Current Use by Public Records
- Retail properties & Spaces
Property Details for 6305 Hwy 17-92
- Year built
- 2023
- Property type
- Retail properties & Spaces
- Property subtype
- Grocery and convenience stores
Description
This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 7,453-square-foot O'Reilly Auto Parts store in Davenport, Florida. Built in 2023, the property boasts premium construction (no metal sides) and benefits from a 14.5-year remaining lease term (initial 15-year lease commencing April 1, 2024, and expiring March 31, 2039) with a credit-rated, corporate-guaranteed tenant. The NNN lease structure minimizes landlord responsibilities, while the attractive lease includes four, five-year renewal options, each with a 6% rent increase starting in year 11. The property enjoys a 5.65% cap rate and a current NOI of $190,301. Situated on a pad site adjacent to a Publix-anchored center attracting over 1.5 million annual visitors, this location benefits from high daily traffic counts exceeding 22,000 vehicles and excellent visibility along Hwy 17-92. The property also features a 20-year transferable roof warranty. Located within the Orlando-Kissimmee-Sanford MSA, Davenport experiences significant population growth (projected 25.23% in five years), offering a strong market for this investment-grade tenant (O'Reilly Auto Parts, S&P rated BBB/Moody's rated BAA1). This is a rare opportunity to acquire a high-performing asset with a long-term lease and significant upside potential. Asking price: $3,368,000.
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
- Davenport
- County
- Polk
- State
- Florida
- Longitude
- -81.5572
- Latitude
- 28.2405
