Feedback on NN opportunity in Port Charlotte FL

[Dan Cahill]

Hi, 

Looking for some feedback on this property for sale in Port Charlotte, FL: https://www.crexi.com/properti...

Cons

- 7 year lease remaining

- NN only

- 4.75% cap rate

- Last sold for $475K in 2018, now asking $800K.  Looks like roof was replaced prior to new owner taking possession in 2018.  Only permits pulled since were for plumbing (replace water lines) and garage door.  Thus, 3.5 years less of a lease term, and seller looking for $325K gain.  I don't want to be left holding the bag if we go into a recession.

Pros

- Strong tenant w/corp. backing from Sherwin Williams

- Location - this is the draw to me.  Port Charlotte has had double digit population growth for all of the US census counts, and seems to be a community that is well-liked by the local population.  Property located just off the main Rt. 41 that runs through town.  

- Roof and HVAC, etc. upgraded in 2018

- Building relatively easy to re-purpose since appears to just be a rectangle box