Cap Rate: 5.25%
Net Operating Income: $84,000
Square Footage: 927
Lot Size: 0.34 AC
Market: Tampa/St Petersburg
This offering is an opportunity to purchase the 100% fee simple interest in land and building occupied by Avis Budget Car Rental in Sarasota, Florida. The tenant has a new 5.5 year absolute NNN lease. The tenant has two, 3 year options with 12% increases at each option.
The property is just 12 minutes from the Sarasota–Bradenton International Airport. The asset is also situated in a heavily trafficked location and receives over 37,000 VPD.
Sarasota is a city south of Tampa on Florida’s Gulf Coast that was once the winter home of the Ringling Brothers Circus. Today, it hosts a number of cultural institutes, notably the Ringling Museum of Art, which showcases old masters and modern art. It’s also the gateway to miles of beaches with fine sand and shallow waters, such as Lido Beach and Siesta Key Beach.