1826 Lecanto HwyLecanto, FL 34461

Property Details for 1826 Lecanto Hwy

Year built

2024

Lot size

4.71 AC

Property size (Sq ft)

55,000 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

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.

Location Insight

City

Lecanto

County

Citrus

State

Florida

Latitude

28.8899

Longitude

-82.4857

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