|Cap Rate||5.00 %|
|Gross Leasable Area (GLA)||1,850 Sq. Ft.|
|Price Per Square Foot (GLA)||$718|
Marcus & Millichap is pleased to present for sale this absolute-net leased, fee-simple Dunkin Donuts which is backed by a 12 Unit franchisee with locations throughout Florida and Massachusetts. The brand-new 1,850 SF prototype building is situated on an 18,495 Square foot outparcel to a Winn Dixie Anchored Shopping Center. The site includes a drive-up window and ample parking. This Dunkin Donuts is a build-to-suit in 2017. The lease has a ten-year base term and Net Operating Income of $65,000 per year with 10 percent increases every five years, including the four 5-year option periods.
Located on 4th Street North, the property is located on one of Pinellas Countys major retail arteries connecting southern Pinellas County to the Howard Frankland Bridge and the Westshore Business District (Floridas largest Business District). Benefiting from this strategic location at a signalized intersection, this location captures significant morning traffic as it leaves St Petersburg and heads toward Tampa. In addition to the morning commuters, this asset is within walking distance to over a dozen apartment complexes in excess of 3,000 units
St Petersburg, with over 257,000 residents, is the largest city in Pinellas County. Pinellas County is located on the Gulf of Mexico and is the densest county in the state of Florida. It is part of the Tampa Bay Metropolitan Statistical Area. St Petersburg is known as The Sunshine City with over 361 days of Sunshine each year.
This is an excellent opportunity to acquire a strategically located passive, absolute net leased Investment that benefits from Floridas No State Income Tax.
First Vice President investments