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Burger King

$ 2,718,447
Port St. Lucie, Florida
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Address: 214 SW Port St. Lucie Blvd , Port St. Lucie, Florida, United States 34984

Type: Restaurant

Cap Rate: 5.15%

Lease Type: Triple Net (NNN)

Annual Rent: $140,000

Net Operating Income: $140,000

Lease Term Remaining: 20 Years

Rental Increases: 1.25% Annual Increases Starting Year 3

Options: Four (4), Five (5) Year Options

Year Built: 2018

Rentable Sq/Ft: 3,000 SF

Rent Sq/Ft: $46.67

Price Sq/Ft: $906

Lot Size: +/-1.44 Acres

Marcus & Millichap is pleased to present the exclusive listing for the Burger King located in Port St Lucie, FL. The property consists of approximately 3,000 rentable square feet and is situated on approximately 1.44 acres of land. The property is subject to a 20-year triple-net (NNN) sale-leaseback. The lease will commence upon the close of escrow. The base annual rent will be $140,000 and the lease calls for 1.25% rental increases every year starting year 3 through the base term and continuing through the four, five-year tenant renewal options.

The subject investment property is situated on SW Port St. Lucie Blvd, which boasts average daily traffic counts exceeding 48,000 vehicles, respectively. Intersecting with SW Port St Lucie Boulevard is Florida’s Turnpike, which brings an additional 44,000 vehicles to the immediate area daily. There are more than 76,400 individuals residing within a three-mile radius of the property and more than 169,011 individuals within a five-mile radius.

The subject property benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, shopping centers, and hotels all within close proximity of this property. Major national tenants include: Winn-Dixie, Walgreens, Publix, Dunkin’ Donuts, Papa John’s, and Family Dollar as well as many others. The PGA Learning Center, a leading golf performance and instruction facility, is a center that combines on-course instruction, golf-specific technology, practical application, specialized club and equipment fittings and is also located within a five-mile radius from the subject property. The PGA Learning Center is owned and operated by the PGA of America and draws visitors from all over the country for both enjoyment and skill improvement.

Port St. Lucie is a city in St, Lucie County, Florida the most populous municipality in the county with a population exceeding 189,000 individuals. Port St. Lucie is nestled along Florida’s Treasure Coast, along the state’s southeast side, about halfway between Miami and Orlando. Port St. Lucie is also contained within the Miami – Fort Lauderdale – Port St. Lucie Combined Statistic Area with an estimated population of 6,832,588. The City of Port St. Lucie is the 8th largest City in Florida, the 3rd largest City in South Florida and the 130th largest City in the United States. Port St. Lucie is home to Indian River State College, which shares its campus with Florida Atlantic University, Barry University and Keiser University. There are an abundance of recreational activities available to residents and visitors within the area, due to the city’s climate, park facilities and proximity to the beaches nearby. As detailed above, Port St. Lucie is also home to the Professional Golf Association (PGA) Learning Center and the Probst Library, one of the world’s prominent collections of golf archives and collectibles.

 

 

Broker of Record: Ryan Nee – License # BK3154667

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Glen Kunofsky

President, Founder
(212) 430-5115

Edward Otocka

Senior Managing Director, Investments
(212) 430-5235

Alexandre Marietto

Senior Account Manager
(212) 430-5182