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