|Gross Leasable Area (GLA)||10,000 Sq.Ft.|
|Price Per Square Foot (GLA)||$116|
|Lot Size||1.15 Acres|
• Corporate Backed Guarantee | S&P Credit Rating BB
• Double-Net Lease | Minimal Landlord Responsibility
• Population of Approximately 226,397 Within a Five Mile Radius
• Three, Five-Year Options Remaining• Annual Unit Sales Over $1,400,000 in 2015
Marcus & Millichap is pleased to exclusively offer for sale this 10,000-square foot freestanding Family Dollar located in Tampa, Florida. The property lies on busy East Hillsborough Avenue with a traffic count in excess of 44,000 cars on average daily. The property is well located just two miles west of Interstate 75 and three miles east of Interstate 275. The property caters to the local residents and businesses with a dense population of 226,397 people and an average household income of $45,577 within a five mile radius. These demographics are ideal for Family Dollar as the average income for family dollar customers is $44,972.
Family Dollar has been at this location for almost 15 years and has two years remaining on their first, five-year option and three additional five-year options with 10 percent increases at the onset of each. The lease is backed by a corporate guarantee with Family Dollar, which has an S&P credit rating of BB. This is a perfect opportunity for an investor to pick up a passive cash flow asset. It is in a strong location with limited management responsibility. When you consider store sales, this location collected over $1.4M in 2015, while the average Family Dollar store takes in about $1.2M annually. The sales are just a testament to how well the store does and an indication that Family Dollar will exercise their next five-year option.
The property is located at the heart of Tampa, sitting 5 miles north of downtown, the University of Tampa, and the historic Ybor City. Just 5 miles north of the property sits the University of South Florida, which is the fourth largest public university in the state of Florida with a total enrollment of 48,373 students. The property is only 2 miles west of the Seminole Hard Rock Casino, Mid Florida Credit Union Amphitheatre, and the Florida State Fairground, which attracts over 7-million visitors each year. In addition, 7 miles east of the property is Raymond James Stadium, the home of the Tampa Bay Buccaneers