Address: 945 South State Road 7, Plantation, Florida, United States 33317
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 Percent Annual Increases Starting Year 3
Options: Four, Five-Year Options
Year Built: 2018
Rentable Sq/Ft: 3,000 SF
Rent Sq/Ft: $46.67
Price Sq/Ft: $933
Lot Size: +/- 1 Acre
Marcus & Millichap is pleased to present the exclusive listing for the Burger King located in Plantation, 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 State Road 7, which boasts average daily traffic counts exceeding 45,500 vehicles. This Burger King benefits from Plantation, FL’s robust surrounding population. More than 1280,000 individuals reside within a three-mile radius and over 400,000 individuals are within a five-mile radius of the subject property.
The subject property benefits from being well-positioned in a dense retail artery consisting of national and local tenants, shopping centers, and hotels all within close proximity of this property. Major national tenants include: Walgreens, Subway, KFC, Family Dollar, Win-Dixie, Publix, Taco Bel, NAPA Auto Parts and more. This Burger King property also benefits from sitting less than a mile south of The Plantation General Hospital, which has a bed count exceeding 260, offers surgical services including orthopedic, sports medicine, thoracic oncology and endovascular procedures. Plantation General Hospital Medical serves as the top resource in the surrounding area for cancer treatment, diagnostic imaging, and orthopedic treatment.
Within walking distance of the subject property is the oldest club in the city, the Fort Lauderdale Country Club. FLCC is a 293 acre establishment, home to a 36-hole championship golf course, and other various amenities. Less than 20 minutes from the subject property is the Fort Lauderdale-Hollywood International Airport. In 2018, the airport processed over 35 million passengers, a 10% increase from the previous year, speaking to the growth of the surrounding area.
Plantation is a city in Broward County, FL, and has population of over 90,000. The city is known for its high quality of living and year-round warm weather. This makes Plantation an ideal stop for many individuals in search of a permanent or vacation south Florida home. The city also benefits from proximity to Fort Lauderdale and Hollywood Florida, which are some of the top tourists destinations in the state. This mix of tourism residential traffic provides the subject property with a consistent customer base.
Broker of Record: Ryan Nee – License # BK3154667