Address: 27101 South Dixie Highway, Naranja, Florida, United States 33032
Cap Rate: 5.25%
Lease Type: Triple-Net (NNN)
Annual Rent: $98,939
Net Operating Income: $98,939
Lease Term Remaining: 20.0 Years
Rental Increases: 1.75% Annually
Options: Four (4), Five (5) Year Options
Year Built: 2009
Rentable Sq/Ft: 2,366 SF
Rent Sq/Ft: $41.82
Price Sq/Ft: $797
Lot Size: +/- 0.84 Acres
Marcus & Millichap is pleased to present the exclusive listing for the Popeyes located at 27101 South Dixie Highway in Naranja, Florida. Built in 2000 and remodeled in 2009, the subject property consists of approximately 2,366 rentable square feet and is situated on approximately 0.84 acres of land. The property is subject to a brand-new, 20-year lease that will commence on September 20, 2019. The base rent will be $98,939 and is scheduled to increase by One- and Three-Quarter percent (1.75%) annually, continuing throughout the remainder of the base term and each of the four (4), five (5)-year tenant renewal options.
This Popeye’s investment property is situated at 27101 South Dixie Highway, which boasts average daily traffic counts exceeding 36,000 vehicles. South Dixie Highway runs from the southern tip of Florida and leads directly into downtown Miami, the sixth-most densely populated city in the United States. There are nearly 100,000 individuals residing within a three-mile radius of the subject property and more than 200,000 individuals within a five-mile radius.
This Popeyes property benefits from being well-positioned in a dense retail corridor benefitting from its close proximity to several national and local tenants. Major national tenants include: Walmart Neighborhood Market, Walgreens, CVS Pharmacy, Dollar General, Family Dollar, Dollar Tree, Advance Auto Parts, AutoZone, McDonald’s, Burger King, Papa John’s, Domino’s and more. This Popeye’s property also benefits from being centrally located between several academic institutions served by Miami-Dade County Public Schools, which is the 5th largest school district in the country, serving over 356,000 students. This Popeye’s is approximately five miles from Homestead Hospital, a 142-bed, acute-care hospital that opened in 2017.
Naranja is a suburban community located in Miami-Dade County and approximately 25 miles from Miami. Miami, officially the City of Miami, is the cultural, economic and financial center of South Florida. Miami is the seat of Miami-Dade County, the most populous county in Florida. The city covers an area of about 56.6 square miles, between the Everglades to the west and Biscayne Bay on the east; it is also the sixth-most densely populated major city in the United States. The Miami metropolitan area is home to 6.1 million people and the seventh-largest metropolitan area in the nation. Miami’s metro area is the second-most populous metropolis in the southeastern United States and fourth-largest urban area in the U.S. The city is nearly at the southeastern-most point of the continental United States and is home to sunny beaches, tourists, and immigrants, as well as being a major center for international trade. Miami can be accessed by highways, running both north-south (I-95, the Palmetto Expressway, the Florida Turnpike) and east-west (the Airport Expressway, the Dolphin Expressway, and the Tamiami Trail). Also running east-west are the Miami Beach, Bal Harbor, Sunny Isles, and William Lehman Causeways. Miami International Airport is second nationally in the number of international passengers transported every year. About 70 percent of all passengers arriving in the United States from Central and South America come through Miami’s airport. Miami International Airport also leads the nation in transport of international cargo and is the world’s third-busiest airport in terms of total freight tonnage.
Broker of Record: Ryan Nee License #BK3154667