Address: 5265 U.S. Highway 1, Vero Beach, Florida, United States 32967
Type: Net-Leased Restaurant
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% Annual Increases Starting Year 3
Options: Four (4), Five (5)-Year Options
Year Built: 2020
Rentable Sq/Ft: 3,000 SF
Rent Sq/Ft: $46.67
Price Sq/Ft: $933
Lot Size: +/- 1.00 Acres
Marcus & Millichap is pleased to present the exclusive listing for the Burger King located in Vero Beach, 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 in year 3 of the base term and continuing through the four (4), five (5)-year tenant renewal options.
The subject investment property is well-situated on U.S. Highway 1, which experiences an average traffic count of approximately 27,500 vehicles per day. U.S. Highway 1 intersects with 20th Place, which brings an additional 22,500 vehicles into the immediate surrounding area each day. Average household income exceeds $107,000 for homes within three miles of the subject property. There are more than 19,000 individuals that reside within a three-mile radius of the subject property and more than 53,000 individuals within a five-mile radius. Population within a one-mile radius is projected to increase by more than 10% by 2023.
This Burger King is strategically positioned in a dense retail corridor that features local and national tenants, shopping centers and entertainment attractions, all within close proximity of the site. Major national tenants in the immediate area include: Publix, Walgreens, CVS Pharmacy, McDonald’s, Dunkin’ Donuts, AT&T, Orangetheory Fitness, Springhill Suites by Marriott, USPS and more. The subject property is located within one mile of Bent Pine Golf Club, Hawk’s Nest Golf Course, Grand Harbor Golf and Beach Club, and Freedom Boat Club. The subject property benefits from its immediate access to healthcare, being located less than three miles from Cleveland Clinic Indian River Hospital, an award-winning, 355-bed medical facility. Vero Beach Regional Airport, which experiences more than 240,000 enplanements each year, is also less than three miles from this Burger King. This investment property is ideally located within the non-income-taxable state of Florida.
Vero Beach is the county seat of Indian River County, a highly desirable location for business and pleasure with a balance that helps individuals build their business in the sun. Those who live, work or visit here find that the communities are safe, modern and loaded with ecological, cultural, educational and technological amenities. Indian River County additionally has a friendly, unpretentious atmosphere. Centrally located 70 miles south of the Kennedy Space Center and an hour’s drive north of West Palm Beach, the county’s 543 square miles contain 26 miles of unspoiled beaches, groves of renowned Indian River grapefruit, immaculate oceanfront estates and riverfront communities – free from urban sprawl and congestion. Indian River County is also located within a three-hour drive of 17.9 million potential customers – 90% of Florida’s population. The county also offers access to other Florida markets as well as national and international markets via interstate highways and multimodal transportation; advanced industries from aviation/aerospace to aquaculture; world-renowned agricultural products and recreational opportunities; and research, emerging tech, life sciences and specialty healthcare industries. All of the above contribute to one of the most desirable climates in the country for recreation and for business. Indian River County’s unique setting includes an emphasis on low scale buildings, plenty of access to public beaches and a host of community amenities. Relatively low labor costs and inexpensive building sites – averaging $3-$6 per square foot for build-to-suit sites –plus the absence of state income tax and one of the lowest property tax rates in Florida, continue to attract industry to this area.
Ryan Nee License: BK3154667