ASKING PRICE: 2,392,000
CAP RATE: 6.0%
- PRIME RETAIL LOCATION: Property is located directly off the Overseas Highway, the main coastal highway linking the cities of Miami and Key West (29K+ ADT). Considerable population swells when tourists visit the area during popular vacation months.
- STRONG BARRIERS TO ENTRY: Attractive market for investors with highly restrictive rate-of-growth ordinances limiting development. Key Largo is one of the highest barrier to entry markets in the United States. Consistently increasing retail sales and extraordinary investment returns are a reflection of the strength of the Keys’ market, as well as its reputation as a renowned tourism and second home destination.
- MARKET-LEADING TENANT: Mattress Firm is known as one of the nation’s premier specialty bedding retailers. With more than 3,500 company-operated and franchised stores across 49 states, Mattress Firm has the largest geographic footprint in the nation among leading multi-brand mattress retailers. The company had over $3.5 billion in pro forma sales in 2015.
- QUALITY, LONG-TERM NN INVESTMENT OPPORTUNITY: Minimal landlord expenses on quality long-term lease. Average annual household income of $121K+ within one (1) mile of property. No state income tax in FL.
- POPULAR TOURIST DESTINATION: Key Largo is the first and northernmost of the Florida Keys, and is only a one-hour drive from Florida’s two major airports. Home to two state parks, a national park, a marine sanctuary, and the first undersea park in the U.S., Key Largo has earned the moniker of “Diving Capital of the World.” As of January 2017, Monroe County allocated $7+ million for capital related projects.
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