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Wawa (GL)
2901 West 16th Avenue, Hialeah, FL 33012
$8,556,000
Cap Rate 4.50%
Summary
| Price $8,556,000 | Built/Renov 2022 | Tenant Wawa (GL) |
| Cap Rate 4.50% | Lease Type
Abs NNN | Guarantor Corporate |
| Size/SF
6,141
| Lease Start
01-01-2022
| #Units
950
|
| Price/SF $1,393.26 | Expiration
12-31-2041
| Tenant Type Convenience/Gas |
| NOI $385,000 | R. Term 18.0 | Ownership Ground Lease |
| Rent/SF
$62.69
| Increases 10.0%/4/yrs | Pop 5Mi 413,444 |
| Lot/AC 1.34 | Options 9/5yrs/10% | AHHI 5Mi $77,702 |
| | |
Lease Highlights
- Wawa has 17+ years remaining on the original 20-year ground lease with 9 (5-year) options to extend
- The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option
- Absolute NNN | Zero landlord responsibilities
- Corporate guaranteed lease
Location Description
Wawa is strategically located at the signalized, hard corner intersection of W 16th Ave, W 29th St, and W Okeechobee Rd, averaging a combined 122,000 vehicles per day. The asset is located directly off State Highway 826 (277,000 VPD), allowing for direct on/off ramp access to the site. The property consists of a 6,141 SF convenience store, a canopy with eight gas pumps and sixteen nozzles...
...Features
-
Signalized intersection
-
High traffic 50M+ VPD
-
Dense retail corridor
-
Highway close
-
Top 100 MSA
-
Strong demographics
-
Income tax free state
-
Long 15+ yr lease
-
Absolute NNN
-
Corporate Guarantee
...
Maps
Demographics
| 1 Miles | 3 Miles | 5 Miles | |
| 2028 Total Population : | 23,904 | 201,885 | 415,556 |
| 2023 Total Population : | 23,333 | 202,767 | 413,444 |
| 2023 Employed Civilian Pop : | 10,444 | 99,941 | 208,425 |
| 2023 Total Businesses : | 2,541 | 20,102 | 44,641 |
| 2023 Average Household Income : | $ 52,650 | $ 66,169 | $ 77,702 |
| 2023 Total Consumer Spending : | $ 400 M | $ 4149 M | $ 9590 M |
| 2023 Median Age : | 46 | 44 | 42 |
| 2023 Total Households : | 8,474 | 71,082 | 141,200 |
| 2023 Pop Age 25+: Bachelor's Degree : | 1,866 | 23,665 | 55,566 |
| 2023 Average Home Value : | $ 288,301 | $ 390,950 | $ 416,709 |
Traffic
| Collection Street | Cross Street | Year | Traffic Vol | Distance |
| Okeechobee Road | W 16th Ave | 2021 | 54,500 | 0.07 mi |
| Okeechobee Road | NW 91st Ter | 2022 | 58,500 | 0.07 mi |
| Northwest 72nd Avenue | NW 77th Ter | 2022 | 17,200 | 0.28 mi |
| S Okeechobee Rd | W 32nd Pl | 2009 | 63,000 | 0.39 mi |
| Palmetto Expressway | NW 77th Ave | 2019 | 233,000 | 0.53 mi |
| W 20th Ave | S Okeechobee Rd | 2004 | 9,700 | 0.53 mi |
| Express Lanes | W 49th St | 2022 | 250,000 | 0.54 mi |
| Bridge No-870975 | NW 80th Ter | 2021 | 245,000 | 0.54 mi |
| NW South River Dr | Palmetto Expy | 2005 | 3,700 | 0.54 mi |
| 2006 | 16,170 | 0.54 mi |
