Cap Rate: 4.80%
Net Operating Income: $174,990
Square Footage: 75,100
This is the unique opportunity to purchase a newly constructed (2018) RaceTrac asset with a newly executed NNN ground lease in Hobe Sound, Florida. The new 15 year absolute NNN lease calls for zero landlord obligations. The tenant has seven 5 year renewal options with 7.5% increases in year 11 and at each option. There is additional income from a cell tower on site operated by Crown Castle International Corp. They have fourteen 5 year options to renew and their base rent amount is to be adjusted upwards every 5 years based on the increase in CPI. This is an ideal opportunity for a passive investor looking for a long-term stable investment.
Hobe Sound is positioned at the southern end of environmentally-sensitive Martin County. It has been stated that at Hobe Sound’s front door lies the Gold Coast and that at her back door lies the Treasure Coast. Thus, Hobe Sound can lend to both while retaining its proud heritage and unique personality. Hobe Sound’s proximity to the coast affords immediate access to the Atlantic Ocean and the deep-channeled Intracoastal Waterway, a 1,200-mile water route that provides a sheltered passage for boats along the eastern seaboard.