Located in Venice, Florida, this freestanding, single-tenant 7-Eleven consists of a 3,010 sq.ft. retail space, a 980 sq.ft. car wash, and 16 fueling stations with ample parking. The property sits on a massive 1.80-acre parcel of land. Situated along the coast of the Gulf of Mexico, Venice is an affluent area 18 miles south of Sarasota. This fee simple lease is backed by 7-Eleven and has a 15-year lease, including 10 percent increases in rent every five years, and three five-year options to extend. This is a great passive investment opportunity with little-to-no landlord responsibilities. The tenant will receive the occupancy in January 2020. The property is strategically located on North River Road, south of the entrance and exit ramp to Interstate 75, and sees a traffic count of 50,916 vehicles per day. River Road is the most straightforward route to the $125 million Atlanta Braves spring training complex in North Port featuring seven fields, including CoolToday Park and a 6,200-seat stadium. The property serves approximately 45,032 residents and is likely to expand with an expected 15 percent population growth by 2023. Caribbean Village, a new, 178-home gated community built in 2017, is located just south to this property. Caribbean Village features a clubhouse with resort-style pool, cabanas overlooking the lake, and other institutional quality amenities developed by D.R. Horton.
This investment property is suitable for a 1031 exchange.
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