Listed by SRS Real Estate Partners Newport Beach
$5,600,000
Northern Tool + Equip | Well Below-Market Rent | Naked Lease
Details
APN 26-23-29-0000-00-109
Property Type Retail
Sub Type Retail, Northern tool
Square Footage 25,152
Cap Rate 6.15%
NOI $344,397
Tenancy Single
Brand/Tenant Tractor Supply, Home Depot
Lease Type Absolute NNN
Lease Term 26.2
Lease Expiration 10/31/2031
Remaining Term 5.3
Rent Bumps No
Lease Options None
Class A
Year Built 2006
Acreage 3.100
Zoning C-2 (General Commercial)
Parking Spaces 121 spaces
Parking per 1,000 SqFt 4.81
Investment Type Net Lease
Tenant Credit Credit Rated, Corporate Guarantee
Lease Commencement 09/09/2005
Ground Lease No
Ownership Fee Simple (Land & Building Ownership)
Tenant paying under $14/SF; Market rent is $25-$26/SF, according to CoStar
Marketing description
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Northern Tool + Equipment investment property located in Orlando, Florida. The tenant, Northern Tool & Equipment Company, Inc has 5+ year remaining on their lease. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for an out of state investor.
Investment highlights
- 5+ Years Remaining | 20-Year Operating History | Naked Lease (Significant Upside Potential)
- Northern Tool + Equipment has operated at this site since 2006, demonstrating a 20-year commitment to the location
- Tenant executed a Second Amendment in early 2021 extending the lease through 10/31/31 (~5.3 years remaining) and investing in significant capital improvements, including a full roof replacement backed by a 20-year, no-dollar-limit warranty that transfers to a new owner free of charge
- Tenant has no option periods remaining and is only paying $13.69/SF in rent, providing the Landlord with the potential for significant upside through redevelopment and/or increased rent | Market rent is $25-$26/SF, according to CoStar
- 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
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$344,397.00
$28,699.75/mo
Valuation Metrics
0
DSCR
6.15%
Cap Rate
6.15%
ROI
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