Description

Fortis Net Lease is pleased to offer a 3,913-square-foot, build-to-suit Verizon Wireless retail property located in Auburndale. Constructed in 2015, the asset is secured by a double net lease with approximately 3.75 years of remaining term and minimal landlord responsibilities. The lease includes two additional five-year renewal options, each featuring 5% rental escalations, and is backed by Cellular Sales of Knoxville, Inc., one of the nation’s largest privately held Verizon franchisees with annual revenues exceeding $650 million. The tenant has been operating at the site since rent commencement in October 2015. Strategically positioned along US Highway 92 West with exposure to more than 39,000 vehicles daily, the property benefits from strong visibility within a thriving retail corridor anchored by national retailers including Walmart, Lowe's, Aldi, and numerous other established brands. The surrounding market continues to experience strong demographic growth, with a five-mile population projected to increase to nearly 75,000 residents by 2026 and average household incomes exceeding $64,000 within the trade area. With approximately $700 million in consumer spending within a five-mile radius, strong traffic counts, and location within Florida’s income tax-free environment, this offering represents an attractive opportunity for 1031 exchange buyers and passive investors seeking stable cash flow and long-term growth potential. The offering is priced at a 6.00% cap rate based on current NOI of $116,785.