For Sale
$4,400,000

1826 Lecanto HwyLecanto, FL 34461

Florida Retail Property - Strong Tenant

Overview

Added:
Dec 11, 2024
Days on market:
114
Exceptional investment opportunity featuring a brand-new, 55,000 square foot Hobby Lobby store in Lecanto, Florida. This 15-year net lease boasts a corporate guarantee from Hobby Lobby, a financially strong tenant with over 1,000 locations and $7.9 billion in annual revenue (2023). The property, built in 2024, sits on a 4.71-acre lot with 181 parking spaces and enjoys excellent visibility and access, with 41,540 vehicles passing daily. It's shadow-anchored by a Walmart Supercenter and located across from a Target and Aldi-anchored center, benefiting from a strong retail environment. The lease commenced July 15, 2024, and includes rent bumps of $0.50 per square foot every five years during the base term. The property's location is surrounded by thousands of residential homes in established and developing communities, including Black Diamond Ranch, Terra Vista, and Brentwood Farms, ensuring a robust customer base. The area's average household income is $73,295, and future growth is anticipated with the completion of Suncoast Parkway Phase 2 in 2026 and several planned residential developments nearby. The asking price is $4,400,000, representing a 5.00% cap rate and a stabilized net operating income (NOI) of $220,000. The lease includes three, 5-year renewal options. The tenant is responsible for all parcel maintenance, except for the roof and structure, which are landlord responsibilities. This is a rare opportunity to acquire a high-quality, net-leased retail property with a strong tenant and significant growth potential.

Highlights

  • Brand-new, 55,000 SF Hobby Lobby on a 4.71-acre lot with 181 parking spaces.
  • Shadow-anchored by Walmart Supercenter, across from a Target and Aldi-anchored center, with excellent visibility and access (41,540 VPD).
  • Strong trade area with 70,809 residents and an average household income of $73,295.
  • Surrounded by thousands of residential units in established and developing communities (Black Diamond Ranch, Terra Vista, Brentwood Farms).
  • Located near the future Suncoast Parkway Phase 2 entrance, enhancing accessibility and future growth.
  • Additional planned residential developments nearby will further increase the population and demand.

Property Details for 1826 Lecanto Hwy

Property type
Retail properties, Retail space
Square Feet
55,000 SF
Year Built
2024
Lot Size (sq. ft)
205,168 SF

Location Insight

City
Lecanto
County
Citrus
State
Florida
Latitude
28.8898731
Longitude
-82.4857095
1826 Lecanto Hwy, Lecanto, Florida

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1826 Lecanto Hwy
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