Ground Lease Waffle House Portfolio 5.50% CAP Rate

Retail-Commercial for Sale
Catylist Listing ID: 30778677
Property Subtypes: Free-Standing Building, Restaurant
Building Size (RSF): 5,100 SF
Gross Building Area: See Agent
Sale Price: $3,685,000
Unit Price: $722.55 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 1/28/2022

Overview / Comments

Take advantage of this prime investment opportunity consisting of three triple net ground lease Waffle House locations. This absolute net lease portfolio contains three single-tenant properties located throughout the West Coast of Florida specifically at 54th Ave N in St. Petersburg, 57th St. E in Bradenton, as well as I-75 and SR 44 in Wildwood. Each location is on an absolute net ground lease with ZERO Landlord responsibilities. The Waffle House concept has an average footprint of 2,200 square feet with an average annual rental payment of $46,000. Compared to these averages, the subject properties within this portfolio each pay considerably more rent than the Waffle House concept average. In addition, each location is scheduled for a 10% rental increase within the next 24-48 months to create added value. Each building consists of 1,700 SF with each location including additional rent kickers, making this the perfect acquisition for an investor looking for a stabilized opportunity with cash flow.

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Pinellas
Tax ID/APN: 16 30 35 00000 430 2100
Retail Clientele: General, Family, Traveler, Tourist
Property Visibility: Excellent
Largest Nearby Street: I-75, I-275
Highway Access: I-75, I-275
Tenancy: Single Tenant
Total Number of Buildings: 3
Number of Stories: 1

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,804 149,440 298,428
Median Age: 43.41 43.11 42.68
Households: 8,201 67,175 133,528


Photograph of Listing Agent

Trifon Houvardas

Foresight Property Services
CE-FL Member
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