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Rally Gas Station Ground Lease, Palm Harbor, FL

Rally Gas Station Ground Lease

FL, USA

Price $3,100,000
Cap Rate
NOI
Lease Term Less than one year remaining
Lease Type Absolute NNN Ground Lease, With Tenant Responsible For All Taxes, Insurance, Maintenance, And Repair, Including Roof, Structure, And Parking Lot
Rental Increases Approx. 7.5% Rental Increases Every Three (3) Years
Year Built 2021
Building Size 4,350 SF
Lot Size 1.087 Acres (47,367 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

ABSOLUTE NNN GROUND LEASE
» Absolute NNN ground lease with scheduled rental increases, providing a hedge against inflation
» No landlord management
» Ideal investment opportunity for an out-of-area investor
» Building fully remodeled in 2021, and site includes six fuel pumps, a convenience store, and car wash

HARD-CORNER LOCATION NEAR STRONG TRAFFIC DRIVERS
» Strategic hard-corner location on Ridgemoor Boulevard and East Lake Road South with excellent street visibility and access to 58,700 vehicles per day at the signalized intersection
» Across from the Ridgemoor Plaza, a shopping mall anchored by Publix Super Market, the second-largest employer in the County providing crossover traffic in the area
» Proximity to nearby tenants such as Walgreens, Chase Bank, Starbucks, Smoothie King, Dunkin’, and several others
» Beneficial proximity to well-attended schools, including St. Petersburg College-Tarpon Spring (26,430 students), East Lake High School (2,334 students), and Cypress Woods Elementary School (787 students), providing a nearby customer base for the site
» Ideal location less than 15 minutes from Mease Countryside Hospital (300 beds) and HCA Florida Trinity Hospital (340 beds)

PRIME LOCATION IN AFFLUENT AND GROWING FLORIDA SUBURB
» Situated near single family homes and large apartment complexes including Lansbrook Village Condominiums (668 units), Egret’s Landing Apartments (420 units), The Boot Ranch Apartments (432 units), and numerous others nearby
» Prominent location in a dense residential neighborhood with a population of 135,939 within a five-mile radius
» Well-positioned in an affluent community with an average annual household income of $109,137 within three miles (over $100k within one-, three- and five-mile radii)
» Average annual household income within five miles is projected to increase 13 percent by 2026, poising Palm Harbor and Rally’s for concurrent growth
» 16 miles from Clearwater (117,292 residents) and 22.3 miles from Tampa (384,959 residents), the third-most populous city in Florida


Property Description

SOLD

Rally Gas Station is strategically located on the signalized intersection of Ridgemoor Boulevard and East Lake Road South with excellent street visibility and access to 58,700 vehicles per day. The property is across from the Ridgemoor Plaza, a shopping mall anchored by Publix Super Market, the second-largest employer in the County providing crossover traffic in the area. The location is close to local and national tenants such as Walgreens, Chase Bank, Starbucks, Smoothie King, Dunkin’, and several others. The site maintains beneficial proximity to well-attended schools, including St. Petersburg College-Tarpon Spring (26,430 students), East Lake High School (2,334 students), and Cypress Woods Elementary School (787 students), providing a nearby customer base for the site. The property is in an ideal location less than 15 minutes from Mease Countryside Hospital (300 beds) and HCA Florida Trinity Hospital (340 beds).

The location is just 16 miles from Clearwater (117,292 residents) and 22.3 miles from Tampa (384,959 residents), the third-most populous city in Florida. The site is situated near single family homes and large apartment complexes including Lansbrook Village Condominiums (668 units), Egret’s Landing Apartments (420 units), and The Boot Ranch Apartments (432 units), with numerous others nearby. The property is prominently located in a dense residential neighborhood with a population of 135,939 within a five-mile radius. The surrounding community is affluent with an average annual household income of $109,137 within three miles (over $100k within one-, three- and five-mile radii). The average annual household income within five miles is projected to increase 13 percent by 2026, poising Palm Harbor and Rally’s Gas Station for concurrent growth.

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