1521 74th Dr Gainesville, FL 32607-0002

Property Details for 1521 74th Dr

Lot size

0.17 lot acres

Zone code

MU2

Property type

Commercial land

APN

06676-011-009

APU

6676011009

Description

This exceptional investment opportunity presents a fee-simple condo ownership interest in a newly constructed (2023), 800-square-foot Ellianos Coffee location at 1521 SW 74th Dr, Gainesville, FL 32607. The property boasts a strong 8.7 years remaining on a 10-year absolute NNN lease, offering zero landlord responsibilities. The lease includes 10% rent bumps every five years and three, five-year renewal options, ensuring consistent and growing income. With a current NOI of $39,000 and a 5.50% cap rate, this property offers a compelling return on investment. The building is situated on an 800-square-foot lot with ample parking (22 spaces) and benefits from its location in a high-traffic trade area with over 36,000 vehicles per day. The property is surrounded by other national retailers, including Sherwin-Williams, Dollar General, and Marco's Pizza, further enhancing its visibility and appeal. The Ellianos Coffee tenant achieved over $1.61 million in sales during the first half of 2023, demonstrating strong performance. The property's proximity to the University of Florida (60,000+ students and 480,000+ alumni) and the high volume of visitors during football season contributes to its exceptional location. This is a rare opportunity to acquire a well-performing, low-maintenance retail investment in a thriving Gainesville market. The property is a single-story building in a Class B retail space.