Address: 1190 Spring Centre South Boulevard, Altamonte Springs, Florida, United States 32779
Cap Rate: 4.65%
Lease Type: Triple-Net (NNN)
Annual Rent: $120,000
Net Operating Income: $120,000
Lease Term Remaining: 15 Years
Rental Increases: 8.00% Every 5 Years
Options: 8.00% Every 5 Years
Rentable Sq/Ft: 4,300 SF
Rent Sq/Ft: $27.91
Price Sq/Ft: $600
Lot Size: +/- 1.04 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Burger King located at 1190 Spring Centre South Boulevard in Altamonte Springs, Florida. The property consists of approximately 4,300 square feet of building space and is situated on roughly 1.04 acres of land. The Burger King is subject to a 15-year absolute triple-net (NNN) lease, with approximately 15 years remaining on the base term. The base rent is$120,000 and will increase by 8.00% percent every five years. The lease will call for two (2), five (5)-year tenant renewal option periods that will bring the potential term of the lease to 25 years. The lease is guaranteed by Burger King corporate.
This Burger King property is located at 1190 Spring Center South Boulevard in Altamonte Springs, Florida. Altamonte Springs is part of Seminole County as well as the Orlando-Kissimmee-Sanford Metropolitan Statistical Area. The state of Florida offers compelling business incentives due to no state-level income tax.
SURROUNDING RETAIL & POINTS OF INTEREST
This Burger King is strategically located in a dense retail corridor just 10 miles north of the heart of downtown Orlando and benefits from high visibility and ease of access. Within the immediate surrounding area are numerous national retail and restaurant tenants, including: Publix, Panera, Wendy’s, Chase Bank, Bank of America, SunTrust Bank, Stein Mart, Outback Steak House, Carrabba’s Italian Grill, LA Fitness, 7-Eleven and many more. The subject property is located less than two miles north of Altamonte Mall, a super-regional shopping mall with more than 130 stores. AdventHealth Altamonte Springs, a 383-bed acute-care hospital, is also located just two miles from the subject property. This medical facility has consistently been the leading healthcare provider in Seminole County since 1973.
TRAFFIC COUNTS & DEMOGRAPHICS
The average household income is over $83,000 for homes within one mile of the subject property. This area features very robust demographics, with more than 79,000 individuals residing within a three-mile radius and more than 200,000 individuals within a five-mile radius. This property is located just off of West State Road 434, which experiences an average traffic count exceeding 54,000 vehicles per day. An exit for the bustling Interstate-4 is also conveniently located just a quarter-mile from the subject property. This thoroughfare brings an additional 119,000 vehicles into the immediate surrounding area each day and also provides direct access west towards Tampa and east towards Daytona Beach.
ALTAMONTE SPRINGS, FL
The city of Altamonte Springs boasts a vibrant economy, with a region offering a growing and skilled workforce, a competitive business environment, easy access to major markets, and much more. Altamonte Springs is a city born of innovation, fiscal responsibility and progressive ideas. The city has worked hard over the years to remain debt free while maintaining one of the state’s lowest tax rates in the already income tax-free state of Florida. From forward-thinking projects and proactive initiatives to an evolving business climate and environmentally-friendly projects, Altamonte Springs has set an example for other municipalities by striving to work beyond the typical constraints of local government. The city’s robust events program is the most exciting in the region, all generously funded by the area’s corporate sponsors. Hosting more than one million visitors each year, the city’s programs infuse into the community a sense of excitement and entertainment, while enriching the area’s diverse social fabric.
Broker of Record: Ryan Nee License #BK3154667