|Gross Leasable Area (GLA)||2,939 Sq.Ft.|
|Price Per Square Foot (GLA)||$933|
|Lot Size||0.96 Acres|
Marcus & Millichap is pleased to exclusively offer for sale this 2,939-square foot freestanding Taco Bell located in Ft. Myers, Florida. The property lies on busy Cleveland Avenue with easy ingress/egress and a daily average traffic count of 56,000 cars. The property caters to the local residents and businesses with an average household income of $59,019.
Coastal QSR, a 99-unit operator, has 8.4 years remaining on the base term of the lease with three, five-year options. There are eight percent rent increases throughout the initial term and option periods. This rate schedule provides a new investor with a blended average unleveraged return of 6.48 percent on the base term of the lease. The tenant operates under a triple-net lease with increases every five years and absolutely no landlord responsibilities. The property is offered free and clear of debt in a tax free state.
In close proximity is Lee Memorial Hospital, the flagship hospital for Lee Health and a Level II Trauma Center, serving Lee County and the surrounding areas. Lee Memorial Hospital has over 415 beds, over 1000 physicians, over 1400 employees and over 500 volunteers. Lee Memorial Hospital is known for being the top 10 most active joint replacement centers in the United States.