1 Florida Park DrPalm Coast, FL 32137

Property Details for 1 Florida Park Dr

Year built

1991

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.02 AC

Property size (Sq ft)

885 SF

Zone code

OFC-2

Property type

Office properties

Property subtype

Other office properties

APN

07-11-31-7002-0RPA2-101A

APU

07113170020RPA2101A

Description

This exceptional investment opportunity presents a brand-new, free-standing Wawa convenience store and gas station in Palm Coast, Florida. The property boasts a 20-year triple-net (NNN) ground lease, commencing November 21, 2024, with absolutely zero landlord responsibilities for operating and capital expenses. A significant advantage is the inclusion of a rare 8% rent increase every five years, starting in year six. The lease further includes six five-year option periods, ensuring long-term, stable income. Situated on a 2.51-acre lot at a signalized intersection of Palm Coast Pkwy NE and Florida Park Dr S, this Wawa enjoys high visibility and accessibility with three ingress/egress points. The 5,636 square-foot building, constructed in 2024, features 16 gas pumps and is 100% occupied. The property's strong financial performance is reflected in its $350,000 net operating income (NOI) and a 4.55% cap rate. The asking price is $7,692,308. The location benefits from a dense population of over 88,000 within a five-mile radius, boasting an average income exceeding $112,000. Nearby retailers include Publix, Starbucks, McDonald's, Wendy's, KFC, and many other national brands, indicating a thriving commercial environment. This is a fee-simple ownership with a corporate guarantee from Wawa, offering a secure and lucrative investment prospect. The property is debt-free, allowing for an all-cash purchase.

• CAP approach

  CAP return

  Valuation

  6%

  $158,473

  6.5%

  $146,282

  7%

  $135,834

• Comparable approach

  Method

  Valuation

  Relative Method

  $60,189

  Geo Method

  $60,189

• Alternative Use

  Use

  Valuation

  Residential

  $181,390

  Hospitality

  $166,153

  Educational

  $138,237

  Medical

  $142,991

  Retail

  $215,035

Location Insight

City

Palm Coast

County

Flagler

State

Florida

Latitude

29.5588

Longitude

-81.2069

CBSA code

19660

CBSA name

DELTONA-DAYTONA BEACH-ORMOND BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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