(7.1% Cap Rate) Tallahassee Bp Station (With Signature Bp To Go Signature Store) For Sale!

Highlights:

• BRAND NEW 6-PUMP BP STATION WITH BPTO-GO SIGNATURE STORE IN THE HEART OF TALLAHASSEE, FL!
• 10% RENTAL INCREASES EVERY 5 YEARS THROUGHOUT THE TERM OF THE LEASE. 20-YEAR PURE NNN LEASE WITH TWO 5-YEAR OPTIONS!
• 7% CAP RATE IN 2023!
• 7.5% CAP RATE IN 2028!
• 8% CAP RATE IN 2033!
• 9% CAP RATE IN 2038!
• 10% CAP RATE IN 2043!
• RECENT SITE RENOVATIONS INCLUDE NEW HVAC, NEW ROOF, NEW TANKS, NEW PUMPS, NEW CANOPY, NEW SIGNAGE, AND NEW BP TO-GO INSIDE STORE!
• STRONG TENANT IN PLACE WITH OVER 35 YEARS OF GAS STATION OPERATION EXPERIENCE AND EXTREMELY STRONG FINANCIALS!

Description:

This Fully Remodeled 6 Pump Bp Gas Station With A New Bp To Go Signature Store Is Located In The Heart Of Tallahassee, Fl Just Minutes From The State Capitol Building, Tallahassee International Airport, And Florida State University. The Property Sits At A Signalized Intersection With Heavy Traffic! This One Of A Kind Investment Opportunity Comes With A 6 Pump Service Station, A Fully Remodeled Bp To Go Signature Store, A New (20 Year) Lease, And Strong Historic Sales.

Currently, The Property Has A Brand New 20 Year Pure Nnn Lease In Place. The Lease Will Be Signed At Closing And Run For A Full 20 Year Term. The Rental Rate Starts At $12,000 (Per Month) In 2023 And Will Increase By 10%, Every 5 Years, Until The End Of The 20 Year Term. Even Better Is The Fact That The Tenant Has (2) Five Year Options To Extend After The Expiration Of The Initial Lease Term. This Gives The Buyer Locked In Security And Fantastic Rental Income For The Next 20+ Years. The Lease Is Fully Guaranteed And Backed By A Bp Gas Agreement Throughout The Life Of The Lease.

The Property Currently Boasts An In Place Cap Rate Of Approximately 7% With The Rental Increases, Every 5 Years, Built Into The Current Lease This Number Will Only Grow! By 2028, The Buyer Will Easily Surpass A Cap Rate Of 7.5% And This Will Rise, 5 Years Later To Over An 8% Cap Rate With An Upside For More After The Initial Term. By The Final Years Of The Lease The Cap Rate Will Surpass 10%, Which Is An Amazing Return For A Pure Nnn Asset That Is Hands Off For The Buyer!

This Is The Perfect Investment Opportunity For Someone Looking To Lock In A Strong Long Term Income, $144,000 Minimum Per Year, With A Strong And Proven Tenant. The Operator (Tenant) Has Many Other Gas Stations In The Surrounding Area And Has Been Running And Operating Gas Stations For Over 30 Years. They Are Seasoned Professionals Who Have A Strong Track Record And A Proven Business Model That Has Been Working For Years!

One Major Advantage For An Investor Is How Easy This Asset Is To Manage. Due To The Fact That The Tenant Is Responsible For All Expenses Including But Not Limited To, All Property Repairs, Maintenance, Utilities, All Other Cam Charges, Property Taxes, And Insurance At The Property. This Asset Is Very Easy To Manage And Maintain For A Buyer Who Lives In The Area Or Even An Out Of State Investor!

It Is Virtually Impossible To Find Any Pure Nnn Bp To Go Gas Station On The Market Producing A 7% 10% Cap Rate Locked In For The Next 20 Years Anywhere Else. This Opportunity Will Not Last Long As The Security Of The Tenant Is In Place And The Rental Upside Is Impossible To Find Anywhere In This Market. The Recent Upgrades And Renovations Only Add To The Value Add Nature Of This Amazing Asset!

This Fantastic Investment Opportunity Gets Even Better As The New Lease Which Will Be Signed At Closing, Is Pure Nnn And The Owner Is Not Responsible For Any Expenses At The Property. Per The Lease, The Tenant Is Responsible For All Property Tax, Insurance, Cam Charges, Maintenance, Applicable Sales Tax, And All Repair And Maintenance At The Property. The Tenant Is Also Fully Responsible For All Repairs And, Maintenance At The New “Bp To Go Signature Store.” This Also Includes The Roof And New Hvac Unit Which Sits On Top Of The Bp To Go Signature Store Which Was Replaced In 2022.

Furthermore, The Tenant Has Agreed To Repair And Maintain The Roof, Outside Walls, Foundation, Structural Portions, Gas Pumps, Fuel Tanks, The New Canopy, Sewage Systems, And The Parking Lot. The Tenant Is Also Responsible For All Utilities, Trash, Water, Sewer, And All Services And Service Agreements In Place At The Property. This Leaves The Buyer In A Great Position As They Are Not Responsible For Any Operating Expenses Or Repairs And Maintenance At The Property In The Future.

This Property Is In Fantastic Condition As The Owners Significantly Upgraded The Property In 2023! Recent Updates Include A New Hvac System (2023), New Roof (2022), New Signage, A New Signature Bp To Go Convenience Store (Interior Updated As Well As Exterior), New Canopy (2023), New Fuel Tanks & Fuel Pumps (2023), As Well As New Exterior And Interior Paint! A Buyer Can Easily Purchase This Asset And Have Approximately Zero Capex Expenses For The Next 20 Years!

Located In Tallahassee Florida, The State Capitol On A Hard Corner!

The Tenant Is Responsible For All Utilities At The Property!

New Bp Gas Station In Tallahassee Fl For Sale!

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