Wawa | Philadelphia MSA

2515 Delsea Drive, Franklin, NJ

$5,400,000

Price

5%

Cap Rate

$270,000

NOI

Gallery
Street
Map
Overview
Cap Rate
5%
NOI
$270,000
Building Size
3,905 sqft
Lot Area
3.86 acres
Occupancy
100%
Lease Type
Absolute Net
Year Built
2022
Zoning
FV - Franklinville Village Districts
Tenancy
Single
Lease Expire Year
2042
Description

Equity Retail Brokers is pleased to exclusively offer for sale a single-tenant net lease property, occupied by Wawa. The subject property is 3.86 AC and includes a 3,905 SF free-standing Wawa convenience store with five double-sided fueling stations. Wawa has 19 years remaining in their 20-year lease term, and has six (6), 5-year options to extend. Wawa has a long operating history in the market, as this store replaced a legacy store, which operated on the same site for many years.

Highlights
  • This location is an upgrade of a legacy non-gas Wawa store, which operated on the same site for over 30 years, proving a strong market for Wawa
  • Wawa has committed to the site for 20 years, starting a new lease in December 2022
  • The lease features 10% rental increases every 5 years throughout the initial term and option periods
  • Absolute NNN ground lease with Zero Landlord responsibilities
  • Oversized site (3.86 AC) with frontage on two streets
  • Corporate guaranty from Wawa (shadow rated BBB by Fitch)
Location
Gallery