6950 Okeechobee Blvd West Palm Beach, FL 33411-2508

Property Details for 6950 Okeechobee Blvd

Year built

1983

Construction

CONCRETE

Lot size

1.01 lot acres

Property size

4,325 SF

Zone code

CG

Property type

Grocery and convenience stores

APN

00-42-43-28-01-002-0060

APU

424328010020060

Description

This exceptional investment opportunity presents a high-volume Exxon-branded convenience store ideally situated on Okeechobee Boulevard in West Palm Beach, Florida. Boasting a prime location with over 75,000 cars passing daily, this property has a proven track record of success, averaging 2 million gallons of fuel sales annually over the past three years. The 4,325 square foot store sits on a one-acre lot with 25 parking spaces and eight gas pumps. The current 15-year absolute NNN lease, commencing December 15, 2024, and expiring November 30, 2039, includes 7% rent bumps every five years and three five-year renewal options with similar increases. The tenant, Florida Gas Partners, a rapidly growing convenience store operator, is responsible for all maintenance, taxes, and insurance, offering a truly passive investment. The property features a 6.75% cap rate and a strong NOI of $355,000. With a rent-to-sales ratio of only 3.75% and a debt service coverage ratio exceeding three times, this offering presents a compelling return on investment. The asking price is $5,259,000. Comprehensive due diligence materials, including an updated Phase I environmental report, survey, and clean title, are readily available to facilitate a swift closing. The property is currently zoned for commercial use and qualifies for significant bonus depreciation, allowing for accelerated write-offs. This is a turnkey investment with exceptional potential for long-term growth and passive income. Further details are available upon request.