Property Details for 3743 Reid St

Year built

2024

Lot size

4.84 lot acres

Property type

Retail properties & Spaces

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a brand-new, 6,119 square foot Wawa convenience store and gas station located at a signalized, hard corner intersection in Palatka, Florida (3743 Reid St, 32177). The property sits on a 4.84-acre lot with 56 parking spaces and benefits from a 20-year absolute NNN ground lease commencing June 1, 2024, and expiring June 1, 2044, with 19.5 years remaining. The lease includes 5% rent bumps every five years beginning in year 11 and six 5-year lease options. The tenant, Wawa, is credit-rated, ensuring a stable income stream. The property boasts a strong NOI of $235,000, resulting in a compelling 4.75% cap rate at an asking price of $4,947,000. This prime location enjoys high visibility due to its placement at the intersection of N State Road 19 and Reid Street, averaging a combined 53,000 vehicles per day. Nearby retail centers include Palatka Mall and Town & Country Shopping Center, both ranking highly among their respective center types nationwide. The area also features major retailers such as Walmart, Home Depot, and Publix, further enhancing the property's appeal. The proximity to Palatka High School (1,067 students) provides a substantial consumer base. This is a management-free investment opportunity in Florida, a state with no state income tax, offering significant tax advantages. The tenant is responsible for all property expenses including CAM, taxes, and insurance, minimizing landlord responsibilities. The investment structure is a leased fee interest, meaning the investor retains land ownership.

Location Insight

City

Palatka

County

Putnam

State

Florida

Longitude

-81.6682

Latitude

29.6575