Warrens Flooring
NNN | Re-Leasing Upside | In Place Rents $16.64 | 29K VPD
Marketing description
Marcus & Millichap's TC Retail Group is pleased to present 1500 South Street, a single-tenant net-leased retail investment opportunity in Leesburg, Florida, offering stable in-place income with meaningful upside potential.
The property is offered at a 6.01% cap rate, providing an attractive entry point for investors. In-place rents average approximately $16.64 per square foot, which is significantly below the overall market average of $31.10 per square foot, presenting a clear opportunity to increase revenue by aligning rents with current market levels over time.
The 1,794 square foot property is leased to Warrens Flooring on a triple-net (NNN) basis, providing passive ownership with minimal landlord responsibilities. The lease commenced in July 2025 and runs through June 2028, leaving approximately two years of remaining term with no renewal options. This near-term rollover presents a compelling opportunity to re-lease the space at market rates or renegotiate favorable terms, positioning investors to capture additional upside upon lease expiration.
Strategically positioned along South Street, the property benefits from strong visibility and exposure to approximately 29,000 vehicles per day, supporting consistent consumer traffic within a well-established retail corridor. The tenant operates a showroom and installation business, creating a strong physical presence and integration within the local market.
Overall, the property offers a combination of stable income, passive ownership, and long-term rental upside in a growing Central Florida market.
Investment highlights
•Strong Initial Yield with Stable In-Place Income: Priced a 6.01% Cap, the property provides immediate, predictable cash flow supported by a recently executed lease with Warrens Flooring delivering stable income through the remaining lease term.
•Below-Market Rent with Significant Upside: Current rent is $16.64/SF, well below the overall market average of $31.10/SF (According to CoStar), offering substantial opportunity to increase income by aligning rents with current market levels over time.
•Near-Term Lease Rollover with Upside Potential: Approx. 2 years of remaining lease term with no renewal options, creating a strategic opportunity to re-lease at market rates or renegotiate favorable terms.
•NNN Lease Structure with Minimal Landlord Responsibility: The property is leased on a NNN basis, with the tenant responsible for reimbursing operating and capital expenses providing passive ownership and reduced expense exposure.
•Prime Corner Location with Strong Visibility: Strategically located along South Street in Leesburg, the property benefits from excellent frontage, visibility, and accessibility within a well-trafficked local retail corridor.
•Established Tenant with Showroom Presence: Warrens Flooring operates a retail showroom and installation business from the site, supporting long-term tenancy through customer-facing operations and local market integration.
•Attractive Price Point with Accessible Basis: Offered at $245.26/SF, the property provides an attainable entry point for investors seeking a stabilized, single-tenant retail investment with upside potential.
•Strong Traffic Counts and Local Demographics: Located along South Street with exposure to +/- 29,000 VPD, the property benefits from consistent daily traffic and strong visibility within a dense, established trade area that supports long term retail demand.
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