Current Use by Public Records
- Retail properties & Spaces
Property Details for 7960 Wire Rd
- Year built
- 1986
- Lot size
- 1.07 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Grocery and convenience stores
Description
This exceptional investment opportunity presents a fully renovated Chevron gas station and convenience store in Zephyrhills, Florida. The property boasts a 20-year absolute NNN lease with a corporate guarantee from Chevron, ensuring consistent rental income. The 4,260 square foot building, renovated in 2024, sits on a 1.07-acre lot with 18 parking spaces and features 4 gas pumps and a Harry's Food Mart. The lease, commencing March 10, 2024, includes a 5% rent increase every 5 years and two 5-year renewal options, providing long-term security. The current NOI is $246,000, yielding a 7.5% cap rate, projected to increase to 9.25% by lease expiration. The property benefits from its strategic location across from a new 500+ home development, ensuring high traffic volume. Assumable financing is available with a $2,600,000 debt at 7% interest, 18 years remaining, and a monthly payment of $20,933.07. The property is zoned CG and includes a newly renovated interior and exterior, including a new HVAC system, roof, tanks, pumps, canopy, signage, and paint. This is a turnkey investment with minimal management requirements due to the NNN lease structure. The property's strong financials, coupled with the long-term lease and rent escalations, make this an attractive investment opportunity with significant upside potential.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Zephyrhills
- County
- Pasco
- State
- Florida
- Longitude
- -82.1798
- Latitude
- 28.2737
