Published on: Monday, January 6, 2025
Updated on: Tuesday, January 28, 2025
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About the Lister
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Name: David J. Rosenthal
Company: Grimaldi Commercial Realty Corp.
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Cell Phone: (813) 882-0884
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  7.3% cap rate! new amoco station for sale! (20-year pure ...
16035 Us Highway 301 Dade City Florida , 33523
16035 Us Highway 301 Dade City Florida                                                                                             , 33523  Grimaldi Commercial Realty Corp.
Listing ID: CL-Florida-13475

Purchase Option

Acquisition Option: Traditional Purchase
Cap Rate (%): 7.3
Net Operating Income: $240,000.00
Commission Split (%): 0
Quick Glance
Listing ID: CL-Florida-13475
Status: Accepting Offers
Financing: Third Party Financing
Occupancy: 100%
Year Build: 1977
Building Size: 3,592.00 SqFt
Lot Size: N/A
No of Stories: N/A
No of Parking: 23
Offer to Millionaire Club: No
Business Available for Sale: Yes
Is Net Lease Investment: Yes
Property On Ground Lease: No
Building Status: Existing
Attached Documents
  • Download | Offering Memorandum.pdf ( 5,033.75KB)
Listing Summary
THIS FULLY REMODELED 4-PUMP AMOCO GAS STATION WITH A SIGNATURE "GO MARKET" C-STORE IS LOCATED IN BEAUTIFUL DADE CITY, FL.
Complete Details
Year Build: 1977
Building Size: 3,592
No of Stories: N/A
Total Lot Area: N/A SqFt.
No of Parking: 23
No of Total Units: N/A
Property Current Status: Normal Sale
Building Status: Existing
Heating and Cooling: Not Specified
Building Class: A
Property on Ground Lease?: No
Net Lease Investment?: Yes
Business Price Included?: Yes
Roofing: Not Specified
Occupancy: 100%
Full Description

Property Description

THIS FULLY REMODELED 4-PUMP AMOCO GAS STATION WITH A SIGNATURE "GO MARKET" C-STORE IS LOCATED IN BEAUTIFUL DADE CITY, FL. THE PROPERTY SITS AT A SIGNALIZED INTERSECTION WITH HEAVY TRAFFIC! THIS STATION IS LOCATED IN THE WESLEY CHAPEL AREA, ONE OF THE FASTEST-GROWING AREAS IN ALL OF FLORIDA. THIS ONE-OF-A-KIND INVESTMENT OPPORTUNITY COMES WITH A 4-PUMP STATION, A FULLY REMODELED "GO MARKET" FOOD MART, A NEW (20-YEAR) PURE NNN LEASE, & STRONG HISTORIC SALES.

CURRENTLY, THE PROPERTY HAS A NEW 20-YEAR PURE NNN LEASE IN PLACE. THE LEASE WILL BE SIGNED AT CLOSING & RUN FOR A FULL 20-YEAR TERM. THE RENTAL RATE STARTS AT $20,000 (PER MONTH) IN 2024 AND WILL INCREASE BY 10%, EVERY 5 YEARS, UNTIL THE END OF THE 20-YEAR TERM. THE TENANT ALSO HAS (2) FIVE-YEAR OPTIONS TO EXTEND AFTER THE EXPIRATION OF THE INITIAL LEASE TERM. THIS GIVES THE BUYER LOCKED-IN SECURITY & FANTASTIC RENTAL INCOME FOR THE NEXT 20+ YEARS. THE LEASE IS FULLY GUARANTEED & BACKED BY A AMOCO/BP GAS AGREEMENT THROUGHOUT THE LEASE.

THE PROPERTY CURRENTLY BOASTS AN IN-PLACE CAP RATE OF 7.3%. WITH THE RENTAL INCREASES EVERY 5 YEARS BUILT INTO THE CURRENT LEASE, THIS NUMBER WILL ONLY GROW! BY 2029, THE BUYER WILL EASILY SURPASS A CAP RATE OF 8% & THIS WILL RISE, 5 YEARS LATER TO ALMOST AN 9% CAP RATE WITH AN UPSIDE FOR MORE AFTER THE INITIAL TERM. BY THE FINAL YEARS OF THE LEASE, THE CAP RATE WILL SURPASS 10%, WHICH IS AN AMAZING RETURN FOR AN NNN ASSET THAT IS HANDS-OFF FOR THE BUYER.

ASSUMABLE FINANCING APPROXIMATE TERMS:

THE SELLER CURRENTLY HAS FINANCING IN PLACE THAT IS ASSUMABLE FOR A BUYER AT THE FOLLOWING TERMS:

TOTAL DEBT: $2,600,000

7% FIXED IR

18-YEARS REMAINING ON THE LOAN

MONTHLY PAYMENTS: $20,933.07

THESE FINANCING TERMS ARE BETTER THAN ANYTHING A BUYER CAN FIND ON THE OPEN MARKET AND WILL ALLOW THE DEAL TO CLOSE QUICKLY WITHOUT ADDITIONAL BANK FEES AND THE LONG, DRAWN-OUT LOAN PROCESS. THE LOAN HAS 18 YEARS REMAINING, AND THERE IS NO PREPAYMENT PENALTY IF THE BUYER WOULD WANT TO PAY THE NOTE OFF SOONER OR IF THEY DECIDE TO REFINANCE DOWN THE ROAD WHEN BANK RATES IMPROVE!

CURRENTLY, THE PROPERTY HAS A BRAND NEW 20-YEAR PURE NNN LEASE IN PLACE. THE LEASE WILL BE SIGNED AT CLOSING AND RUN FOR A FULL 20-YEAR TERM. THE RENTAL RATE STARTS AT $20,000 (PER MONTH) IN 2024 AND WILL INCREASE BY 10% EVERY 5 YEARS UNTIL THE END OF THE 20-YEAR TERM. EVEN BETTER IS THE FACT THAT THE TENANT HAS (2) FIVE-YEAR OPTIONS TO EXTEND AFTER THE EXPIRATION OF THE INITIAL LEASE TERM. THIS GIVES THE BUYER LOCKED-IN SECURITY AND FANTASTIC RENTAL INCOME FOR THE NEXT 20+ YEARS. THE LEASE IS FULLY GUARANTEED AND BACKED BY AN AMOCO/BP SUPPLY AGREEMENT THROUGHOUT THE LIFE OF THE LEASE.

THE PROPERTY CURRENTLY BOASTS AN IN-PLACE CAP RATE OF APPROXIMATELY 7.3%. WITH THE RENTAL INCREASES EVERY 5 YEARS BUILT INTO THE CURRENT LEASE, THIS NUMBER WILL ONLY GROW! BY 2039, THE BUYER WILL EASILY SURPASS A CAP RATE OF 10%, AND THIS WILL RISE 5 YEARS LATER TO OVER A 11% CAP RATE WITH AN UPSIDE FOR MORE AFTER THE INITIAL TERM.

THIS IS THE PERFECT INVESTMENT OPPORTUNITY FOR SOMEONE LOOKING TO LOCK IN A STRONG LONG-TERM INCOME, $20,000 MINIMUM PER YEAR, WITH A STRONG AND PROVEN TENANT. THE OPERATOR (TENANT) HAS MANY OTHER GAS STATIONS IN THE SURROUNDING AREA AND HAS BEEN RUNNING AND OPERATING GAS STATIONS FOR OVER 30 YEARS. THEY ARE SEASONED PROFESSIONALS WHO HAVE A STRONG TRACK RECORD AND A PROVEN BUSINESS MODEL THAT HAS BEEN WORKING FOR YEARS! ONE MAJOR ADVANTAGE FOR AN INVESTOR IS HOW EASY THIS ASSET IS TO MANAGE. DUE TO THE FACT THAT THE TENANT IS RESPONSIBLE FOR ALL EXPENSES, INCLUDING BUT NOT LIMITED TO ALL PROPERTY REPAIRS, MAINTENANCE, UTILITIES, ALL OTHER CAM CHARGES, PROPERTY TAXES, AND INSURANCE AT THE PROPERTY. THIS ASSET IS VERY EASY TO MANAGE AND MAINTAIN FOR A BUYER WHO LIVES IN THE AREA OR EVEN AN OUT-OF-STATE INVESTOR!

IT IS VIRTUALLY IMPOSSIBLE TO FIND ANY PURE NNN AMOCO GAS STATION ON THE MARKET PRODUCING A (7.3%-11%) CAP RATE LOCKED IN FOR THE NEXT 20 YEARS ANYWHERE ELSE. THIS OPPORTUNITY WILL NOT LAST LONG AS THE SECURITY OF THE TENANT IS IN PLACE, AND THE RENTAL UPSIDE IS IMPOSSIBLE TO FIND ANYWHERE IN THIS MARKET. THE RECENT UPGRADES AND RENOVATIONS ONLY ADD TO THE VALUE-ADD NATURE OF THIS AMAZING ASSET!

Location Description

LOCATED IN THE HEART OF DADE CITY, FL! ON A SIGNALIZED INTERSECTION!

Additional Properties
Property Highlights
  • BRAND NEW 4-PUMP AMOCO STATION WITH SIGNATURE "GO MARKET" C-STORE IN THE HEART OF WESLEY CHAPEL, FL!
  • LOCATED DIRECTLY ON US-HWY 98, AKA (HWY 301), ONE OF THE MOST TRAVELED HIGHWAYS IN ALL OF FLORIDA!
  • 20-YEAR PURE NNN LEASE WITH TWO 5-YEAR OPTIONS!
  • ASSUMABLE FINANCING AVAILABLE!
  • 10% RENTAL INCREASES EVERY 5 YEARS THROUGHOUT THE TERM OF THE LEASE!
  • 7.3% CAP RATE IN 2024!
  • 8% CAP RATE IN 2029!
  • 9% CAP RATE IN 2034!
  • 10% CAP RATE IN 2039!
  • 11% CAP RATE IN 2044!
  • RECENT SITE RENOVATIONS INCLUDE NEW HVAC, NEW ROOF, NEW TANKS, NEW PUMPS, NEW CANOPY, NEW SIGNAGE, NEW PAINT, AND NEWLY RENOVATED INSIDE STORE WITH MANY INTERIOR UPDATES!
  • STRONG TENANT IN PLACE WITH OVER 35 YEARS OF GAS STATION OPERATION EXPERIENCE AND EXTREMELY STRONG FINANCIALS!
Features
  • APN: 15-24-21-0000-06700-0020
  • Lease Options: (2)- 5 Year Options
  • Sale Condition: Sale for leaseback
  • Class: A - Lease Type: Absolute NNN
  • Tenancy: Single Brand/Tenant: AMOCO
  • Lease Term: 19.6 years - Lease Commencement: 10/01/2024
  • Lease Expiration: 04/29/2044 - Remaining Term: 19.3 years
  • Net Rentable (sq ft): 2,408
  • Rent Bumps: 10% Every 5 Years
  • Pro-Forma NOI $319,440
  • Gas Pumps: 8
Actual - Cash Flow
Cash Flow Year Gross Income Effective GrossIncome Operating Expenses Net Operating Income Pre Tax Cash Flow Cap Rate
2025
$0.00
$0.00
$0.00
$240,000.00
$0.00
0%
Cash Flow for Current Listings

Lending Opportunities

Interested in making an offer on this property or adding it to your portfolio? Our network of experienced lenders is ready to provide you with competitive loan options tailored to your needs. Whether you're an investor or a first-time buyer, securing financing is the key to turning this opportunity into reality. Don’t wait, reach out now to get pre-approved, explore your loan options, and take the next step with confidence!
Company Name Lender Type Contact Name Contact Number Actions
Ultimate Mortgage Lenders Mortgage Lenders Jason Tylor (954) 849-7745 Request Quote
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1200 3rd St SW , Wahneta Florida                                                                                              33880
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1200 3rd St SW , Winter Haven Florida                                                                                              33880
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115 112th Ave NE , Saint Petersburg Florida                                                                                              33716