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Tampa, FL - Carvana
10335 Palm River Road | Tampa, FL 33619
$10,115,000
Price6.35%
Cap Rate8,262 SF
± SF Building SizeDescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a newly constructed, freestanding, corporate guaranteed, Carvana Car Vending Machine, investment opportunity located in Tampa, FL. The tenant, Carvana LLC, recently signed a 20-year lease in 2018 (17 years remaining) with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features approxiately 9.59% rental increases (lesser of 9.59% or 1.25 x 5-year CPI) every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is corporate guaranteed and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive, out of state investor.
Location
Carvana is located along Interstate 75, a primary commuter thoroughfare traveling throughout the Tampa MSA, averaging 88,000 vehicles passing by daily. The site is positioned at the junction of I-75 and State Highway 60, another major Tampa roadway averaging an additional 63,500 VPD. The site benefits from superior visibility along both thoroughfares because of its 8-story Car Vending Machine, increasing direct consumer exposure. Moreover, the site is located within a dense retail corridor serving Tampa, with nearby national/credit tenants including a new Top Golf location, Bass Pro Shops, Walmart Supercenter, Costco, Lowe’s, The Home Depot, and more, increasing consumer draw to the trade area. The 5-mile trade area is supported by nearly 207,000 residents and 95,000 employees with a healthy average household income in excess of $70,000.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215