4950 Dave Robbins Way Lakeland, FL 33812

Property Details for 4950 Dave Robbins Way

Year built

2021

Lot size

0.95 lot acres

Property size

7,627 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents a 7,627 square foot O'Reilly Auto Parts store in Lakeland, Florida. The property, built in 2021, sits on a 0.95-acre corner lot at a lighted intersection on Dave Robbins Wy, boasting high visibility and traffic counts of 56,500 vehicles per day – a 40% increase since 2020. The property is strategically located as an outparcel to a Publix-anchored shopping center, benefiting from the high traffic and customer base of this dominant grocery chain. The lease, a Net Lease (NN) with a corporate guarantee from a credit-rated tenant, has 11.5 years remaining (original term 15 years, commencing June 1, 2021, and expiring May 31, 2036) with four 5-year renewal options. The current rent is significantly below market rate, reflecting a 22.6% increase since the lease's inception in Q1 2020. The property's strong location is further enhanced by its proximity (10 miles) to O'Reilly Auto Parts' Florida distribution center, serving a vast population of over 10 million people within a 100-mile radius. The surrounding area demonstrates robust demographics, with 80,794 residents within a 5-mile radius and an average household income of $112,799. Furthermore, over 5,100 new residential units are under construction, adding to the already substantial customer base. The asking price is $2,221,000, representing a cap rate of 5.85% and a NOI of $129,927. This presents a compelling investment opportunity with a strong tenant, long lease term, and significant growth potential.

Location Insight

City

Lakeland

County

Polk

State

Florida

Longitude

-81.8847

Latitude

27.9747