Verizon Wireless NN leased Investment Property

Retail-Commercial for Sale
Catylist Listing ID: 30275940
Property Subtypes: Free-Standing Building, Street Retail
Building Size (RSF): 3,200 SF
Gross Building Area: See Agent
Sale Price: $2,175,000
Unit Price: $679.69 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Verizon Wireless
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/14/2019

Overview / Comments

SVN is pleased to present this Net Leased Investment property, featuring Verizon Wireless (Corporate store) in Tallahassee, FL. The single tenant store was renovated for Verizon Wireless in 2007 and they have been in the location for over 10 years. It features a new 5- year NN lease renewal on 4/1/2018, with a second 5-year renewal option at increased rental bump. The 3,200sf store is located in one of the busiest trade areas in Tallahassee on a 1.2 acre site with traffic counts in excess of 42,000 VPD.

The property has ample parking since the site was originally developed as a restaurant with drive-thru.

National retailer brands in the immediate area surrounding the Verizon store include Kohl’s, Goodwill, Wendy’s, JC Penny, Dillards, Best Buy, Office Depot, Dicks, Jason's Deli, Hardee's and many others. The State of Florida Capitol building is only 1.5 miles west of this location. There are 3 new hotels being constructed in the immediate area.

The lease is a Double Net Lease with Landlord responsible for Roof, Structure. Tenant pays for ad valorem taxes, casualty insurance and other maintenance. This renewal period term which commenced on April 1, 2018 and runs thru March 31, 2023, and also has one 5-year option period that bumps the rent to $174,200 on April 1, 2023.

Attachments & Media

Current Tenants

Tenant Business Name Verizon

Additional Details

Nearest MSA: Tallahassee
County: Leon
Tax ID/APN: 3105200970000
Zoning: CP
Retail Clientele: General
Property Visibility: Excellent
Site Description: Excellent location and prime real estate Great condition and construction In the heart of the Retail trade area 500ft from the Govenors Square Mall Functional for alternative uses (has parking & drive thru) High barrier to entry submarket
Area Description: This Verizon Wireless retail building is located on the strongest retail corridor in the Tallahassee MSA, on the Apalachee Parkway, just east of Blairstone Road. The Governors Square Mall - the dominant regional mall in the area is located 500 feet to the west and the State Capitol can be viewed from the site, 1 mile west. Florida State University is 2 miles west of the site. Other retailers in the trade area: Best Buy, Bed Bath Beyond, Borders, Michaels, Staples, Target, Chick Fil A, Earth Fare, Dillard's, JC Penney, Sears, and Macy's, Dicks Sporting Goods, BJ's Brewhouse, Hilton Garden Inn, and many more retailers in the immediate area.
Property Condition: Good

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,141 70,047 151,629
Median Age: 32 31.16 30.69
Households: 5,714 29,739 63,358


Photograph of Listing Agent

Carlton Dean, SIOR, CCIM

SVN | SouthLand Commercial Member
© Copyright 2001-2019 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Tallahassee Board of REALTORS nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.