2000 State Rte Margate, FL 33063
- Retail properties
- 5,943 SF
- 1.92 lot acres
Current Use by Public Records
- Retail properties
Property Details for 2000 State Rte
- Lot size
- 1.92 lot acres
- Property size
- 5,943 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a 5,943 square foot Wawa gas station and convenience store located at 2000 State Route 7, Margate, FL 33063. The property sits on a 1.92-acre lot at a signalized intersection with high daily traffic volume (over 90,000 vehicles). This absolute triple-net (NNN) ground lease boasts a corporate guarantee from Wawa, Inc., a nationally recognized investment-grade (Fitch: BBB) company. The lease, commencing January 19, 2018, and expiring January 31, 2038, has over 13 years remaining, with six 5-year renewal options. The current annual net operating income (NOI) is $325,000, representing a 4.25% cap rate and a price per square foot of $1,286.73. Rent escalates 8% every five years, starting in year 11, providing significant long-term growth potential. The property benefits from its location in Margate, Florida, an income tax-free state, within a 5-mile radius boasting a population of 414,327 and an average household income of $93,849. This is a secure, high-performing investment with substantial upside. The asking price is $7,647,059.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Margate
- County
- Broward
- State
- Florida
- Longitude
- -80.2009
- Latitude
- 26.253
