Amscot Financial

Amscot Financial

Amscot Financial
1250 Main Street
Dunedin, FL 34698

$1,315,000

Cap Rate 7.76%
Gross Leasable Area (GLA) 3,209
Price Per Square Foot (GLA) $409.79
Year Built 1974
Lot Size .56 acres
  • Strong Corporate Guarantee backed by 236 locations
  • Five Years Remaining on Double-Net Lease
  • Population of Approximately 112,000 Within a Five Mile Radius
  • Three, Five Year Options Remaining
  • 10 Percent Increases in Option Periods
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Confidentiality and Buyer Registration Agreement

Marcus & Millichap Real Estate Investment Brokerage Company (“Broker”) has been asked to serve in the capacity of exclusive agent for the (“Seller”) regarding the potential sale of the properties known as: Amscot Financial (the "Property").

To receive financials and other vital data please read, sign and return this completed Confidentiality Agreement to Broker. The property information has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information that prospective Buyers may need or desire. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property.

By accepting the financial reports and market data, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney’s fees, collectively “Claims”) arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney’s fees and court costs which James Medefind or Marcus & Millichap REIS may be incurred with respect to any claims for other real estate commissions, broker’s fees or finder’s fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

The Financial Reports and market data, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the property information, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the information or any of the contents to any other entity (except to outside advisors retained by you, if necessary for you determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the information or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

No employee of Seller or at the subject property is to be contacted without the written approval of the agent and doing so would be a violation of this confidentiality agreement.

Marcus & Millichap is pleased to announce the sale of this 3,209-square foot freestanding Amscot Financial located in Dunedin, Florida (Tampa Bay MSA). The property lies on Main Street in downtown Dunedin with a daily traffic count in excess of 29,500. The property is well located just 2.5 miles west of U.S. 19 and the Westfield Countryside Mall. The Westfield Countryside Mall serves over 9 million customers every year with anchor stores including Dillard’s, JCPenney, Macy’s and Sears. The mall also houses an upscale Countryside Cobb-12 Cinema, non-NHL sized ice rink, and other well-known retailers such as Whole Foods Market, Nordstrom Rack, Red Robin, and PF Chang’s among others. The subject property also sits just one mile east of the Gulf of Mexico beaches. The property caters to the local residents and businesses with an average household income of $56,395. The property, ideally located on Main Street, is immediately surrounded by strong retail tenants such as Dollar Tree, Bealls Outlet, Save-A-Lot, BB&T Bank, Walgreens, Dunkin Donuts, Winn-Dixie, CVS, Walmart Neighborhood Market, Publix, Tire Kingdom, Regions Bank, and KFC among others.

Amscot Financial has five years remaining on the newly executed extension to their current lease with three additional five-year options. There are ten percent rent increases throughout the onset of each option period. An investor can expect a stable 7.76% return over the next 5 years on this management free net-lease opportunity. If an investor were to seek financing, they could likely get into the deal for just $400,000 and, based on current financing terms available, yield an attractive 11.67% return on their cash. That return would jump to over 14% with the next option period and rental increase.

The city of Dunedin is home to several beaches, including Dunedin Causeway, Honeymoon Island, and Caladesi Island State Park, which is consistently rated among the best beaches in the world. Dunedin is one of the few open waterfront communities from Sarasota to Cedar Key where buildings do not completely obscure the view of the Intracoastal Waterway and the Gulf of Mexico. The downtown business district is notable for its absence of large commercial signage and has become home to many local small businesses in the close knit community. The Pinellas Trail, a 39-mile-long bicycle and pedestrian trail that traverses all of Pinellas County, bisects downtown Dunedin. Since 1977, Dunedin is the spring training home of the Toronto Blue Jays, as well as the class-A Dunedin Blue Jays of the Florida State League.

For More Information, Please Contact:

James Garner

Associate
813-387-4796
James.Garner@MarcusMillichap.com