Gas Station with Long-Term NNN
For Sale
$3,000,000
180 Mary Esther Boulevard, Mary Esther, FL 32569
Fully operational gas station and c-store with 10-year NNN leases and a 10-year renewal option.
Property Size5,196 SF
Price / SF$600
Days on Market43
Property Features for 180 Mary Esther Boulevard
General Information
Standard status
Active
Size
5,196 SF
Property subtype
Retail
Occupancy
100%
Net Operating Income
$210,000
Financials
Asking Price
$3,000,000
Cap Rate
7%
Additional Details
Road Access
Yes
Equipment Included
No
Fuel Pumps
6
Building Details
Building Size
5,196 SF
Year Built
2013
Year Renovated
2025
Buildings
1
Tenancy
Multi
Listing Agency:
Bay City Realty
Listed By:
Mehdi Moeini · License #0001569850
(850) 380-0877
Source:
Commercialcafe
Added: Jul 29
Changed: Sep 8
Last Checked: Sep 7 at 8:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bay City Realty
Investment Insights
Based on property information with market context.
180 Mary Esther Boulevard (Mary Esther, FL) is a gas station featuring approximately 15,000 SF of income-producing retail space, operated as a fully operational C-store and PITA Mediterranean street food. The property is offered as a sale-leaseback, with the seller executing the transaction at closing and the asset delivered occupied.
Under the sale-leaseback structure, both tenants will sign new 10-year NNN leases at closing, with a 10-year option to renew. The lease terms include 2% increases each year and an absolute NNN land ownership structure. The operating setup includes 6 multi-product dispensers with 12 fueling positions, supporting day-to-day fueling and convenience retail.
Capital improvements for 2025–2026 include new exterior and on-site signage, complete exterior repainting of the building, fuel canopy, and poles, renovation of the PITA restaurant area with new equipment installation, kitchen layout redesign with updated LED lighting throughout the interior and building perimeter, and interior repainting throughout the building.
The property is located on Mary Esther Boulevard (historically known as the Mary Esther Cutoff), positioned as a critical quick-stop for commuters and travelers with high vehicle counts.
Under the sale-leaseback structure, both tenants will sign new 10-year NNN leases at closing, with a 10-year option to renew. The lease terms include 2% increases each year and an absolute NNN land ownership structure. The operating setup includes 6 multi-product dispensers with 12 fueling positions, supporting day-to-day fueling and convenience retail.
Capital improvements for 2025–2026 include new exterior and on-site signage, complete exterior repainting of the building, fuel canopy, and poles, renovation of the PITA restaurant area with new equipment installation, kitchen layout redesign with updated LED lighting throughout the interior and building perimeter, and interior repainting throughout the building.
The property is located on Mary Esther Boulevard (historically known as the Mary Esther Cutoff), positioned as a critical quick-stop for commuters and travelers with high vehicle counts.
Key Highlights
- Approximately 15,000 SF of income‑producing retail space at 180 Mary Esther Boulevard
- Sale‑leaseback structure with new 10‑year NNN leases and a 10‑year option to renew
- 7% cap rate and 2% annual increases each year
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$134,879
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.50%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,697,580
$2.7M
Cap Rate 7%
$1,926,843
$1.9M
Cap Rate 9%
$1,498,656
$1.5M
Market Conditions
NOI Build-Up for 5,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$185.4K $37.08/SF
− Vacancy
−$5.6K −$1.11/SF
EGI
$179.8K $35.97/SF
− OpEx
−$45.0K −$8.99/SF
NOI
$134.9K $26.98/SF
Area
Okaloosa County, FL
Vacancy
3.00%
Lease Rate
$37.08 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,697,580
Cap Rate 7%
$1,926,843
Cap Rate 9%
$1,498,656
Alternative Uses
Best Use
Specialty Retail
$1.93M
$1.69M – $2.25M
NOI $134,879 @ 7.0% cap · market cap 4.50%
Second Best
Retail
$1.03M
$898.4K – $1.20M
NOI $71,873 @ 7.0% cap · market cap 2.40%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
757
Businesses Nearby
233k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 34%
Shops & Services 29%
Dining 18%
Groceries 7%
Target
Superstores
79,532 visits/mo
0.3 miles
Dollar Tree
Shops & Services
22,958 visits/mo
0.1 miles
Piggly Wiggly
Groceries
17,043 visits/mo
0.2 miles
Murphy USA
Shops & Services
12,720 visits/mo
0.1 miles
Starbucks
Dining
12,553 visits/mo
0.4 miles
Demographics for 32569, FL
12,378
Population
5,795
Households
2.1
Avg Household Size
38
Median Age
40%
College-Educated
95%
High-School Grad
4.2 sq mi
ZIP Area
2,947
Density / Sq Mi
$73,762
Median Household Income
$43,832
Median Earnings
$1,456
Median Rent
$296,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Gas station - Fully operational gas station and c-store with 10-year NNN leases and a 10-year renewal option.
Where is this gas station located?
The property is located at 180 Mary Esther Boulevard Mary Esther, FL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Approximately 15,000 SF of income‑producing retail space at 180 Mary Esther Boulevard; Sale‑leaseback structure with new 10‑year NNN leases and a 10‑year option to renew; 7% cap rate and 2% annual increases each year
