Conoco Gas Station
Retail | 6.50% CAP | 3,500 SqFt
Marketing description
SRS Real Estate Partners, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Conoco Gas Station investment property located in North Las Vegas, Nevada. The tenant, LV Petroleum LLC, recently signed a brand new 20-year lease with 4 (10-year) options to extend, demonstrating their commitment to the site. The lease features 2% annual rental increases throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. The site is operated by Fuel Bros, a proven multi-unit operator with a strong track record, currently operates 30 convenience stores (primarily Conoco-branded) and, as the largest TA franchisee nationwide, demonstrates fuel and c-store expertise that extends well beyond its local footprint. Property may be eligible for bonus depreciation; investors should consult a qualified tax advisor to confirm applicability and benefits. The project is under construction and estimated completion by mid July with opening to the public by August 1.
Investment highlights
- New 20-year lease with four (10-year) options, featuring 2% annual rental increases throughout the initial term and option periods
- The site is operated by Fuel Bros/ LV Petroleum, LLC, a proven multi-unit operator, currently operating 13 Conoco-branded C&G assets in the Las Vegas metro area and experienced developer of convenience stores and gas stations in Nevada and Arizona (See page 19 for additional information)
- Property may be eligible for bonus depreciation; investors should consult a qualified tax advisor to confirm applicability and benefits
- The project is currently under construction and is expected to be completed by mid-July, with a public opening scheduled for August 1
- Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises
- No landlord responsibilities
- Ideal, management-free investment for a passive investor
- The asset is a part of a new development that will feature tenants such as Rally's, Bojangles, Charley's Cheesesteak,Black Bear Diner, and more
- The subject property is near North Mesa Plaza, a Walmart Supercenter anchored center with other national/credit tenants including Harbor Freight, Ross, Hibbett, Dave's Hot Chicken, Applebee's, and many others
- The property is in the center of a primary retail corridor with other nearby national/credit tenants including The Home Depot, Albertsons, Smith's, EOS Fitness, Planet Fitness, Chick-fil-A, Starbucks, McDonald's, and more
- More than 457,500 residents and 102,400 employees support the trade area
- $100,664 average household income
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