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Sonic

Vero Beach, Florida

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Marcus & Millichap is pleased to present the exclusive listing for the Sonic located at 1780 US-1 in Vero Beach, FL. The site will consist of roughly 1,866 rentable square feet of building space on estimated 1.75-acre parcel of land. The Sonic is subject to a 20-year absolute triple-net (NNN) sale-leaseback, which will commence upon close of escrow. The initial annual rent will be $93,500 and is scheduled to increase by one-and-a-half percent (1.50%) annually starting year two (2) throughout the base term and in each of the four (4), five (5)-year renewal options.

About the Investment:

  • 20-Year Absolute Triple-Net (NNN) Sale-leaseback
  • Franchisee Guarantee from Quality Huts Drive-In (74-units)
  • 1.50% Annual Rental Increases Starting Year Two
  • Four (4), Five (5)-Year Tenant Renewal Option Periods

About the Location:

  • Dense Retail Corridor | Surrounded by TJ Maxx, Walmart, Publix, Fresh Thyme, Dollar General, Walgreens, Hampton Inn & Suites, McDonald’s, and Many More
  • Strong Traffic Counts | 8th Avenue, 17th Street, and Indian River Blvd | Average Daily Traffic Counts Exceed More Than 44,000, 30,300 and 30,200
  • Located Approximately One and a Half Miles Away From Vero Beach Regional Airport
  • Treasure Coast Plaza is Located Less Than One Mile Away | Dual-Anchor Center With 25 Local and National Tenants
  • Robust Demographics | More Than 88,000 People Within a Five-Mile Radius
  • Affluent Surrounding Community | Average Household Income Exceeds $81,000 Within a Five-Mile Radius

About the Brand:

  • Sonic Drive-In Opened Their First Restaurant in 1953 and Now Maintains More Than 3,600 Drive-In Restaurants
  • Sonic Continues to Thrive | Maintenance of Strong Real Sales Growth, Industry-Leading Customer Frequency, and High Returns for Stockholders
  • Rated Top QSR Restaurant Chain in 14 States Amidst Covid-19 Pandemic

Key Details

Price:
$2,200,000
Cap Rate:
4.25%
Annual Rent:
$93,500
Address:
1780 US-1, Vero Beach, Florida
Property Type:
Net Leased Quick Service Restaurant
Lease Type:
Absolute Triple-Net (NNN)

Original Lease Term:
20 Years
Lease Commencement:
Close of Escrow
Lease Expiration:
20 Years From COE
Lease Term Remaining:
20 Years
Rental Increases:
1.50% Annually Starting Year Two (2)
Lot Size:
+/-1.75 Acres
Building Size:
1,866 SF
Tenant:
Sonic

Broker of record

Ryan Nee

License: BK3154667


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