Address: 1902 North Main Street, Jacksonville, Florida, United States 32206
Cap Rate: 5.25%
Lease Type: Triple-Net (NNN)
Annual Rent: $90,000
Net Operating Income: $90,000
Lease Term Remaining: 20.0 Years
Rental Increases: 1.75% Annually
Options: Four (4), Five (5) Year Options
Year Built: 2006
Rentable Sq/Ft: 1,526 SF
Rent Sq/Ft: $58.98
Price Sq/Ft: $1123
Lot Size: +/- 0.41 Acres
Marcus & Millichap is pleased to present the exclusive listing for the Popeyes located at 1902 North Main Street in Jacksonville, Florida. Built in 1980 and remodeled in 2006, the subject property consists of approximately 1,526 rentable square feet and is situated on approximately 0.41 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 $90,000 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 Popeyes property is situated on North Main Street, which boasts average daily traffic counts of approximately 13,000 vehicles. North Main Street intersects with Martin Luther King Jr Parkway and runs parallel to I-95, which bring an additional average of 40,500 and 88,000 vehicles into the immediate area each day, respectively. There are more than 73,500 individuals residing within a three-mile radius of the property and more than 197,000 individuals within a five-mile radius.
This Popeyes property benefits from being well-positioned in a residential neighborhood with close proximity to several academic institutions, hospitals, and other major retailers. Major national tenants in the area include: Walgreens, Family Dollar, Subway, Burger King, Krystal, Captain D’s, KFC, Wells Fargo, as well as many others. This Popeye’s benefits from being located less than one mile from UF Health Jacksonville. UF Health Jacksonville is a private, not-for-profit hospital with 695-beds and 3,300 employees. Located just under 2.5 miles from the subject property is Jacksonville Port Authority. “JaxPort” is one of the largest commercial cargo ports on the Atlantic Coast offering competitive transit times to 140 ports in more than 70 countries. This Popeye’s benefits from being situated within a three-mile radius of several academic institutions. Most notable of these are Kirby-Smith Middle School and Darnel Cookman Middle/High School which have a combined total enrollment exceeding 1,800 students.
Home to Fortune 500 headquarters, thriving businesses and startups, Jacksonville is growing twice as fast as the rest of the nation and is ranked #7 Best City for Job Seekers by Money Magazine. Jacksonville’s global reputation helps the city to attract major companies, including France-based Saft, German-based Deustche Bank and Brazilian-based Embraer. Jacksonville’s regional population of 1.6 million people and labor force comprised of more than 830,000 skilled workers creates a strong talent base. JAX has the fourth-most diverse industry base in the state and the city’s westernmost location on the East Coast uniquely positions them with same-day access to the entire Southeastern consumer market. Jacksonville is also considered to be America’s Logistics Center – as one of the only regions offerings a logistics infrastructure that includes rail, air, maritime and highway, it is easy to see why Jacksonville is consistently selected as a top U.S. logistics hub. The Jacksonville region exports more than $5.4 billion in goods and services annually, and the city’s modern transportation infrastructure includes 10 airports, an FAA-licensed horizontal spaceport, two deep-water ports with four marine terminals, a strong network of railways and direct access to major roadways and interstates.
Broker of Record: Ryan Nee License #BK3154667