Address: 1833 Kings Road, Jacksonville, Florida, United States 32209
Cap Rate: 5.25%
Lease Type: Triple-Net (NNN)
Annual Rent: $65,472
Net Operating Income: $65,472
Lease Term Remaining: 20.0 Years
Rental Increases: 1.75% Annually
Options: Four (4), Five (5) Year Options
Rentable Sq/Ft: 2,220 SF
Rent Sq/Ft: $29.49
Price Sq/Ft: $562
Lot Size: +/- 0.35 Acres
Marcus & Millichap is pleased to present the exclusive listing for the Popeyes located at 1833 Kings Road in Jacksonville, Florida. Built in 1979 and remodeled in 2010, the subject property consists of approximately 2,220 rentable square feet and is situated on approximately 0.35 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 $65,472 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 Kings Road, approximately two miles from the heart of downtown Jacksonville, Florida’s most-populous city. Kings Road boasts an average traffic count of approximately 17,000 vehicles per day and also provides access to Interstate-95, which brings an additional 98,000 vehicles into the immediate surrounding area each day. There are more than 90,000 individuals within a three-mile radius and more than 175,000 individuals within a five-mile radius.
This Popeyes 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: Walgreens, Family Dollar, McDonald’s, Burger King, Checkers, Advance Auto Parts, USPS, BP, Sunoco, and more. This Popeyes additionally benefits from being positioned within a two-mile radius of multiple academic institutions, including: Edward Waters College, Darnell Cookman Middle/High School, John E. Ford Elementary, Smart Pope Livingston Elementary, Stanton College Preparatory School and Susie E. Tolbert Elementary. Together, these schools boast a total combined enrollment exceeding 5,000 students. UF Health Jacksonville, a 695-bed medical facility, is also less than two miles from the subject property. This medical campus is home to North Florida’s Level I trauma center and in 2018 was certified as a Comprehensive Stroke Center for its excellence in acute stroke care. Florida offers compelling business incentives with 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