Address: 6598 U.S. Highway 1, Port St. Lucie, Florida, United States 34952
Cap Rate: 5.30%
Lease Type: Triple-Net (NNN)
Annual Rent: $140,000
Net Operating Income: $140,000
Lease Term Remaining: 20 Years
Rental Increases: 1.25% Annual Increases 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: $881
Lot Size: +/- 1.00 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 1.00 acres of land. The property is subject to a 20-year triple-net (NNN) sale-leaseback that 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 (4), five (5)-year tenant renewal options.
The subject investment property is situated at the hard corner of the signalized intersection between U.S. Highway 1 and Kitterman Road. U.S. Highway 1 experiences an average traffic count exceeding 43,000 vehicles per day and intersects with Prima Vista Boulevard, which brings an additional 37,000 vehicles into the immediate surrounding area each day. There are more than 42,000 individuals residing within a three-mile radius of the property and more than 113,000 individuals within a five-mile radius. The population within a one-mile radius is projected to increase by more than 24 percent by 2023.
The subject property is strategically positioned in a highly dense retail corridor that consists of local and national tenants, shopping centers, and accommodations, all within close proximity of the site. Major national tenants in the immediate area include: Walgreens, Publix, Dollar Tree, Dollar General, McDonald’s, Dunkin’ Donuts, Subway, PNC Bank, 7-Eleven, Marco’s Pizza, Best Western, as well as many others. Accommodations in the immediate area include Best Western Port St. Lucie, Kitterman Woods Apartments, St. Lucie Oaks Apartments, Vista St. Lucie Associations (condos) and Pine Lake Preserve Apartments. Local bowling alley, Saint Lucie Lanes, is within a quarter mile of the subject property. The subject property is also within a half mile of Savanna Ridge Elementary School, which boasts a total enrollment exceeding 500 students. This Burger King benefits from its location within the non-income-taxable state of Florida.
Located in southeastern Florida, about 120 miles south of Orlando and 60 miles north of West Palm Beach, St. Lucie County lies within a four-county region, referred to as the Treasure Coast. Convenient transportation access to I-95 and Florida’s Turnpike, rail, seaports, Treasure Coast International Airport – a designated U.S. Customs port of entry, and direct global air access through multiple international airports make St. Lucie a great place to do business. Primary cities within the region include Fort Pierce, Port St. Lucie, Okeechobee, Stuart and Vero Beach. There are many reasons to choose St. Lucie County, Florida as a place to relocate, expand or launch your business. As an emerging region for cutting edge companies, St. Lucie is pushing the frontiers of research in life sciences, bio-technology, energy, aviation, information technology and manufacturing. The City of Port St. Lucie is the ideal location for new and expanding businesses due to the city’s market strength, competitive business costs, affordable livability and a well-trained workforce. The City’s rapid growth is due in part to the high quality of life, abundance of market rate housing, low crime, quality education system and business-friendly environment. This competitive location also provides a spectacular setting in which to work and play. St. Lucie County’s natural resources are enviable, with more than 21 miles of pristine coastline and beaches, more than 20,000 acres of public parks and natural preserves, and miles of rivers and waterways.
Broker of Record: Ryan Nee License #BK3154667