Address: 1175 Dunn Avenue, Jacksonville, Florida, United States 32218
Cap Rate: 5.35%
Lease Type: Modified Triple Net (NNN)
Annual Rent: $83,300
Net Operating Income: $83,300
Rental Increases: Lessor of Change in CPI or 5.00% Every 5 Years
Options: Six (6), Five (5) Year Option Periods
Rentable Sq/Ft: 2,674 SF
Rent Sq/Ft: $31.15
Price Sq/Ft: $582
Lot Size: 0.84
Marcus & Millichap is pleased to present the exclusive listing for a Wendy’s located at 1175 Dunn Avenue, Jacksonville, Florida. The property consists of 2,674 square feet of building space and is situated on roughly 0.84 acres of land. The Wendy’s is subject to a 20-year modified triple net (NNN) lease, which commenced on December 31, 2013. The current annual rent is$89,250. The lease will call for rental increases that will be equal to the lessor of the change in CPI or 5.00% every five years. The rental increases will continue through the base term and into the six, five-year tenant renewal options.
This Wendy’s property is located at 1175 Dunn Avenue, Jacksonville, FL. Jacksonville is a city in Duval County and is the most populous city in Florida.
SURROUNDING RETAIL & POINTS OF INTEREST
The subject property is well-positioned on a hard, signalized corner (at the intersection of Dunn Ave and Bonnelly Drive) within a dense retail corridor. The property benefits from its close proximity to major national and local retailers that include: Advanced Auto Parts, Pizza Hut, Pep Boys, Starbucks, Arby’s, Krystal, Burger King, Checkers, McDonald’s Dollar Tree, Taco Bell, Popeyes, Captain D’s, CVS, KFC, Walgreens, Dunkin’ Donuts, Waffle House, Hardee’s, Sam’s Club and many more. Across the street from the property is the Highland Square shopping center that features many other national and local retailers and is anchored by Bealls Outlet, Public and DD’s Discounts. Down the road past Interstate 95 is the Anheuser-Busch Brewery which is open to the public for tours and is a major demand driver for the area. Additionally, UF Health Jacksonville is located within seven miles from the subject property and has 695 beds. Biscayne High School, Highland Middle School, Somerset Preparatory Academy, Pine Estates Elementary and Duval County High School are all located within one mile of the subject property and have a total enrollment of 2,500 students.
TRAFFIC COUNTS & DEMOGRAPHICS
The Wendy’s property benefits from a robust demographics with 50,430 individuals residing within a three-mile radius and 119,327 individuals residing within a five-mile radius. The property is located on Dunn Avenue which achieves average traffic counts of approximately 32,500 vehicles per day and is easily accessible via Interstate 95. Interstate 96 brings approximately 69,500 vehicles per day through the immediate area and is the main Interstate Highway on the East Coast of the United States, serving areas from Florida to Maine.
Jacksonville is a seaport city, the most populous city in the state of Florida, and the most populous city in the southeastern United States. The city is the cultural, commercial and financial center of Northern Florida. A major military and civilian deep-water port, the city’s riverine location supports two United States Navy bases and the Port of Jacksonville, Florida’s third-largest seaport. The Port of Jacksonville is a leading port in the United States for automobile imports, as well as the leading transportation and distribution hub in the state. Jacksonville serves as headquarters for various banking, insurance, healthcare, logistics, and other institutions. The city is home to many prominent corporations and organizations, including the headquarters of four Fortune 500 companies: CSX Corporation, Fidelity National Financial, Fidelity National Information Services, and Southeastern Grocers. Three colleges and universities lie within the city’s limits: the University of North Florida, Jacksonville University, and Florida State College at Jacksonville. One professional sports team, the Jacksonville Jaguars of the National Football League, plays their home games in downtown Jacksonville.
FL BROKER OF RECORD:Ryan Nee Lic.# BK3154667