PRICE: $1,350,000
CAP RATE: 6.75%
NET OPERATING INCOME: $93,210
2018 NOI: $94,375
SQUARE FOOTAGE: 3,334
LOT SIZE: 3.02 AC
YEAR BUILT: 1967
- Absolute NNN Lease
- Corporate Guarantee
- Investment Grade Credit
- Scheduled Increases
- Zero Landlord Obligations
The subject offering is a fee simple interest in an absolute NNN leased BB&T Bank. The initial 15 year lease ends 12/31/2022. The lease calls for zero landlord obligations and 1.25% annual escalators. The tenant has four 5 year options to renew. The subject property is a trophy Orlando location with strong demographics.
Wildwood is a city in Sumter County, Florida, United States. The population was 3,924 at the 2000 census. According to the U.S. Census Bureau’s 2004 estimates, the city had a population of 3,598.
Wildwood is located at the juncture of Interstate 75, Florida’s Turnpike, State Road 44, and U.S. Highway 301. For many years Wildwood was the northern control city on Turnpike road signs however this was replaced with Ocala, Florida beginning in 2007. Because of its centralized location and easy access to both coasts, it is often referred to as “The Crossroads of Florida”. CSX railroad also has a station located on Main Street in Wildwood. The station was also a stop along Amtrak’s national commuter route until 2004. Today, the former station is a CSX maintenance yard. In addition there is an abandoned railroad spur owned by the Florida Midland Railroad that once led to Leesburg, but now runs along County Road 44A and was the home for some abandoned freight cars until some point in the first decade of the 21st Century.
In the 20th Century Wildwood was the dividing yard for the Seaboard Airline Railroad (Seaboard Coastline in later years) where southbound passenger trains were divided up into east coast (Miami) and west coast (Tampa and south) sections and northbound trains from both coasts joined together.
