7144 N. Palafox Street

Pensacola, FL

Retail for Sale - $1,961,500

Bull Realty, Inc.

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Agent Info

NameMichael Bull, CCIM
CompanyBull Realty, Inc.

Property Info

CIMLS #971336
Location7144 N. Palafox Street
Pensacola FL 32503
Last UpdatedDecember 28th, 2017
TypeRetail
Price$1,961,500

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Property Description

Bull Realty is pleased to offer this single tenant NNN leased Family Dollar investment property, located in Pensacola, Florida, which has a population of over 140,435 within a 5-mile radius. Built in 2016, this 15-year NNN lease has six 5-year options and is guaranteed by Family Dollar, a subsidiary of Dollar Tree. The initial term runs through March 2032. Unlike its main competition in the small box dollar store space, this Family Dollar lease has a 10% rent increase in Year 11 of the initial term and in each option period. As an absolute NNN lease, there are no landlord responsibilities. Family Dollar has recently discontinued offering 15 year NNN leases with its new locations and only offers shorter term, 10 year NN leases, which give the landlord responsibility for roof, structure and more.

Location Description:

Pensacola is the county seat of Escambia County, located on the Florida Panhandle with a population of over 311,000 and the beneficiary of over 2.1 million visitors each year. The area is known for its beautiful beaches and seafood as well as being called “the Cradle of Aviation”. The Naval Air Station Pensacola is based in Pensacola with over 23,000 civilian and military employees. It is also the home base for the famous flying “Blue Angels” flight team. The Navy presence has attracted a cluster of aerospace and defense related industries in addition to military themed area attractions such as the National Naval Aviation Museum and Civil War era forts including Fort Pickens and Fort Barrancas. The main campus of the University of West Florida is located just north of the city. The Greater Pensacola region has attracted diverse multi-national firms including Huntsman Corp, Exxon Mobil and Ascend Performance Materials, due to its’ busy port and the offshore oil industry as well as many IT and cybersecurity companies such as General Dynamics, Computer Sciences Corporation and CACI.

Highlights:

>> Rare opportunity to purchase a 15-year absolute NNN leased Family Dollar

>> Over 14 years remain on the initial lease term in this vibrant Florida panhandle community with an area population of over 311,000 in Escambia County, FL

>> 10% rent increase in Year 11 and in each option period with 6 five-year options

>> Florida has no state income tax which benefits a real estate investor

>> Corporate guaranteed lease by Family Dollar

>> The 8,230 SF single tenant building is situated in the heart of Pensacola with a over 19,000 households and a population over 48,400 within 3 miles

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