Address: 7411 West Irlo Bronson Memorial Highway, Kissimmee, Florida, United States 34747
Cap Rate: 4.85%
Lease Type: NNN
Annual Rent: $100,797
Net Operating Income: $100,797
Lease Term Remaining: 17.75 Years
Rental Increases: 2.00% Annually
Options: Six (6), Five (5) Year Options
Year Built: 2013
Rentable Sq/Ft: 5,103 SF
Rent Sq/Ft: $19.75
Price Sq/Ft: $407
Lot Size: +/- 1.56 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans located at 7411 West Irlo Bronson Memorial Highway in Kissimmee, Florida. The property consists of approximately 5,103 square feet of building space and is situated on approximately 1.56 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$98,820, increasing to $100,797 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.
The subject investment Bob Evans property is well-positioned on West Irlo Bronson Memorial Highway, which experiences an average traffic count of approximately 72,500 vehicles per day. The subject property benefits from high visibility and ease of access, having ingress and egress points to and from the property on multiple streets. Within a three-mile radius of the site resides a highly affluent suburban community boasting average household income exceeding $103,000. There are more than 25,000 individuals residing within a five-mile radius of the subject property and more than 224,000 individuals within a 10-mile radius. The population within a three-mile radius is projected to increase by approximately 20 percent by 2023.
The subject Bob Evans is strategically positioned in a highly dense retail corridor that features numerous national and local retailers, hospitality accommodations and theme parks, all within close proximity of the subject property. Major national tenants in the immediate area include: Walmart, Publix, Walgreens, CVS, Ross Dress for Less, McDonald’s, Chick-fil-A, Burger King, Panera Bread, Wendy’s, Arby’s, Taco Bell, Buffalo Wild Wings, Red Lobster, IHOP, and many more. Several hospitality accommodations lie within close proximity of the site, including: Baymont Inn & Suites, Disney’s All-Star Music Resort, Disney’s All-Star Movies Resort, Clarion Inn, Margaritaville Resort Orlando, Comfort Inn, Quality Inn, High Point World Resort, Ramada by Wyndham, in addition to many others. Several theme parks and other entertainment destinations lie within a three-mile radius of this Bob Evans, including: Disney’s Animal Kingdom Theme Park, Disney’s Blizzard Beach Water Park and the ESPN Wide World of Sports Complex. This property is additionally located less than 20 miles from the heart of downtown Orlando, the third-most populous city in the income tax-free state of Florida.
Kissimmee is the county seat of Osceola County and a principal city of the Orlando-Kissimmee-Sanford, Florida Metropolitan Statistical Area. Kissimmee is a family-oriented destination known for its off-the-beaten-path adventures, endless sunshine and proximity to world-famous theme parks. In addition to theme parks, there is a wild side to explore in this destination, with lush landscapes creating the perfect backdrop for outdoor adventures. The city lies along the northwest shore of Lake Tohopekaliga (nicknamed Lake Toho), and its verdant Kissimmee Waterfront Park encompasses walking paths, playgrounds and a fishing pier. Kissimmee is well-positioned for economic growth, with future job growth over the next 10 years projected to be 45.5%, more than 10% higher than U.S. average of 33.5%.
Broker of Record: Ryan Nee License #BK3154667