Address: 10950 US-1 , Port St. Lucie, Florida, United States 34952
Cap Rate: 5.00%
Lease Type: Triple Net (NNN)
Annual Rent: $140,000
Net Operating Income: $140,000
Lease Term Remaining: 20 Years
Rental Increases: 1.25% Every Year, 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: $933
Lot Size: +/-1.83 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 1.83 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 of the base term and continuing through the four, five-year tenant renewal options.
The subject investment property is situated on U.S. Route 1, which boasts average daily traffic counts exceeding 68,200 vehicles. Intersecting with U.S. Route 1 is SE Port St Lucie Boulevard, which brings an additional 37,500 vehicles to the immediate area. Additionally, this Burger King is in a very populated with more than 41,584 individuals residing within a three-mile radius of the property and more than 108,850 individuals within a five-mile radius.
The subject property benefits from being well-positioned next to a wide variety of national and local tenants, shopping centers, and hospitality accommodations. Major national tenants include: Walmart, Sam’s Club, Lowes, BJ’s, Aldi, Walgreens, Publix, Applebee’s, Pizza Hut as well as many others. Hotels in the immediate area include two Holiday Inn’s as well as a Hampton Inn & Suites. This Burger King property also benefits from being only 10 miles from 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. 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