Dollar General Plaza

2695 Military Trail N, West Palm Beach, Florida

$11,995,000

Details

Price : $11,995,000
Cap Rate : 7.54%
NOI : 904,917
Price Per SF : $$257
Building Size : 46,564 Sq Ft
Lot Size (AC) : 4.78
Year Built : 1987
Lease Type : NNN
Lease Expiration : Various
Renewal Options : Various
Rental Increases : Various
Status : Available
Property Type : Retail
Sold : No

Investment Highlights

Centrally located between I-95 and the Florida Turnpike.
Extremely low 4% retail vacancy in West Palm Beach sub-market.
South Florida MSA - Infill location in the highly desirable South Florida MSA.
Excellent visibility - 725 ft of frontage to over ±43,000 VPD with 3 access points.
National Tenant Anchor - Top performing Dollar General, Exercised Most Recent Option early
Historically high occupancy levels supported by a densely populated middle income demographic profile.
Ease of Management - Tenant mix comprised of a solid mixture of established businesses, many having long-term tenancy at the center.
Diverse Tenant Mix - represented by retail, restaurant and professional services, providing stability and internet resistance to the income stream.
Recent Improvements – The Property Was Recently Painted, The Parking Lot Seal-coated and Striped and New High Efficiency LED Parking Lot Lighting Installed.
Directly across from Keiser University’s Flagship campus Two miles south of the newly built 160 Acre, 7,500 seat Spring Training Baseball Stadium, home to the Houston Astros and Washington Nationals.
Strategic Location - Located on Military Trail, a primary retail and commercial artery in Palm Beach County, just north of Okeechobee Blvd, one of the county’s busiest intersections with a combined traffic count of 77,154 VPD.
Exceptional Demographics- The 1-, 3-, and 5-mile Populations are 14,799, 100,656, And 248,909, Put this Center Among the Most Densely Populated Areas in Florida and the US. Florida is the 2nd Fastest Growing State in the Nation. An Estimated 601,611 People Relocated to Florida in 2019. The South Florida Region is Projected to Increase By More Than 12% For Each of the Next 3 Decades

Description

NNN Investment Advisors is pleased to present for sale this fully stabilized, 46,564 SF Neighborhood Shopping Center with a free standing, 2 story professional building out parcel.  The center is anchored by one of the highest performing Dollar General’s in Palm Beach County that recently exercised its 5-year option and includes a healthy mix of local and national tenants. The Plaza features outstanding visibility with 726 feet of frontage along Military Trail with direct exposure to ±47,364 vehicles per day passing by and 3 ingress/egress points.

Directly across from the Subject is Keiser University’s Flagship Campus the Subject is located in a dense retail area surrounded by numerous national credit retailers such as Publix, Bealls, Lowe’s, O’Reilly Auto Parts, Advanced Auto, Burger King, Chase, Bank of America, Circle K, CVS and is just south of the newly built Professional Spring Training Ballpark of the Palm Beaches, a 160 Acre, 7,500 seat Baseball Stadium, home for the Houston Astros and Washington Nationals, which drives additional traffic to retailers in the area. Centrally located between I-95 and the Florida Turnpike, Dollar General Plaza has enjoyed historically high occupancy levels benefiting from from a 4% sub-market vacancy rate, one of the lowest retail vacancy rates in the nation.

The 1-, 3-, and 5-mile populations are 14,976, 96,567 and 245,175, respectively with an average home value of $213,598. The surrounding population is expected to increase by 7.22% by 2023 as new residents migrate to this attractive south Florida community.

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