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3230 W Michigan Ave
Pensacola, FL 32526
Chipotle · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- New 15-year absolute NNN lease to Chipotle, a globally recognized Mexican restaurant chain with over 3,800 stores worldwide.
- Tenant responsible for all taxes, insurance, and maintenance, including roof, structure, and parking lot, ideal for both out-of-area/local investors
- Chipotle experienced strong growth in 2024, including a 14.6% increase in total revenue to $11.3 billion
- 10% rental increases every five (5) years in initial term and option periods, ensuring consistent income growth
- Chipotle is ranked on the Fortune 500 and is recognized on the 2024 list for Fortune’s Most Admired Companies
- The company plans to open 315-345 new restaurants in 2025, with over 80% featuring “Chipotlane” drive-thrus.
EXECUTIVE SUMMARY
High-visibility and easily accessible location along West Michigan Avenue, which experiences a high traffic count of 29,500 vehicles per day. Chipotle experienced strong growth in 2024, including a 14.6% increase in total revenue to $11.3 billion and a 7.4% increase in comparable restaurant sales. The five-mile radius serves a populous region of 131,556, with an average annual household income of $80,068 within one mile. The location is surrounded by a strong mix of major local and national retailers, including Walmart Supercenter, The Home Depot, Lowe’s Home Improvement, ALDI, Whataburger, Sonic Drive-In, Culver’s, and many more, creating a vibrant commercial hub for retail services. The absolute NNN lease structure transfers maintenance and expense obligations to the tenant, including roof, structure, and parking lot. Projected income increases within 1, 3, and 5-mile radii over the next five years poise this Chipotle and Pensacola for steady concurrent growth.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Fast Food
Building Size
2,336 SF
Building Class
C
Year Built
2025
Price
$5,511,200 CAD
Price Per SF
$2,359.25 CAD
Cap Rate
4.65%
NOI
$256,271 CAD
Percent Leased
100%
Building Height
1 Story
Building FAR
0.05
Lot Size
1.17 AC
Zoning
COM
Parking
29 Spaces (12.41 Spaces per 1,000 SF Leased)
AMENITIES
- Drive Thru
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $496,237 CAD | |
| Land Assessment | $640,427 CAD | Total Assessment | $1,136,664 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$640,427 CAD
Improvements Assessment
$496,237 CAD
Total Assessment
$1,136,664 CAD
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