Address: 11300 Southwest 95th Circle, Ocala, Florida, United States 34481
Cap Rate: 4.75%
Lease Type: Triple-Net (NNN)
Annual Rent: $175,966
Net Operating Income: $175,966
Lease Term Remaining: 20 Years
Rental Increases: 2 Percent Annually
Options: Six, Five-Year Options
Rentable Sq/Ft: 5,506 SF
Rent Sq/Ft: $31.96
Price Sq/Ft: $673
Lot Size: 1.58 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans Property. The property consists of approximately 5,506 square feet of building space and is situated on approximately 1.58 acres of land.
The property will be subject to a 20-year triple net (NNN) lease. The lease will commence on April 28, 2017. The base rent is $175,966 with two percent annual rental increases. The increases will continue through the six, five-year tenant renewal options. The tenant will be a newly formed entity consisting of all Bob Evans Restaurants.
Bob Evans Restaurants was started more than 60 years ago with a single restaurant in Rio Grande, Ohio. The concept has since grown to 524 family restaurants in approximately 18 different states. Their wide variety of menu options appeals to a wide demographic, whether its breakfast, lunch, or dinner Bob Evans has something for everyone. Bob Evans Restaurants generated over $900 million in sales during fiscal year 2016.
This Bob Evans property is located at 11300 Southwest 95th Circle in Ocala, Florida. Ocala is a city in Marion County, located in Central Florida, 60 miles east of Daytona Beach. The University of Florida and its infamous Gators, is 35 miles to the north in Gainesville, while the Ocala International Airport is 10 miles to the north. Ocala is home to Ocala National Forest, the second largest national forest in the state and the Florida Trail which cuts through forest.
The subject property is well-positioned near several area attractions, benefitting from it’s proximity to major national and local retailers. Companies in close proximity to this property include Munroe Regional Medical Center and Timber Ridge Medical Park. Additionally, the area is home to a wide array of national retailers and shopping centers. Notable retailers within two miles of the subject property include Walmart, Bealls, Big Lots, CVS, Dollar General, Advance Auto Parts, Verizon Wireless, Ace Hardware, IHOP, Chili’s, Five Guys, Sherwin Williams, Dollar Tree, and AutoZone. The area’s farms are famous for their thoroughbred horses, in terrain similar to Kentucky bluegrass. Ocala is also known for nearby Silver Springs, the site of one of the largest artesian spring formations in the world and Silver Springs Nature Theme Park, one of the earliest tourist attractions in Florida.
Ocala has approximately 18,296 individuals residing within a three-mile radius of the property and more than 35,451 individuals within a five-mile radius. The subject property is located on Southwest 95th Circle, which intersects with Southwest Highway 200. Southwest Highway 200 has an average traffic count in excess of 33,605 vehicles per day. Nearby Southwest County Highway 484 has an additional average traffic count of 17,789 vehicles per day.
Ocala less than 60 miles from Orlando, Florida. Orlando is the center of the metropolitan area. It is a very popular tourist destination due to its many theme parks including Walt Disney World and Universal Orlando Resort. It is also home to Orlando International Airport, which is the thirteenth busiest airport in the United States. Orlando is known to be a busy destination for conferences as conventions as it is home to the Orange County Convention Center, the second largest convention facility in the entire United States which draws several businesses every year. In terms of colleges, Orlando is home to the University of Central Florida, which is the largest university campus in the United States n terms of enrollment, with over 64,300 students enrolled.
Broker of Record: Kirk Felici – License # BK 672851