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LongHorn Steakhouse

$ 3,000,000
Riverview, Florida
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Newly Listed

Address: 12974 South US Hwy 301, Riverview, Florida, United States 33578

Type: Restaurant

Cap Rate: 5.00%

Lease Type: Ground Lease

Annual Rent: $150,000

Net Operating Income: $150,000

Rental Increases: 10% Every 5 Years

Options: Four (4), Five (5)-Year Options

Year Built: 2020

Rentable Sq/Ft: 5,467 SF

Rent Sq/Ft: $27.44

Price Sq/Ft: $549

Lot Size: +/- 0.34

Marcus & Millichap is pleased to present the exclusive net lease offering for the LongHorn Steakhouse located at 12974 US Highway 301 in Riverview, Florida. The property consists of roughly 5,467 rentable square feet of building space and is located on an estimated 0.34-acre parcel of land.
The property is subject to a 10-year Ground Lease which began on January 28th, 2020 and has just under 10 years remaining. The current rent is $150,000 with rental increases of 5% every 5 years throughout the base term and into the four (4), five (5)-year tenant renewal options.

The subject LongHorn Steakhouse property is well-situated on US Highway 301 in Riverview, Florida. US Highway 301 boasts average daily traffic counts over 28,100 vehicles. Additionally, the US Highway 301 runs parallel with I-75 to Tampa, just under 20 miles to the north, bringing another 103,350 vehicles to the immediate area of the subject property, daily. There are more than 64,900 individuals residing within three-mile radius of the property and more than 109,700 individuals within a five-mile radius. The population within a five-mile radius is projected to increase more than 20% by 2024.

This Longhorn Steakhouse benefits from its strategic position in a highly dense retail corridor consisting of national and local tenants and shopping centers all within close proximity of this property. Major national tenants in the immediate area include: Panera Bread, Texas Roadhouse, Buffalo Wild Wings, Dairy Queen, Burger King, Chase Bank, Publix, Sam’s Club, Winn-Dixie, Wendy’s, Taco Bell, Wawa, Marshalls, Wells Fargo, Truist Bank, Popeyes, among many others. This property also benefits significantly from being just 2-miles from the only major hospital and medical center in the immediate vicinity, St. Joseph’s Hospital & Emergency Center. The subject property additionally benefits from its immediate access to healthcare, being located within walking distance of St. Joseph’s Hospital – South. This healthcare facility consists of 112 beds and is currently undergoing construction that will add 210,000 square-feet to its already existing 360,000 square-foot facility. This brand-new LongHorn Steakhouse construction features compelling business incentives for investors, being located within the income tax-free state of Florida.

Riverview is an unincorporated CDP in Hillsborough County, FL. Hillsborough County is located in west-central Florida bordered by Pasco County to the north, Manatee County to the south, Polk County to the east, and on the west by Pinellas County and Tampa Bay. Hillsborough County is the economic hub of the Tampa Bay metropolitan region. Its diverse industries include: the chief financial district in downtown Tampa, the Port of Tampa – the largest seaport in the state based on tonnage, beaches and theme parks that provide tourist year round destinations, both private and public colleges and universities, respected medical and medical research facilities and a thriving agricultural sector. The agricultural industry is strong and produces strawberries, tomatoes, grapefruit, oranges, squash, tangerines, watermelons, cattle, dairy products, broilers and eggs in addition to an aquaculture industry which produces such products as aquarium fish and aquatic plants.

 

B.O.R.Ryan Nee License: #BK3154667

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Glen Kunofsky

President, Founder
(212) 430-5115

Read Ziegler

Analyst
(646) 805-1490