Net Leased Retail Property with
3970 SW. 3rd Street Ocala, FL 34474
New
For Sale
$5,259,000
NN leased Northern Tool & Equipment investment with limited landlord obligations and approximately 7 years remaining plus extensions.
Days on Market6
Property Features for 3970 SW. 3rd Street
General Information
Standard status
Active
Property subtype
Retail
Building Details
Year Built
2008
Listing Agency:
SRS Real Estate Partners | Salt Lake City
(714) 928-8016
Listed By:
Gary Chou
(714) 928-8016
Source:
Srsre
Added: Jul 24
Changed: Jul 26
Last Checked: Jul 29 at 3:27AM
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 SRS Real Estate Partners | Salt Lake City
Investment Insights
Based on property information with market context.
SRS National Net Lease is offering the fee simple interest (land and building ownership) in an NN leased Northern Tools + Equipment retail property in Ocala, Florida. Northern Tool & Equipment Company, Inc. has operated at the site since 2008, and the lease was extended through 5/31/33, leaving approximately 7 years remaining, with two additional five-year options to extend. The lease includes 5% rental increases every five years throughout the remainder of the term and at the beginning of each option period. The next scheduled increase is noted as June 2028.
The property is described as adjacent to what will be a new CUI Heat warehouse and distribution facility. The lease is structured as NN with limited landlord responsibilities, while the tenant is responsible for taxes, insurance, CAM, general maintenance of the premises, and full HVAC repair and replacement under a mandatory service contract, with landlord responsibilities limited to roof, structure, foundation, and utility infrastructure only.
The tenant is the Minnesota-based Northern Tool & Equipment Company, Inc., and the offering is presented as a low-management, passive investment opportunity for an out-of-state buyer.
The property is described as adjacent to what will be a new CUI Heat warehouse and distribution facility. The lease is structured as NN with limited landlord responsibilities, while the tenant is responsible for taxes, insurance, CAM, general maintenance of the premises, and full HVAC repair and replacement under a mandatory service contract, with landlord responsibilities limited to roof, structure, foundation, and utility infrastructure only.
The tenant is the Minnesota-based Northern Tool & Equipment Company, Inc., and the offering is presented as a low-management, passive investment opportunity for an out-of-state buyer.
Key Highlights
- NN leased Northern Tool + Equipment property with 2008 build year and fee simple (land & building) ownership offered
- Lease extended in Dec 2022 through 5/31/33 (~7 years remaining) with two (5‑year) options to extend
- Tenant lease structure includes 5% rental increases every 5 years throughout the remainder of the term and option periods (next increase: June 2028)
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
NNN property - NN leased Northern Tool & Equipment investment with limited landlord obligations and approximately 7 years remaining plus extensions.
Where is this nnn property located?
The property is located at 3970 SW. 3rd Street Ocala, FL.
What is the asking price?
The asking price for this property is $5,259,000.
What are key features of this property?
This property features: NN leased Northern Tool + Equipment property with 2008 build year and fee simple (land & building) ownership offered; Lease extended in Dec 2022 through 5/31/33 (~7 years remaining) with two (5‑year) options to extend; Tenant lease structure includes 5% rental increases every 5 years throughout the remainder of the term and option periods (next increase: June 2028)
