for sale net leased investment property with land 3602 ... · for sale net leased investment...

FOR SALE Net Leased Investment Property With Land

3602 SOUTH HIGHWAY 41, RUSKIN, FLORIDA 33570

JRES ▪ Jacob Real Estate Services, Inc.

607 West Bay Street, Tampa, Florida 33606 ▪ 813.258.3200 ▪ fax 813.254.8168 ▪ [email protected]

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Information provided is believed to be correct but is not warranted.

Intersection of Cockroach Bay Road and US 41

The property offered is a net leased Circle K convenient store with Shell branded gas that has

additional, commercially zoned land for development located in unincorporated Hillsborough

County in the south county community of Sun City south of Ruskin and north of Port Manatee

at the intersection of US 41 and Cockroach Bay Road. The convenience store was built in 1974

by the Jaeb family who operated "Shop and Go" stores and later sold their company to Circle K.

Today, Circle K is owned by parent company Alimentation Couche-Tard Inc., a Canadian gas-

station conglomerate with holdings that include more than 15,000 gas stations across Canada,

the US, Europe, Mexico and China. Alimentation Couche-Tard Inc. is a publicly traded

company listed on the Toronto Stock Exchange (TSX).

The property is located in the Sun City area of south Ruskin in south Hillsborough County.

Ruskin is an unincorporated census-designated place. The Ruskin community was founded

August 7, 1908, on the shores of the Little Manatee River. It was developed by Dr. George

McAnelly Miller, an attorney and professor at Ruskin College in Trenton, Missouri, and Addie

Dickman Miller. It is named after the essayist and social critic, John Ruskin. In the past 15 years

the Ruskin area has experienced rapid growth as it is a bedroom community for Tampa and is

also home to the Amazon small package distribution facility. The soil of Ruskin area farms is

especially adapted to growing tomatoes which the area is famous for and there is a large

amount of agricultural activity in the area with farmer's fields and packing houses.

Jacob Real Estate Services

mailto:[email protected]





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Area Maps:

Local Map:

Located in unincorporated Hillsborough County south of

Ruskin, Florida, the subject property is located on the east

side of US 41, approximately 1.55 miles north of the

Manatee County line, and approximately 4.2 miles south

of the Little Manatee River which is rural with a

preponderance of agricultural uses and outside of the

urban service area so that it will be difficult with the 2025

land use plan designation, zoning and land development

regulations for a competitor to open a convenience store

with gas in the immediate vicinity of the subject. At the

present time, the boundary of the Urban Service Area

where municipal water and sewer infrastructure is

available, is the north bank of the Little Manatee River.


http://www.city-data.com/city/Ruskin-Florida.html





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ACCESS: Access into the site is via a median break on US 41 and two curb cuts off

of the south right of way line of US 41 as shown above.

UTILITIES: The property is located outside of the urban service area and is served

with an artesian well for water and a septic tank for sewer. All other

municipal services are avaialble to the site.

BUILDING AREA: Store 80' x 47' - 3,760 sq.ft.± Conditioned: 3,200 sq.ft.±

Canopy Area: 1,125 sq.ft.±

LAND AREA: 90,000sq.ft.± or 2.066 acres±; 450' w by 200' deep. 3 Parcels.

Parcel 1 - 39,000sq.ft. or 0.894 acres±; 260' w by 150' d;

Parcel 2 - 13,500sq.ft. or 0.30 acres±; 90' w by 150' d;

Parcel 3 - 38,000sq.ft. or 0.87 acres±; 100' frontage, 450' back, 200'

deep south end, 50 feet deep north end.

Photo above from www.hcpafl.org Pictometry - January 2018

FLOOD ZONE: "X" - AREA OF MINIMAL FLOOD HAZARD, Flood Insurance Rate

12057C0653H, effective 8-28-2008

ZONING: The combined site falls into two zoning districts. Parcels 1 and 2 are

zoned CN, Commercial Neighborhood, Hillsborough County, and Parcel

3 is zoned RSC-2, Residential Single Family, allows 2 dwelling units per

gross acre.

LAND USE: The entire site is designated Residential -2 on the Hillsborough County






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Comprehensive Land Use Plan. The immediate area within which the

property is located is a small commercial node that has a Circle K, Dollar

General Store and StoreRight Self-Storage within a quarter of a mile.

DEMOGRAPHICS: 1 MI 3 MI

POPULATION 1,782 14,145

HOUSEHOLDS 727 5,530

AVERAGE AGE 47.00 41.80

MEDIAN HH INCOME $40,083 $48,836

DAYTIME EMPLOYEES 503 7,088

POPULATION GROWTH '18-23 ↑ 9.9% ↑ 11.8%

HOUSEHOLD GROWTH '18-'23 ↑9.8% ↑ 11.6%

TRAFFIC COUNTS: COLLECTION STREET CROSS STREET TVOL YEAR DISTANCE US41/TAMIAMI TRL S FIRST NATIONAL DR... 12,800 2017 0.11 MI US41/TAMIAMI TRL S MORGAN FARM R... 11,800 2017 0.73 MI US41/TAMIAMI TRL S VIDOR AVE NE 11,800 2011 0.77 MI STEPHENS RD MANATEE CLUB D... 1,640 2012 0.88 MI COCKROACH BAY RD NEILAN DR E 2,613 2017 0.92 MI

(ABOVE MADE WITH TRAFFICMETRIX® PRODUCTS)






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TAXES: There are three separate parcels included in the property offered:

Parcel One: 3602 S 41 HWY, RUSKIN Taxes: $6,485.49

PIN: U-23-32-18-198-000196-00000.0 Folio: 032808.0100

Parcel Two – Vacant Land located adjacent to the South of Store

PIN: U-23-32-18-198-000196-00000.1 Folio: 032811.0000

Parcel Three – L shaped Vacant Land adjacent to the east and south.

PIN: U-23-32-18-198-000196-00000.2 Folio: 032811.0100

2018 Assessed Value: $ 388,847.00

2018 Taxes: $ 7,538.39

Survey below by Heidt & Associates 2-22-2000

HISTORY: According to the public records, the convenience store was built in 1974

by the Jaeb Family on leased land that was owned by Mabel Markwood.

The Jaeb family operated Shop & Go branded convenient stores in the

area until they sold out to Circle K in 1993. The initial lease was dated

November 14, 1974 and the property has been operating as a convenience

store/gas station since 1974 continually leased since this time. The initial

ten year lease has been extended by the parties in five year increments

since the initial term ended November 30, 1984. Circle K has the right to

extend the term of the lease through November 30, 2029.

IMPROVEMENTS: The convenient store is of concrete block construction on a monolithic

concrete slab, with stucco finished block on the front and side, drywall






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covered frame interior walls, wall height of 13 feet, a rigid bar joist roof

structure and a membrane roof applied on top of the light weight

decking. The tenant is responsible for maintaining every aspect of the

improvements which appear to be in good condition. The gas pump

canopy is steel frame and steel covered. There are four multi-product

dispensers. Over 10,400 square feet of asphalt paved drives and parking.

LEASE TERMS: The Lease Agreement is a fully net lease where the tenant is responsible

for all costs of occupancy for Parcel One including the structure and roof.

The Lease provides for a percentage of sales override of 2% of the

aggregate annual gross sales in excess of $285,000.00 and the first

amendment to lease provides for a half-cent per gallon override for sales

over 20,000 gallons each month. In the Third Lease Amendment and

Extension Agreement, signed in 2009, the term of the lease was extended

beyond its end date of November 30, 2009 by adding three additional

renewal options of 5 years each and in the Fourth Lease Amendment and

Extension Agreement signed in May 2014, one additional 5 year option

was added at the terms shown:

Option Period Annual Rent PSF Rate (3,200sf store)

1st 12/01/2009 to 11/30/2014 $ 37,968.72 $11.86

2nd 12/01/2014 to 11/30/2019 $ 47,460.84 $14.83

3rd 12/01/2019 to 11/30/2024 $ 59,325.60 $18.54

4th 12/1/2024 to 11/30/2029 $ 68,225.04 $21.32

Circle K Stores, Inc. is currently in the last year of a five-year renewal

option. Correspondence between the owner and Circle K, indicates the

tenant plans on exercising the remaining two (2) five-year renewal

options, which would effectively end the lease on November 30, 2029 if it

is not amended/extended.

ASKING PRICE: $ 950,000.00, cash to the Seller at Closing.

For additional information, please contact:

James C. Jacob, CCIM or Deanna Cannella - 813-258-3200 - jjacob @jres.net

Any information given herewith is obtained from sources we consider reliable. However, JRES • Jacob Real Estate

Services, Inc. is not responsible for misstatement of facts, errors, omissions, prior placement or sale, withdrawal from

market, modification of offering terms and/or conditions, or change in price without notice. The information presented

here is for informational purposes without warranty or assurance that said information is correct. Other than the

obligation to deal honestly and in good faith, any terms outlined here are for negotiation purposes and are in no way

binding upon any party until such time as a fully negotiated lease or purchase document is executed by the parties

intending to be bound. Any person intending to rely upon the information supplied herein should verify all information

independently.






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