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Captain D's 200 State Road 19 2,248 SF Retail Building Palatka, FL 32177 $3,328,732 CAD ($1,480.75 CAD/SF) 6.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Expanding Operator leveraging the sale-leaseback process to continue growing operations and fund future development.
- New 20-Year Absolute NNN Lease at Close of Escrow with a growing operator.
- New Construction Site with strong surrounding market-drivers throughout the Palatka, FL manufacturing market.
- Situated amidst a dense retail corridor with strong supplemental demographics and future projected growth.
EXECUTIVE SUMMARY
CBRE is pleased to present the exclusive listing for a new, 20-year leased Captain D’s located at 200 State Road 19, in Palatka, FL. The site consists of 2,248 total square feet of building space and sits on 1.15 acres of land. The site will be subject to a 20-year sale-leaseback with Captain D’s (Private Franchisee). Starting in year one, the base rent shall be $155,000. The lease will call for 10% rental escalations each five-year period during the base term and throughout each of the four (4), five-year renewal option periods (40-year potential total term).
The subject property benefits from being located in a strong retail corridor surrounded by national and local tenants, shopping centers and hospitality accommodations. Located on a main arterial road in Palatka, FL manufacturing market, the subject property is surrounded with the following major tenants in the immediate area; Home Depot, CVS, Publix, Marshalls, Dollar Tree, Walgreens, Staples, as well as many more. This location also benefits from its proximity to St. Johns River State College and Palatka High School, boasting a nearby student count of 8,000+.
The subject property benefits from being located in a strong retail corridor surrounded by national and local tenants, shopping centers and hospitality accommodations. Located on a main arterial road in Palatka, FL manufacturing market, the subject property is surrounded with the following major tenants in the immediate area; Home Depot, CVS, Publix, Marshalls, Dollar Tree, Walgreens, Staples, as well as many more. This location also benefits from its proximity to St. Johns River State College and Palatka High School, boasting a nearby student count of 8,000+.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
Sale Leaseback
Property Type
Retail
Property Subtype
Building Size
2,248 SF
Building Class
B
Year Built
2020
Price
$3,328,732 CAD
Price Per SF
$1,480.75 CAD
Cap Rate
6.50%
NOI
$216,368 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.04
Lot Size
1.15 AC
Parking
31 Spaces (13.79 Spaces per 1,000 SF Leased)
AMENITIES
- Signage
- Air Conditioning
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
-
- Accommodation and Food Services
- -
- -
- Triple Net
- May 2044
Captain D's believes good seafood can transform any meal into a moment to remember. Throughout Captain D's 50-year history, their focus has been making great seafood available to everyone, every day and creating a place that makes an ordinary day feel special. From the friendly smiles and hand-crafted cooking of their crew members to their beachy restaurant design, Captain D's wants you to feel relaxed as they transport you to the coast.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
|
|
Accommodation and Food Services | - | - | Triple Net | May 2044 |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 11-10-26-0000-0143-0000 | Improvements Assessment | $1,235,571 CAD |
| Land Assessment | $568,461 CAD | Total Assessment | $1,804,031 CAD |
PROPERTY TAXES
Parcel Number
11-10-26-0000-0143-0000
Land Assessment
$568,461 CAD
Improvements Assessment
$1,235,571 CAD
Total Assessment
$1,804,031 CAD
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Captain D's | 200 State Road 19
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