Address: 1024 N Young Blvd, Chiefland, Florida, United States 32626
Cap Rate: 5.40%
Lease Type: Triple Net (NNN)
Annual Rent: $95,000
Net Operating Income: $95,000
Lease Term Remaining: 20 Years
Rental Increases: 10.00% Every Five (5) Years
Options: Four (4), Five (5) Year Options
Rentable Sq/Ft: 3,231 SF
Rent Sq/Ft: $29.4
Price Sq/Ft: $544
Lot Size: +/- 1.00 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Hardee’s located at 1024 N Young Blvd, Chiefland, Florida. The property consists of 3,231 square feet of building space and is situated on roughly 1.00 acres of land. The tenant will enter into a brand new, 20-year triple-net (NNN) lease with absolutely no landlord responsibilities upon the close of escrow. The lease will call for 10.00% rental increases every five years that will continue through the base term and into the four, five-year tenant renewal options. The lease will carry a franchisee guaranty from Phase Three Star, an 85 unit operator.
This Hardee’s property is located at 1024 N Young Blvd in Chiefland, Florida. Chiefland is located in Levy County on the Gulf Cost of Florida, approximately 40 miles east of Gainesville.
SURROUNDING RETAIL & POINTS OF INTEREST
The subject property is well-positioned on North Young Boulevard and is surrounded by many major national; and local tenants. Many of the major national tenants in the area include: Walmart, CVS Pharmacy, Winn-Dixie, Walgreens, Dollar Tree, Dollar General, McDonald’s, Burger King, Dunkin Donuts, Subway and Taco Bell among others. There are also numerous lodging accommodations for travelers passing through the immediate area such as The Days Inn and The Quality Inn. This property is located within a close proximity to Chiefland Middle High School. The Chiefland Middle High School serves the public grades 6-12 and has a total enrollment exceeding 791 students and 100 employees. This Huddle House location also benefits from being situated in Chiefland’s main business district.
TRAFFIC COUNTS & DEMOGRAPHICS
The subject property has approximately 6,700 individuals residing within a five-mile radius and 18,600 individuals within a ten-mile radius of the property. This Wendy’s is located on Young Boulevard, which experiences an average daily traffic count of 5,000 vehicles.
Chiefland or as some know it as “ The Gem of the Suwannee Valley” is a city in Levy County, Florida. Chiefland has two public schools: Chiefland Middle High School and Chiefland Elementary. The School Board of Levy County controls their operations and also supervises two chapter schools: Nature Coast Middle School and Whispering Winds. The College of Central Florida has plans for a $12 million permanent facility located just five miles north of the city. Manatee Springs State Park is located six miles west of town; the clear water is a “first magnitude” spring that flows directly into the Suwannee River. The park offers a full slate of activities including camping and horse back riding. Manatees can be seen year-round, but especially in late fall and winter. Chiefland also benefits from being situated within a close proximity to Gainesville, Florida. Gainesville is the county seat and largest city in Alachua County. Gainesville is home to Santa Fe College and the University of Florida, the nation’s fifth-largest university campus by enrollment.
Broker of Record: Ryan Nee License #BK3154667