Listed by SURMOUNT
$4,916,482
Absolute NNN Office Depot | Recent Lease Extension
Details
Property Type Retail
Sub Type Storefront, Office Supplies
Square Footage 25,000
Cap Rate 8.5%
NOI $417,901
Occupancy 100%
Tenancy Single
Brand/Tenant Office Depot
Lease Type NNN
Lease Term 21.7
Lease Expiration 05/31/2030
Remaining Term 4
Price per SqFt $197
Year Built 1992
Acreage 1.600
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 09/15/2008
Ownership Fee Simple
8.50% CAP | Strong Store Sales | A+ Real Estate
Marketing description
Surmount is pleased to present the exclusive listing for a Office Depot located at 801 Sunland Park Drive, El Paso, Texas 79912. The site consists of roughly 25000 rentable square feet of building space on an estimated 1.6-acre parcel of land. This Office Depot is subject to a 21-year Triple Net (NNN) lease, which commenced 9/15/2008. The current annual rent is $417,901 and has scheduled increases of 10.00% In Options.
Investment highlights
- Absolute Triple-Net (NN) Lease | Zero (0) Landlord Responsibilities | The tenant is subject to an absolute triple-net lease with zero landlord responsibilities, offering a prospective landlord with truly passive income.
- Strong Site Commitment | ODP Corporation (NASDAQ: ODP) Organized The Sale Leaseback Of This Site And Eight (8) Other Office Depot Locations In 2008 | Tenant Recently Exercised Its First (1st) Five-Year Option | The subject property was originally a sale leaseback conducted by the tenant in 2008. The tenant has been operating here since 1993 (32+ years).
- 32+ Year Operating History | Tenant Reports Strong Store Sales | Contact The Listing Agents For More Details | The tenant has operated at this location for 32+ years, indicating a strong commitment to the site. Please contact the listing agents for more information on the store’s performance.
Listing Contacts
Listed by SURMOUNT
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$417,901.00
$34,825.08/mo
Valuation Metrics
0
DSCR
8.5%
Cap Rate
8.5%
ROI
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