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Wawa - Tallahassee FL 3534 Thomasville Rd 5,537 SF Retail Building Tallahassee, FL 32309 $6,778,000 ($1,224.13/SF) 4.50% Cap Rate
Investment Highlights
- Brand New 20-Year Lease | Scheduled Rental Increases | Options to Extend | Established Brand and C-Store Operator
- Absolute NNN Ground Lease | Land Ownership | No Landlord Responsibilities | No State Income Tax
- Signalized, Hard Corner Intersection | Off Thomasville Rd |Right Off I-10 (70,100 VPD) | Surrounding Retail & Neighborhoods
- Demographics 5-Mile Trade Area | High-Growth Metropolitan 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 and at the beginning of each option period
• 2025 construction which features high quality materials, distinct design elements, and high-level finishes
• 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)
• Wawa was ranked No. 22 in Forbes 2024 Ranking of America’s Largers
• 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 and at the beginning of each option period
• 2025 construction which features high quality materials, distinct design elements, and high-level finishes
• 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)
• Wawa was ranked No. 22 in Forbes 2024 Ranking of America’s Largers
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
5,537 SF
Building Class
B
Year Built
2025
Price
$6,778,000
Price Per SF
$1,224.13
Cap Rate
4.50%
NOI
$305,000
Tenancy
Single
Building Height
1 Story
Slab To Slab
12’
Building FAR
0.08
Lot Size
1.69 AC
Zoning
Commercial - Land Preserve
Parking
45 Spaces (8.13 Spaces per 1,000 SF Leased)
Frontage
247’ on Thomasville
Amenities
- Monument Signage
Nearby Major Retailers
Property Taxes
| Parcel Number | 11-05-20-003-000.0 | Improvements Assessment | $0 |
| Land Assessment | $772,968 | Total Assessment | $772,968 |
Property Taxes
Parcel Number
11-05-20-003-000.0
Land Assessment
$772,968
Improvements Assessment
$0
Total Assessment
$772,968
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Wawa - Tallahassee FL | 3534 Thomasville Rd
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