Address: 6598 US HWY 1 , Port St. Lucie, Florida, United States 34952
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: +/-1.00 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 1.00 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 the intersection of U.S. Route 1 and Kitterman Rd. The Burger King is positioned on a hard corner with US Route 1 driving 35,600 vehicles by the location daily. There are more than 41,600 individuals residing within a three-mile radius of the property and more than 111,900 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: Dunkin’ Donuts, Subway, Dollar Tree, Speedway, Walgreens, Publix, Hurricane Grill & Wings, 7-Eleven as well as many others. Accommodations in the immediate area include Best Western Port St. Lucie. Local bowling alley, Saint Lucie Lanes, is within a quarter mile of the subject property.
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. Port St. Lucie is 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