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Updated: 11.09.23 Posted: 03.16.23 Status: Inactive    

Summary

Price $6,842,000
Built/Renov 2022
Tenant Cumberland Farms (GL)
Cap Rate 4.75%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 5,000
Lease Start 11-01-2022
#Units 586
Price/SF $1,368.40
Expiration 11-30-2042
Tenant Type Convenience/Gas
NOI $325,000
R. Term 17.4
Ownership Ground Lease
Rent/SF $65.00
Increases 5.0%/6/yrs
Pop 5Mi 73,170
Lot/AC 3.30
Options 6/5yrs/5%
AHHI 5Mi $75,661

Highlights

  • Brand-new construction 2022
  • Cumberland Farms recently signed a brand new 20-year lease with 6 (5-Year) options to extend
  • The ground lease features 5-8% increases every 5 years and at the beginning of each option period
  • Absolute NNN | Presents zero landlord responsibilities
  • Corporate guaranteed by EG Retail (America) LLC - 1,700+ stores which include the following banners: Cumberland Farms, Fastrac, Kwik Shop, Quik Stop, Sprint, Tom Thumb, and Turkey Hill

Location Description

This newly constructed Cumberland Farms is strategically located at the hard corner, signalized intersection of Beck Avenue (Hwy 390) and W 23rd Street (Hwy 368), which features a combined average of 50,100 vehicles passing by daily. W 23rd Street is a major retail corridor and is home to other national/credit tenants including Winn Dixie, Sam’s Club, Publix, Walmart, and more. Strong...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Cumberland Farms, colloquially known as Cumby's, is a regional chain of convenience stores that was founded in 1938 as a one-cow dairy farm. They currently operate nearly 600 retail stores,...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 8,027 28,145 74,865
2023 Total Population : 8,275 28,282 75,435
2023 Employed Civilian Pop : 4,211 13,603 37,677
2023 Total Businesses : 425 2,252 4,964
2023 Average Household Income : $ 79,171 $ 79,440 $ 85,429
2023 Total Consumer Spending : $ 231 M $ 814 M $ 2338 M
2023 Median Age : 39 43 42
2023 Total Households : 3,366 11,810 31,508
2023 Pop Age 25+: Bachelor's Degree : 1,182 4,173 11,810
2023 Average Home Value : $ 280,650 $ 297,211 $ 328,004
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
W 23rd St Westover Dr 2005 29,000 0.09 mi
W 23rd St Bayview Ave 2005 40,500 0.12 mi
Beck Ave W 21st Ct 2005 7,400 0.13 mi
Beck Avenue Gallagher Dr 2021 5,700 0.22 mi
West 23rd Street Ruth Hentz Ave 2021 23,000 0.25 mi
West 23rd Street Pretty Bayou Dr 2021 33,000 0.26 mi
Saint Andrews Boulevard Ruth Hentz Ave 2021 15,700 0.32 mi
W 19th St Chestnut Ave 2005 2,100 0.45 mi
West 19th Street Hickory Ave 2021 3,100 0.50 mi
Frankford Ave 21st St 2005 7,700 0.52 mi

Listing Broker

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