515 Pine Island Rd
North Fort Myers, FL 33903
2,400 SF · Retail For Sale
Verizon | 7 Years | 600+ Unit Guarantee
Price N/A No. Stories 1
Building Size 2,400 SF Tenancy Single
Property Type Retail Year Built 2006
Property Sub-type Free Standing Bldg Lot Size 0.50 AC
Property Use Type Net Lease Investment with 7 years left on lease APN / Parcel ID 03-44-24-02-00000.0130
Cap Rate 6% Parking Ratio 2.50 / 1,000 SF
Below Market Rent / Attractive Price Point
Recently Extended 7 Years on the Lease
Out parcel to Walmart Supercenter
Successful Operating History at this Location
Combined Traffic Counts Exceed 61,000 Cars Per Day
Corporate Guarantee from Celluar Sales of Knoxville, one of the largest Verizon Franchisees.
Marcus & Millichap is pleased to present the opportunity to acquire this Verizon Wireless in Fort Myers, FL. The offering consists of a 2,400 SF building leased to Cellular Sales of Knoxville, one of the largest operators of Verizon Wireless retail locations. The lease has over seven years of firm term remaining with two, five-year options to extend. The property is positioned just off Pine Island Road near the entrance point to the areas only Walmart Supercenter.
With an annual rent of only $78,000, this freestanding Verizon is being offered at a modest $1.2 Million, or a 6.5 percent cap, making this one of the most attractively priced freestanding Verizon properties on the market. In addition, this property sits among the most sought after retail properties in Fort Myers with combined traffic counts in excess of 61,000 Cars Per Day and over 100,000 residents in a five-mile radius.
Financial Summary (Actual)
Net Operating Income $72,000