.
New 10-year lease with two 5-year renewal options, offering long-term stability, land & building ownership, and tax benefits through depreciation.
Eight percent (8%) rent increments every five (5) years, boosting NOI, cash flows, and providing an inflation hedge with value appreciation potential.
Absolute NNN lease with zero landlord responsibilities - HCOA handles all building expenses, repairs and maintenance.
Ideal for passive investors: Single-tenant absolute NNN lease offers hassle-free management with tenant covering all expenses.
Site Area: 2,000 square meters, equivalent to 21,527.82 square feet
Site Shape: Rectangular
Topography: Level, at street grade
Access & Frontage: through Eleanor Roosevelt Avenue
Zoning: C-1 (Commercial)
Flood Classification: 0.2 PCT
Parking Spaces: 40
Improvements: 16,634 square feet 2-story building
Full-operating capacity power generator.
Financial data available upon request.
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