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Wawa - Lake City FL 1518 U.S. Highway 90 5,915 SF Retail Building Lake City, FL 32055 $6,105,000 ($1,032.12/SF) 4.75% Cap Rate
Investment Highlights
- Brand New 20-Year Lease | Scheduled Rental Increases | Wawa - Strong Earnings Report and Continued Growth
- Absolute NNN Ground Lease | No State Income Tax |No Landlord Responsibilities | Land Ownership
- Signalized, Hard Corner Intersection | Off I-75 | Surrounding Retailers | Main Retail Corridor
- Demographics in 5-mile Trade Area
Executive Summary
• The lease is guaranteed by Wawa Inc., an investment grade (Fitch: BBB), nationally recognized, and an established convenience store and gas brand with over 1,100+ locations
• Brand new 20-year ground lease with 6 (5-year) options to extend, demonstrating their long-term commitment to the site
• The ground lease features 7% rental increases every 5 years starting in lease year 11
• Wawa was ranked No. 22 in Forbes 2024 Ranking of America’s largest private companies
• 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)
• Large 4.93-acre parcel
• Brand new 20-year ground lease with 6 (5-year) options to extend, demonstrating their long-term commitment to the site
• The ground lease features 7% rental increases every 5 years starting in lease year 11
• Wawa was ranked No. 22 in Forbes 2024 Ranking of America’s largest private companies
• 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)
• Large 4.93-acre parcel
Property Facts
Sale Type
Investment NNN
Sale Condition
Ground Lease (Leased Fee)
Property Type
Retail
Property Subtype
Building Size
5,915 SF
Building Class
C
Year Built
2026
Construction Status
Under Construction
Price
$6,105,000
Price Per SF
$1,032.12
Cap Rate
4.75%
NOI
$290,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.03
Lot Size
4.93 AC
Zoning
CI - Commercial Intensive
Parking
80 Spaces (13.52 Spaces per 1,000 SF Leased)
Frontage
363’ on West US Highway 90
Amenities
- Signalized Intersection
- Monument Signage
Nearby Major Retailers
Property Taxes
| Parcel Number | 31-3S-17-06185-000 | Improvements Assessment | $0 |
| Land Assessment | $711,989 | Total Assessment | $711,989 |
Property Taxes
Parcel Number
31-3S-17-06185-000
Land Assessment
$711,989
Improvements Assessment
$0
Total Assessment
$711,989
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Wawa - Lake City FL | 1518 U.S. Highway 90
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