ADVISORY AND TRANSACTIONAL SERVICES FOR SELLERS AND INVESTORS

Mattress Firm – Key Largo, FL – NN Lease

99570 Overseas Highway

Asking Price: 2,392,000
CAP Rate:
 6.0%

PROPERTY HIGHLIGHTS

  • Prime retail location: The property is located directly off the Overseas Hwy., 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: An 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 U.S. 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 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 $3.5B+ 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 1 mile of the property. No state income tax in Florida provides a low tax burden for the investor.
  • Popular tourist destination: Key Largo is the first and northernmost of the Florida Keys, and is only a 1-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 $7M+ for capital-related projects.
  • There are no features available

$2,392,000

3,588 SF

Price:

$2,392,000

Cap Rate:

6.0%

Property Type:

Retail

Building Size:

3,588 SF

Acres Property Use:

0.344 acres

Current NOI:

$143,520

Lease Type:

NN

Remaining Term:

10 Years

Status:

Under LOI

CONTACT BROKER

Michael Zimmerman

(919) 391-9901

Download Offering Memorandum
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