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RS Real Estate Partners has announced the $5.96 million sale of a Wawa property on Merritt Island, located at 435 Merritt Island Causeway. The 6,119-square-foot site was built in 2024 and sits on 2.34 acres.

    The property boasts a new 20-year corporate-guaranteed lease with Wawa, providing a stable source of income for the buyer. SRS Capital Markets team members Patrick Nutt, William Wamble, Kyle Fant, and Britt Raymond represented the seller, while the buyer was a private investor in a 1031 tax-deferred exchange.

    The closing cap rate was 4.69%, making this a lucrative investment opportunity. According to Wamble, "This site is perfectly situated in a busy retail corridor, offering the buyer long-term cash flow with no landlord responsibilities." The densely populated area of Merritt Island continues to attract investors due to its popularity among businesses and residents who benefit from Florida's lack of state income tax.

    As one of the most active brokers in the Wawa marketplace, SRS has executed over 125 transactions involving Wawa leased investment properties. With more than 1,040 Wawa stores across the United States, this convenience store and gas brand remains a sought-after investment opportunity for investors seeking stable returns.