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Avis Car Rental 605 67th St E cir 500 SF Retail Building Bradenton, FL 34208 $1,619,048 ($3,238.10/SF) 5.25% Cap Rate
Investment Highlights
- New, 7-year Absolute NNN lease signed by Avis Budget Car Rental LLC with +3% annual rent increases to hedge against inflation
- Corporate lease with Avis Budget Car Rental LLC, a subsidiary of Avis Budget Group Inc.
- Manatee Avenue East has an AADT of 60,000 and I-75 has and AADT of 131,000
- Opportunity to generate additional income through percentage rent. Avis pays the greater of 8% of sales or a minimum annual guaranteed rent
- Located just off the intersection of Manatee Avenue East and Interstate 75, providing easy access to the west coast of Florida
Executive Summary
RIPCO Real Estate is pleased to offer for sale 605 67th Street Circle East, a ±500 SF commercial property leased to Avis Budget Car Rental, currently under construction,
located just off Manatee Avenue East and Interstate 75 in Bradenton, FL. Avis Budget Car Rental recently signed a new 7-year absolute NNN lease with two (2) 5-year
options to extend, highlighting their dedication to this location. The lease contains +3% rental increases every year, providing the Landlord with management-free
income and a built-in hedge against inflation. This intersection of Manatee Avenue East and Interstate 75, where the property is located has a combined AADT of over
190,000. Within 3 miles of the Avis Budget Car Rental, there is a population of 32,939 and an average household income of $124,249.
The asset would be an attractive opportunity for investors looking for management-free income, a newly constructed building, and with a newly signed lease by a strong
national tenant.
located just off Manatee Avenue East and Interstate 75 in Bradenton, FL. Avis Budget Car Rental recently signed a new 7-year absolute NNN lease with two (2) 5-year
options to extend, highlighting their dedication to this location. The lease contains +3% rental increases every year, providing the Landlord with management-free
income and a built-in hedge against inflation. This intersection of Manatee Avenue East and Interstate 75, where the property is located has a combined AADT of over
190,000. Within 3 miles of the Avis Budget Car Rental, there is a population of 32,939 and an average household income of $124,249.
The asset would be an attractive opportunity for investors looking for management-free income, a newly constructed building, and with a newly signed lease by a strong
national tenant.
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Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
500 SF
Building Class
B
Year Built
2027
Construction Status
Under Construction
Price
$1,619,048
Price Per SF
$3,238.10
Cap Rate
5.25%
NOI
$85,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.02
Lot Size
0.70 AC
Parking
24 Spaces (48 Spaces per 1,000 SF Leased)
Frontage
76’ on 67th Street Circle East
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 11089-0100-8 | Improvements Assessment | $0 |
| Land Assessment | $172,891 | Total Assessment | $172,891 |
Property Taxes
Parcel Number
11089-0100-8
Land Assessment
$172,891
Improvements Assessment
$0
Total Assessment
$172,891
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