1 Florida Park Dr Ste 101a Palm Coast, FL 32137-3843

Property Details for 1 Florida Park Dr Ste 101a

Year built

1991

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.02 lot acres

Property size

885 SF

Zone code

OFC-2

Property type

Office Properties & Spaces

APN

07-11-31-7002-0RPA2-101A

APU

07113170020RPA2101A

Description

This exceptional investment opportunity presents a brand-new, free-standing Wawa convenience store and gas station in Palm Coast, Florida. The property boasts a 20-year triple-net (NNN) ground lease, commencing November 21, 2024, with absolutely zero landlord responsibilities for operating and capital expenses. A significant advantage is the inclusion of a rare 8% rent increase every five years, starting in year six. The lease further includes six five-year option periods, ensuring long-term, stable income. Situated on a 2.51-acre lot at a signalized intersection of Palm Coast Pkwy NE and Florida Park Dr S, this Wawa enjoys high visibility and accessibility with three ingress/egress points. The 5,636 square-foot building, constructed in 2024, features 16 gas pumps and is 100% occupied. The property's strong financial performance is reflected in its $350,000 net operating income (NOI) and a 4.55% cap rate. The asking price is $7,692,308. The location benefits from a dense population of over 88,000 within a five-mile radius, boasting an average income exceeding $112,000. Nearby retailers include Publix, Starbucks, McDonald's, Wendy's, KFC, and many other national brands, indicating a thriving commercial environment. This is a fee-simple ownership with a corporate guarantee from Wawa, offering a secure and lucrative investment prospect. The property is debt-free, allowing for an all-cash purchase.