10716 Atlantic Blvd Jacksonville, FL 32225

Property Details for 10716 Atlantic Blvd

Year built

1989

Lot size

0.51 lot acres

Property size

738 SF

Property type

Grocery and convenience stores

Property subtype

Gas stations

Description

This exceptional investment opportunity presents a freestanding Shell gas station and convenience store located at 10716 Atlantic Blvd, Jacksonville, FL 32225. The property boasts a 738 square foot building situated on a 0.51-acre lot, featuring 10 gas pumps. Built in 1989 and renovated in 2020, this property benefits from a strong location with high traffic counts (74,000+ vehicles per day) and a dense population (81,000+ within 3 miles, 218,000+ within 5 miles), boasting an average household income exceeding $75,000 within a 3-mile radius. The property is currently operating under a 21-year absolute NNN lease with a franchisee tenant, commencing November 22, 2019, and expiring November 30, 2040. This leaves a substantial 16-year remaining lease term, providing significant long-term stability. The lease includes annual rent bumps of 2.00% and two 10-year renewal options. The asking price is $4,568,000, representing a price per square foot of $6,189.70 and a 6.25% cap rate based on a net operating income (NOI) of $285,471. The property offers a compelling investment opportunity due to its strong tenant, long-term lease, and favorable location within a tax-advantaged state. This is a leased fee simple ownership.