Largo, FL - Wawa Drive Thru
$2,900,000
2530 E. Bay Drive, Largo, FL 33771
5
Cap Rate
145,000
NOI
Details:
Description:
• Brand new 10-year ground lease with 6 (5-year) options to extend, demonstrating their long-term commitment to the site
• The lease is corporate guaranteed by Wawa, Inc., an investment grade (Fitch: BBB), nationally recognized, and an established convenience store and gas brand with over 1,110+ locations
• The ground lease features 7% rental increases every 5 years and at the beginning of each option, increasing NOI and hedging against inflation
• Wawa merchandise sales per store averaged $7.1M for the year ended 2024 versus an industry average of $2.7M for 2023 (Source: NACS)
• Gasoline sales totaled 3.1 billion gallons for the year 2024, an average of 69,042 gallons sold a week per store, over two times the industry average of 32,726 per store per week in 2023 (Source: NACS)
• Wawa was ranked No. 22 in Forbes 2024 Ranking of America’s Largers
• Wawa is strategically fronting East Bay Drive averaging 60,500 VPD
• The site is part of a larger development that features a Winn-Dixie, Bank of America, Amped Fitness, and more
• East Bay Drive is a primary retail thoroughfare serving the city of Largo with surrounding national/credit tenants such as Publix, Ross, Walmart Supercenter, and more
• Strong tenant synergy increases consumer draw to the immediate trade area
Location

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