435 Merritt Island Cswy Merritt Island, FL 32952

Property Details for 435 Merritt Island Cswy

Year built

2024

Lot size

2.34 lot acres

Property size

6,119 SF

Property type

Grocery and convenience stores

Property subtype

Gas stations

APN

24-36-36-00-00257.1-0000.00

Description

This exceptional investment opportunity presents a brand-new, 6,119-square-foot Wawa convenience store and gas station located at 435 E Merritt Island Causeway, Merritt Island, FL 32952. Boasting a 20-year absolute NNN lease commencing September 1, 2024, and expiring August 30, 2044, with six 5-year renewal options, this property offers significant long-term stability. The lease includes a corporate guarantee from Wawa, minimizing risk for the investor. The property sits on a 2.34-acre lot and includes 97 parking spaces. The asking price is $6,086,000, representing a compelling 4.60% cap rate and a price per square foot of $994.61. The property benefits from a strong location in a high-traffic area, surrounded by other major retailers such as Publix, Macy's, Starbucks, and Walgreens, and is part of a larger development including Chipotle, 7-Eleven, and other businesses. The property enjoys a 100% occupancy rate and a current Net Operating Income (NOI) of $280,000. Rent increases are built into the lease, with 7% increases every five years, starting in year 11 and at the beginning of each option period. The property is a ground lease with no landlord responsibilities. The strong demographics of the area, with nearly 88,000 residents and 41,000 employees, and an average household income of $102,234, further enhance the investment potential. The property's APN is 24-36-36-00-00257.1-0000.00. This is a rare opportunity to acquire a high-performing, low-maintenance asset with significant upside potential.