Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Wendy’s located in Cape Canaveral, FL. This property offers a brand new, long-term, triple net (NNN) sale leaseback with a lease expiration of 20 years from close of escrow. The lease offers 7.5 percent rent increases every five years throughout base term and option periods and is available separately or as part of a three-property portfolio. Building will be remodeled by tenant in calendar year 2024. This lease is guaranteed by Starboard Group of Space Coast and includes 23 units. Starboard Group is an experienced franchisee with approximately 73 Wendy’s units, and a multi-brand operator with restaurants across Alabama, Florida, Illinois, Missouri, Louisiana, Wisconsin, and Texas. This Wendy’s location offers excellent access and visibility from Astronaut Boulevard (A1A or U.S. Highway 1) with a daily traffic count of more than 33,500 vehicles. US Highway 1 connects the area north to St. Mary’s River in Georgia and south to Miami. The average household income is $84,664 in five miles of property with a metro population made up of over 600,000 residents. The subject property is located directly outside of the Cape Canaveral Air Force Station, and SpaceX Launch and Landing Control Center, within walking distance from Carrick Institute for Graduate Studies, the leading provider in clinical neuroscience education, and 1.5 miles from Port Canaveral – a cruise, cargo, and naval port – the world’s busiest cruise port with over 4 million passengers passing through during the 2022 financial year. Numerous hotels in the immediate area include Radisson Resort at the Port, Holiday Inn Club Vacations Beach Resort, Country Inn & Suites by Radisson, Residence Inn by Marriott, Hampton Inn & Suites, Home2 Suites by Hilton, Homewood Suites by Hilton, SpringHill Suites by Marriott among many others.