Address: 2199 Parr Drive, The Villages, Florida, United States 32162
Cap Rate: 4.85%
Lease Type: NNN
Annual Rent: $186,737
Net Operating Income: $186,737
Lease Term Remaining: 17.75 Years
Rental Increases: 2% Annually
Options: Six (6), Five (5) Year Options
Year Built: 2005
Rentable Sq/Ft: 5,655 SF
Rent Sq/Ft: $33.02
Price Sq/Ft: $681
Lot Size: +/- 1.84 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans located at 2199 Parr Drive in The Villages, Florida. The property consists of 5,655 square feet of building space and is situated on approximately 1.84 acres of land. The property is subject to a 20-year triple-net (NNN) lease that commenced on April 28, 2017. The current rent is $183,075, increasing to $186,737 on 5/1/2020. There are 2% annual rental increases that will continue through six, five-year tenant renewal options. There are 17.75 years remaining on the base term of this lease.
This Bob Evans is located at 2199 Parr Drive in the premier Active Adult Retirement Community of The Villages, Florida. East County Road 466 boasts average daily traffic counts of 12,158 vehicles per day. There are 96,600 individuals residing within a 5-mile radius and 190,500 within a 10-miles radius. The subject site is located in an affluent suburban community with an average household income exceeding $76,500 within a three-mile radius.
The subject property is well positioned in a dense retail corridor, benefitting from its proximity to major national and local tenants. Nearby national retailers and restaurants include Publix, Bealls, CVS, Walgreens, Circle K, Bank of America, Chase, Wells Fargo, Burger King, Dunkin’ Donuts, McDonald’s, Taco Bell and many more. The subject property is located within one mile of The Villages Charter High School, which has a total enrollment of 2,116 students. Orlando International Airport is located just 45 miles south of the subject Bob Evans. Orlando International Airport recorded more than 47,696,600 travelers in 2018. Popular golf courses such as Mallory Hill Golf & Country Club and Bonifay Golf & Country Club are located within five miles of the subject property. Hospitality accommodations in the area include Hampton Inn & Suites, The Waterfront Inn, Comfort Suites, and TownePlace Suites by Marriott. The Villages Regional Hospital, a general surgical hospital that is situated with 307 fully-staffed beds, is located less than four miles away from the subject property.
The Villages is a census-designated place (CDP) in Sumter County, Florida, United States. According to U.S. Census data released in March 2018, The Villages was 10th on the annual list of fastest-growing metropolitan areas in the United States. In 2017, Forbes magazine named The Villages to the list of The 25 Best Places To Retire in the United States for the second time. As a premier name in the retirement community, The Villages is constantly expanding and constructing new residential areas within the city to meet increasing demand for residency. As of 2016, The Villages had built 5.7 million square feet of commercial business space, with another 3.3 million square feet planned for the near future. Major businesses include restaurants, retail geared toward older Americans, and healthcare providers. In the 10 years from 2007 to 2017, The Villages metropolitan statistical area (MSA) was the 9th fastest growing area in the United States with the GDP growing 51.4% to $2.1 billion.
Broker of Record: Ryan Nee License #BK3154667