Asking Price: $2,392,000
Cap Rate: 6.00%
- Prime retail location: The property is located directly off the Overseas Highway, the main coastal highway linking the cities of Miami and Key West (more than 29,000 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 over 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 more than $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 exceeds $121,000 within one 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 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 over $7 million for capital-related projects.
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