Rasmussen College

Price: $7,237,750
Sq. Ft.: 25,609
Cap Rate: 10%
Built: 2011
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Marcus & Millichap is pleased to offer the opportunity to acquire a 25,609-square foot single-tenant building leased to Rasmussen College in Land O Lakes, Florida. The double-net lease has a corporate guarantee from a company that operates 22 campuses in six states. Landlord is responsible for roof and structure. The lease has approximately five years remaining on the primary term and includes two percent annual rent escalations. The tenant has four five-year options for renewal. Situated on a large 4.83-acre lot with ample paved parking, the building is newer 2011 construction.

The subject property is located on Fernview Street on the north side of FL-54, the major east/west thoroughfare with traffic counts of approximately 39,500 vehicles per day. Sunlake High School, Charles S. Rushe Middle School, and Imagine Charter School are directly north of the subject property. Neighboring retailers include Publix Super Market, Great Clips, The UPS Store, Planet Smoothie, Beef ‘O’ Brady’s, Wendy’s, Verizon, Wells Fargo Bank, and The Tire Choice. The population within five miles is 59,240, and the average household income is $88,374. Land O’ Lakes is a census-designated place (CDP) in Pasco County, and is part of the Tampa-St. Petersburg-Clearwater MSA. Land O’ Lakes has been growing very rapidly in the past 10 to 20 years. Nearby former towns have been absorbed into Land O’ Lakes such as Denham, Ehren, and Gowers Corner, and new neighborhoods, shopping, and schools have been built.

SALE HIGHLIGHTS

  • Double-Net Lease | Landlord Responsible for Roof and Structure
  • Corporate Guarantee | Company Operates 22 Campuses in Six States
  • Approximately Five Years Remain on the Primary Term
  • Lease has Two Percent Annual Rent Increases
  • Tenant has Four Five-Year Options for Renewal
  • Newer 2011 Construction on Large 4.83-Acre Lot with Paved Parking
  • Located on the North Side of FL-54, the Major East/West Thoroughfare | Traffic Counts are Approximately 39,500 Vehicles per Day
  • Five-Mile Population is 59,240 and Average Household Income is $88,374
  • Land O’ Lakes is Part of the Tampa-St. Petersburg-Clearwater MSA