Address: 5903 Brookhill Boulevard, Sarasota, Florida, United States 34232
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: ix (6), Five (5) Year Options
Year Built: 2003
Rentable Sq/Ft: 5,413 SF
Rent Sq/Ft: $34.5
Price Sq/Ft: $711
Lot Size: +/- 1.69 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans located at 5903 Brookhill Boulevard in Sarasota, Florida. The property consists of 5,413 square feet of building space and is situated on approximately 1.69 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 property is strategically situated on Brookhill Boulevard at the hard-corner of a busy signalized intersection just off an exit for Interstate-75 and directly across the street from a Lowe’s Home Improvement store. Brookhill Boulevard is located just off Fruitville Road which boasts an average daily traffic count exceeding 50,000 vehicles per day. Fruitville Road intersects with Interstate-75, which brings an additional 110,850 vehicles into the immediate surrounding area per day. Within an immediate three-mile radius is an affluent suburban community with average household income exceeding $82,000. There are more than 47,000 individuals residing within a three-mile radius of the site and more than 141,000 individuals within a five-mile radius.
This Bob Evans benefits from being well-positioned in a highly dense retail corridor that features national and local tenants, shopping centers, and major tourist attractions all within close proximity of this property. Major national tenants in the immediate area include: Lowe’s, Sam’s Club, Publix, Winn Dixie, Target, Office Depot, Dollar Tree, McDonald’s, Chick-fil-A, Burger King, Taco Bell, Starbucks, Dunkin’ Donuts, Chipotle, Five Guys, Longhorn Steakhouse, 7-Eleven, in addition to many others. Siesta Key Beach, rated the No. 1 beach in the United States and the No. 5 beach in the world by TripAdvisor, is approximately 12 miles west of the subject property. Upwards of 350,000 tourists visit this destination every year. The site is also less than 10 miles from Sarasota-Bradenton International Airport, which served more than 1.37 million passengers in 2018.
Warm temperatures year-round, award-winning beaches and a thriving arts and cultural scene have made Sarasota a major attraction in the state of Florida. This southwest Florida region, which is about an hour from Tampa and two hours from Orlando, continues to attract new residents with great restaurants and plenty of shopping options. Sarasota is a great place for those who enjoy the outdoors. There are a number of parks in downtown Sarasota, not to mention the massive Myakka River State Park. Golf courses also abound. And then, of course, there are the beaches. Siesta Beach has earned acclaim for its white sand and clear water. Lido Beach, just south of St. Armands Circle, is another wide stretch of shoreline that’s easy to access. If those get crowded (as they often do), beachgoers opt for Longboat Beach, Venice Beach, Bradenton Beach or the beaches of Anna Maria Island, all of which are a short drive from Sarasota. Sarasota has been ranked #1 Best Place to Live in Florida by U.S. News & World Report, #5 South’s Prettiest Cities by Southern Living Magazine, and #2 Best Food Cities by Condé Nast Traveler. The Sarasota Metro area has the ninth-highest growth rate for the millennial population (11% from 2010-2015). Additionally, the North Port-Sarasota-Bradenton region ranked as the country’s 10th Fastest-Growing Metropolitan Area according to the US Census Bureau. Florida offers a favorable business climate with no state-level income tax.
Broker of Record: Ryan Nee License #BK3154667