Single Tenant Triple Net Lease

Description:

Miami Commercial Group of KW Commercial is pleased to present a Triple Net (NNN) retail restaurant for sale in Orlando, Florida. This property is ideal as a cash flow investment and attractive as a 1031 Tax Exchange option as well. The tenant is a privately owned company that operates King Crab Seafood and Bar Restaurant. King Crab is subject to a ten-year, triple net lease (NNN), with roughly eight years remaining, and minimal landlord responsibilities. The rent is scheduled to increase by two percent (2.0%) annually, including two, 5-year tenant renewal options, bringing the total term to 18 years. This choice location benefits from being in a high-traffic area, on a six-lane street, and a signalized intersection into the Neighborhood Center. There is a strong retail presence surrounded by national, regional, local tenants, shopping centers, malls, and hospitality accommodations. Major tenants in the immediate area are Chase Bank, Walgreens, Western Union, Baskin Robins, Starbucks, 7-Eleven, and many more.


The property location is South of Highway 417 (Central Florida Greene Way) and exit 10. The Subject Property is 9 miles from Disney World, 11 miles from Orlando International Airport and 24 miles from Downtown Orlando.



Price: $3,258,516
NOI: $195,511
Cap Rate: 6.4%
Rentable Area: 6,264 SF
Land Area: 32,837 SF
Year Built: 2007
Guaranty: Personal
Lease Type: Triple Net
Landlord Responsibilities: Roof
Lease Term Remaining: 8+ Years
Increases: 2.00% Annually
Options: Two 5-Year Options
Rent Commencement: April 1, 2021
Lease Expiration: March 31, 2031