Address: 3900 State Road 7 , Lake Worth, Florida, United States 33449
Cap Rate: 5.00%
Lease Type: Triple Net (NNN)
Annual Rent: $145,000
Net Operating Income: $145,000
Lease Term Remaining: 20 Years
Rental Increases: 1.25% Every Year, Starting Year 3
Options: Four (4), Five (5) Year Options
Year Built: 1997
Rentable Sq/Ft: 2,888 SF
Rent Sq/Ft: $50.21
Price Sq/Ft: $1004
Lot Size: +/-0.97 Acres
Marcus & Millichap is pleased to present the exclusive listing for the Burger King located in Lake Worth, FL. The property consists of approximately 2,888 rentable square feet and is situated on approximately 0.97 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 $145,000 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 located on the North East intersection of Lake Worth Road and State Road 7 in Lake Worth, Florida. State Road 7 sees over 64,000 vehicles on average per day. Additionally, Lake Worth Road brings an 35,000 vehicles into the immediate surrounding area. There are more than 50,000 individuals within a three-mile radius of the subject property and more than 185,000 individuals within a five-mile radius. This Burger King is also positioned in a very wealthy suburban area, with an average income of $121,000 within a one-mile radius.
The subject property benefits from being well-positioned as outparcel to a Publix and from its proximity to several national and local tenants. Major surrounding tenants include: McDonald’s, Walmart, Whole Foods, Walgreens, Taco Bell, Wendy’s, Publix, Chase Bank, Dunkin’ Donuts, Subway, Goodyear, Chevron, Trader Joe’s, and numerous others. This Burger King is also conveniently located within 2.5 miles of both the International Polo Club of Palm Beach and the Polo Hall of Fame. The stadium at International Polo Club has a capacity of over 2,000 and is just one portion of the 300-acre, world-class facility. Both professional and amateur sporting events take place here on a weekly basis all throughout the year.
Lake Worth is a city in Palm Beach County, Florida, United States, which takes its name from the body of water along its eastern border known as the Lake Worth Lagoon. The lake itself was named for General William J. Worth, who led U.S. forces during the last part of the Second Seminole War. Lake Worth is located less than 10 miles south of West Palm Beach, Florida. West Palm Beach is a city in and the county seat of Palm Beach County, Florida, United States. It is the oldest incorporated municipality in Greater Miami, having been incorporated as a city two years before Miami in November 1894. West Palm Beach is located approximately 68 miles north of Downtown Miami. The City and its surrounding area offer a relaxed, genteel atmosphere offering superb arts and culture, a dizzying array of events and thrilling opportunities for dining, entertainment and nightlife. The area offers a broad range of private and public schools, with some ranked among the best in the country. The city is home to sunny palm-lined streets, breathtaking waterfront views, quaint shopping districts, historic and scenic neighborhoods, and exciting year-round outdoor festivals. West Palm Beach has several world class shopping and entertainment districts including CityPlace, Clematis Street, Antique Row, Northwood Village and more.
Broker of Record: Ryan Nee – License # BK3154667