435 Merritt Island Cswy Merritt Island, FL 32952

This exceptional investment opportunity presents a brand-new, 6,119-square-foot Wawa convenience store and gas station located at 435 E Merritt Island Causeway, Merritt Island, FL 32952. Boasting a 20-year absolute NNN lease commencing September 1, 2024, and expiring August 30, 2044, with six 5-year renewal options, this property offers significant long-term stability. The lease includes a corporate guarantee from Wawa, minimizing risk for the investor. The property sits on a 2.34-acre lot and includes 97 parking spaces. The asking price is $6,086,000, representing a compelling 4.60% cap rate and a price per square foot of $994.61. The property benefits from a strong location in a high-traffic area, surrounded by other major retailers such as Publix, Macy's, Starbucks, and Walgreens, and is part of a larger development including Chipotle, 7-Eleven, and other businesses. The property enjoys a 100% occupancy rate and a current Net Operating Income (NOI) of $280,000. Rent increases are built into the lease, with 7% increases every five years, starting in year 11 and at the beginning of each option period. The property is a ground lease with no landlord responsibilities. The strong demographics of the area, with nearly 88,000 residents and 41,000 employees, and an average household income of $102,234, further enhance the investment potential. The property's APN is 24-36-36-00-00257.1-0000.00. This is a rare opportunity to acquire a high-performing, low-maintenance asset with significant upside potential.