Hardee's Restaurant Santa Rosa Beach FL

Retail-Commercial for Sale
Catylist Listing ID: 30541221
Property Subtypes: Free-Standing Building, Restaurant
Building Size (RSF): 2,474 SF
Gross Land Area: 0.66 Acres
Sale Price: $2,150,000
Unit Price: $869.04 PSF
Is Quick-Service Restaurant? Yes
Property Use Type: Net Leased Investment (NNN)
Building Name: Hardee's Restaurant
Usable Size (USF): 2,474 SF
Sale Terms: Cash to Seller
Cap Rate: 4.18%
Average Occupancy Rate: 100
Last Updated: 9/24/2020

Overview / Comments

Great investor opportunity for this absolute NNN single tenant property with lease until 2038! Free standing Hardee's Restaurant with rent increases in 2021 and every five years after that. Four 5-year renewal option periods with rent increases at end of lease. This is the only fast food restaurant operation in Santa Rosa Beach and has an ideal location directly on US Hwy 98. Visibility is excellent and traffic counts are 36,500/day. Walton County Florida has experienced a 4.5% population growth annually and is the fastest growing county based on GDP in the entire state of Florida with a county wide GDP of $2.5 Billion. Easy access to communities along 30A in south Walton County.

Current Tenants

Tenant Business Name Hardee's Restaurant
Contact Name Paradigm Investment Group, LLC
Industry Type Accommodation and Food Services
Is Renting? Yes
SF of Space Occupied 2,474 SF
Current Rent $89,880 PSF (Annual)
Lease Expiration 7/2038
Escalations escalation to $113,880 annual rent starting 12.1.2021 increase to $119,070 annual rent starting 12.1.2026 escalation to $125,023 annual rent starting 12.1.2031
Options Four 5 year options for renewal
Tenant Notes This Hardee's franchisee operates over 100 Hardee's and related restaurants in the US.
Tenant Business Name Hardee's Restaurant
Contact Name Paradigm Investment Group, LLC
Industry Type Accommodation and Food Services
Is Renting? Yes
SF of Space Occupied 2,474 SF
Current Rent $89,880 PSF (Annual)
Lease Expiration 7/2038
Escalations escalation to $113,880 annual rent starting 12.1.2021 increase to $119,070 annual rent starting 12.1.2026 escalation to $125,023 annual rent starting 12.1.2031
Options Four 5 year options for renewal
Tenant Notes This Hardee's franchisee operates over 100 Hardee's and related restaurants in the US.

Additional Details

Nearest MSA: Crestview-Fort Walton Beach-Destin
County: Walton
Taxing Authority: Walton County
Tax ID/APN: 26-2S-20-33200-000-049A
Zoning: COMMERCIAL
Retail Clientele: General, Family, Traveler, Tourist, Recreation
Property Located Between: Highway 331 and Highway 393
Property Visibility: Excellent
Largest Nearby Street: US Highway 98
Feet of Frontage: 133
Traffic/Vehicle Count: 36,500
Highway Access: US Highway 98
Airports: vps, ecp
Site Description: excellent visibility near traffic light at Hwy 393 and US Hwy 98. Access to Hwy 30A in south Walton
Area Description: located between Chevron station and Ace Hardware
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 2,474 SF
Property Condition: Excellent
Year Built: 2016
Parking Type: Surface
Zoning Description: commercial
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress
Easements Description: easement from neighbor for ingress and egress to property
Land Ownership: fee simple
Legal Description: COM AT SE/C OF LOT 49 SEC 26- 2S-20W SANTA ROSA PLANTATION PB 2-4,N 00 DEG 00'55"E 7.81 FT TO N ROW US HWY 98,N 87 DEG 38'59"W ALONG HWY 98 910.75 FT FOR POB,N 87 DEG 38'59"W ALONG HWY 131.25 FT, DPRT HWY N 01 DEG 59'45"E 219.95 FT,S 87 DEG 38'06"E 131.25 FT,S 01 DEG 59'45'W 219.91 FT TO POB. OR 607-304 OR 1534-81 OR 1534-81 OR 1821-46 OR 2953-1733 OR 2953-3738 OR 2973-2054 OR 2975-52 OR 3019-4400

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 3,292 11,811
Median Age: 36.98 41.81
Households: 1,323 5,044

Contact

Photograph of Listing Agent

James Springer

Keller Williams Realty Emerald Coast
Gulf Coast CMLS Member
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