DaVita Dialysis/T-Mobile

10887 West Florissant Ave, St. Louis, Missouri

$2,300,000

Details

Price : $2,300,000
Cap Rate : 7.6%
NOI : 174,657
Building Size : 10,645 Sq Ft
Lot Size (AC) : 1.0
Year Built : 1991
Lease Type : NNN
Lease Expiration : 4 Years Remaining
Status : Available
Property Type : Retail

Investment Highlights

Lease Term: 4 Years Remaining (original 10 year lease) with options
Extremely Strong Demographics - Population of 106,845 in a 3 mile and 268,279 in a 5 mile radius.
Attractive Rental Escalations - T-Mobile features 12% increases every 5 years and DaVita features 2% annual increases beginning in the options.
Leading T-Mobile Retailer - T-Mobile is operated by Wireless Vision LLC, the #1 T-Mobile retailer in the US, operating in 16 markets with over 230 locations. Lease guaranteed by T-Mobile Corporate.
Highly Visible Location, Strong Trade Area - The property is located a heavy retail trade area of the desirable Florissant suburb, the largest submarket in St. Louis and ranked the #1 city to retire and #2 safest city in Missouri.
Excellent Tenant Mix - DaVita Dialysis and T-Mobile represent two highly desirable retail tenants. DaVita operates over 2,350 locations across the country and T-Mobile is the nation's 3rd largest wireless carrier with its stock gaining roughly 50% in the past year and a market cap of $51.94 Billion, as of March 6, 2017.

Description

NNN Investment Advisors is pleased to present the opportunity to purchase a 100% fee simple interest in the two tenant retail center located in the desirable Florissant area of St. Louis, MO. The property is 100% leased by co-tenants, DaVita Dialysis and T-Mobile. The property is an outparcel facing the North County Festival Shopping Center. North County Festival is home to Wal-Mart, Sam’s Club, Big Lots, Cingular Wireless, Radio Shack and many more national credit tenants. This is a high traffic location at a stoplighted intersection in a strong retail destination for this trade area.

Built in 1991, this is an attractive, well maintained property with clear visibility and access at the busy intersections of Florissant Ave. and Pershall Rd. The total rentable SF is 10,645 on a one acre out parcel lot. DaVita Dialysis occupies 75% of total building and T-Mobile occupies the remaining 25%, both with slightly over 4 years remaining on the lease. The property has a stabilized NOI of $174,657.84. DaVita Dialysis and T-Mobile both currently operate under NNN leases with minimal landlord responsibilities. Tenants are responsible for their pro rata share of taxes, insurance and CAM. Subject to reimbursement by Tenant.

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