Address: 649 South McDuff Avenue, Jacksonville, Florida, United States 32205
Cap Rate: 5.25%
Lease Type: Triple-Net (NNN)
Annual Rent: $70,588
Net Operating Income: $70,588
Lease Term Remaining: 20.0 Years
Rental Increases: 1.75% Annually
Options: Four (4), Five (5) Year Options
Rentable Sq/Ft: 1,382 SF
Rent Sq/Ft: $51.08
Price Sq/Ft: $973
Lot Size: +/- 0.34 Acres
Marcus & Millichap is pleased to present the exclusive listing for the Popeyes located at 649 South McDuff Avenue in Jacksonville, Florida. Built in 1983 and remodeled in 2010, the subject property consists of approximately 1,382 rentable square feet and is situated on approximately 0.34 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 $70,588 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 South McDuff Avenue, approximately three miles from the heart of downtown Jacksonville, Florida’s most-populous city. McDuff Avenue boasts an average traffic count of approximately 13,000 vehicles per day and serves as an access road for Interstate-10, which brings an additional 141,000 vehicles to the immediate surrounding area each day. McDuff Avenue additionally intersects with Roosevelt Boulevard, which brings an additional 50,000 vehicles into the immediate surrounding area each day. There are more than 72,000 individuals residing within a three-mile radius and more than 179,000 individuals within a five-mile radius.
This Popeyes property is strategically positioned within a dense retail corridor that features numerous national and local tenants. Major national tenants in the immediate area include: Lowe’s, Winn Dixie, Walgreens, Family Dollar, McDonald’s, Burger King, Wendy’s, Taco Bell, Dunkin’ Donuts, Pizza Hut, Domino’s, Krispy Kreme, AutoZone, O’Reilly Auto Parts, and many more. The subject property also benefits from immediate access to healthcare, being located less than two miles from Ascension St. Vincent’s Medical Center Riverside. This 528-bed facility is home to the largest cardiovascular program between Atlanta and Orlando and Consumer Reports has named it one of the top five performers in knee replacements in the U.S. Florida offers compelling business incentives due to no state-level income tax.
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