Listed by SRS Real Estate Partners Newport Beach
$5,259,000
Corporate Northern Tool + Equipment | 7 Years
Details
APN 22866-004-00
Property Type Retail
Sub Type Storefront
Square Footage 26,054
Cap Rate 6.75%
NOI $355,000
Tenancy Single
Brand/Tenant Tractor Supply, Home Depot
Lease Type NN
Lease Term 25.6
Lease Expiration 05/31/2033
Remaining Term 6.9
Rent Bumps Yes
Lease Options 2 (5-year) options to extend with 5% increase at the beginning of each option period
Year Built 2008
Buildings 1
Acreage 3.150
Zoning B-2 Community Business
Parking Spaces 67 spaces
Parking per 1,000 SqFt 2.57
Investment Type Net Lease
Tenant Credit Credit Rated, Corporate Guarantee
Lease Commencement 10/26/2007
Ground Lease No
Ownership Fee Simple (Land & Building Ownership)
Ocala MSA is #1 in US Population Growth
Marketing description
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NN leased, Northern Tools + Equipment investment property located in Ocala, Florida. The tenant, Northern Tool & Equipment Company, Inc has approximately 7 years remaining on their lease with 2 (5-year) options to extend, demonstrating commitment to the site. The lease features 5% rental increases every 5 years throughout the remainder of the term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NN with limited landlord responsibilities making it an ideal, low management investment opportunity for an out of state investor.
Investment highlights
- Corporate Guarantee | 18-Year Operating History | Adjacent to a Soon-to-be CUI Heat
- Northern Tool + Equipment has operated at this site since 2008, demonstrating an 18-year commitment to the location
- In December 2022 extending the lease through 5/31/33 (~7 years remaining)
- Features 5% rental increases every 5 years throughout the remainder of the term and both option periods (next increase: June 2028)
- The lease is signed directly by Northern Tool & Equipment Company, Inc., a Minnesota corporation - a family-owned retailer founded in 1981 with 120+ stores across 20+ states and approximately $1.6 billion in annual revenue
Listing Contacts
Listed by SRS Real Estate Partners Newport Beach
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$355,000.00
$29,583.33/mo
Valuation Metrics
0
DSCR
6.75%
Cap Rate
6.75%
ROI
Broker Selected Comps View More Comps
Property History
Similar Properties
Additional Information
Name
License
Title
Is there information that looks off?
