1814 Lecanto Hwy Lecanto, FL 34461

Property Details for 1814 Lecanto Hwy

Year built

2024

Lot size

2.29 lot acres

Property size

16,289 SF

Property type

Retail space

Property subtype

Storefront properties

Description

This exceptional investment opportunity presents a brand-new, 16,289 square foot PetSmart storefront located at 1814 N Lecanto Hwy, Lecanto, FL 34461. The property boasts a fee-simple ownership structure with a 10-year net lease (NNN) commencing October 3, 2024, and expiring October 1, 2034, offering a remaining term of 9.9 years. The lease includes corporate guarantees from PetSmart, LLC, a highly rated ("B+" by Standard and Poor's) and financially stable company operating over 1,660 locations. The property features a 6.50% cap rate and a strong net operating income (NOI) of $276,913. Rent increases are built into the lease, with a $1/SF increase every five years. The building, constructed in 2024, is a state-of-the-art prototype design. The 2.29-acre lot provides ample parking with 104 spaces. This location benefits from excellent visibility and access, situated on a road with 41,540 vehicles per day (VPD), and is shadow-anchored by a Walmart Supercenter. The property is also across from a new Target and Aldi anchored center. The surrounding area is experiencing significant residential growth, with thousands of homes in nearby communities such as Black Diamond Ranch, Terra Vista, and Brentwood Farms. Future development plans further enhance the long-term growth potential. This is a rare opportunity to acquire a stabilized, high-performing retail investment with a strong tenant and significant upside potential. The lease includes four, 5-year renewal options.