Address: 1323 N Orange Ave, Green Cove Springs, Florida, United States 32043
Cap Rate: 5.15%
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 Option Periods
Rentable Sq/Ft: 3,601 SF
Rent Sq/Ft: $26.38
Price Sq/Ft: $512
Lot Size: +/- 0.62 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Hardee’s located at 1323 N Orange Ave, Green Cove Springs, FL. The property consists of 3,601 square feet of building space and is situated on roughly 0.62 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 1323 N Orange Ave in Green Cove Springs, Florida. Green Cove Springs is located in Clay County in northeast Florida, approximately 33 miles south of Jacksonville, 74 miles north of Daytona Beach and 126 miles of Orlando.
SURROUNDING RETAIL & POINTS OF INTEREST
This Hardee’s is strategically located on an easily accessible and visible shopping center outparcel. The subject property benefits from being well-positioned in a dense retail corridor surrounded by several national and local retailers. Major national tenants include: Walgreens, CVS Pharmacy, Dollar General, ACE Hardware, Advanced Auto Parts, McDonalds and AutoZone. North Orange Ave provides for easy transportation access to nearby Interstate-295 and Interstate-95, which connects Green Cove Springs to Jacksonville, Daytona Beach and Orlando. Additionally, the subject property is within a two-mile radius of Clay County School District. The school district has a total enrollment of more than 2,000 students and is comprised of eight schools. Accommodations for the immediate area include River Park Inn and Holiday Inn Express. Kindred Hospital North Florida, is an 80-bed, transitional care hospital which offers extended care for its patients, and is located within a one mile radius of the Hardee’s.
TRAFFIC COUNTS & DEMOGRAPHICS
There are approximately 11,611 individuals residing with a three-mile radius of the subject property and 20,607 individuals within a five-mile radius. The subject property benefits from being situated in an affluent suburban community. The average household income with a five-mile radius is 88,351. This Hardee’s property is located on North Orange Ave, which experiences an average daily traffic count of 28,049 vehicles. North Orange Ave intersects with Leonard C Taylor Parkway which brings an additional 13,311 vehicles into the immediate area per day.
Green Cove Springs, FL
The city of Green Cove Springs, Florida is the county seat of Clay County with a population of more than 6,908. The town itself is a hydrological spring, which is a natural situation where water flows from an aquifer to the earths surface. Green Cove Springs is located on the banks of St. Johns River, the longest river in Florida. St. Johns River is the most significant river for commercial and recreational use. Green Cove Springs is a suburb of Jacksonville , which is only 33 miles north. Jacksonville is the fourth largest city in Florida with a population of approximately 1,065,000 residents. The city is the cultural, commercial, and financial center of Northern Florida. A major military and civilian deep-water port, the city’s riverine location supports two United States Navy bases and the Port of Jacksonville, Florida’s third-largest seaport. The city is home to many prominent corporations and organizations, including the headquarters of three Fortune 500 companies: CSX Corporation, Fidelity National Information Services and Southeastern Grocers. Jacksonville is home to one of Florida’s three football teams, the Jacksonville Jaguars and they play their home games in downtown Jacksonville.
Broker of Record: Ryan Nee License #BK3154667