Address: 11959 Southern Blvd. , Royal Palm Beach, Florida, United States 33411
Cap Rate: 5.00%
Lease Type: Triple Net (NNN)
Annual Rent: $165,000
Net Operating Income: $165,000
Lease Term Remaining: 20 Years
Rental Increases: 1.25% Every Year, Starting Year 3
Options: Four (4), Five (5) Year Options
Year Built: 2002
Rentable Sq/Ft: 2,164 SF
Rent Sq/Ft: $76.25
Price Sq/Ft: $1525
Lot Size: +/-0.99 Acres
Marcus & Millichap is pleased to present the exclusive listing for the Burger King located in Royal Palm Beach, FL. The property consists of approximately 2,164 rentable square feet and is situated on approximately 0.99 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 $165,000 and the lease calls for 1.25% rental increases every year starting year 3 during the base term and continuing through the four, five-year tenant renewal options.
The subject investment property is positioned on Southern Blvd in Royal Palm Beach, Florida. Southern Blvd brings approximately 64,400 vehicles per day in front of the subject site. Additionally, Southern Blvd intersects with Forest Hill Blvd, which brings an additional 34,000 vehicles into the immediate area. There are more than 70,100 individuals within a three-mile radius of the subject property and more than 128,600 individuals within a five-mile radius. This Burger King is also positioned in a very wealthy suburban area, with an average income over $100,000 within a five-mile radius.
The subject property also benefits from being well-positioned as an outparcel to a Publix, with proximity to several national and local tenants. Major national tenants include: Costco, Publix, Walgreens, Marshalls, HomeGoods, Stein Mart, Carrabba’s, Panera Bread, Outback, Starbucks, several quick service restaurants and hospitality accommodations. This Burger King is also conveniently located in the direct vicinity of Palms West Hospital. The 204-bed facility is located on a spacious 94-acre campus and offers top-quality care for a full complement of healthcare services. Additionally, there are many schools located in the area surrounding the subject property. Schools in the immediate area are Renaissance Charter School at Palms West, Western Academy Charter School, St. David’s Episcopal School, and Wellington Collegiate Academy, combining to enroll over 1,300 students.
Royal Palm Beach is a village situated in southeast Florida, located within Palm Beach County. The village is approximately fifteen miles inland from the Atlantic Ocean and it is known for its many parks and general mission to protect green space. Royal Palm Beach has been recognized as a Tree City USA Community by the National Arbor Day Foundation since 1990 for its various green initiatives. The village offers a variety of activities for the outdoor and sports enthusiast including soccer, basketball, tennis, Pop Warner youth football and cheerleading, senior activities, and year-round golf programs. The public schools within the village consist of “A”-rated elementary and middle schools and there are numerous private schools offering classes from pre-kindergarten through high school. In 2008, Family Circle Magazine recognized the Village of Royal Palm Beach as one of the Top 10 Best Towns for Families. The mission of the village is to represent the public interest, promote quick, courteous response to residents’ problems, provide leadership and direction to the Village’s future, and assure the present and future fiscal integrity of the municipal government. The village of Royal Palm Beach strives to provide its citizens with a clean, safe, family-oriented community.
Broker of Record: Ryan Nee – License # BK3154667