Investment Overview

Marcus & Millichap is pleased to present this single-tenant Master Crab restaurant, located at 2414 Del Prado Boulevard in Cape Coral, Florida. The property is situated on a large 1.27-acre corner lot. Constructed in 2003 and remodeled in 2018 for the current tenant, this property is leased to Master Crab on a personally guaranteed ground lease, expiring at the end of October 2028. The lease includes two five-year renewal options, and three percent annual rent increases throughout both option periods. The restaurant reported strong sales for 2024 at $2.95 million, which equates to a rent-to-sales ratio of 4.85 percent. Master Crab has quickly become a standout destination for seafood enthusiasts in Cape Coral. Known for its bold flavors and unforgettable dining experience, the restaurant offers a unique twist on the traditional Louisiana seafood boil. Guests enjoy a diverse selection of fresh seafood, including crabs, shrimp, lobster, and clams, all perfectly seasoned with a signature blend of Cajun spices, lemon pepper, garlic butter, and Szechuan-inspired flavors. This distinctive seasoning has established Master Crab as a local favorite, drawing repeat customers and rave reviews. Master Crab’s roots can be traced back to the Mr. & Mrs. Crab franchise. Founded in 2017, Mr. & Mrs. Crab was born from a vision inspired by a visit to New Orleans, where the founders fell in love with the rich culinary heritage of Louisiana. Determined to bring this experience to Florida, they incorporated an Asian twist into the classic seafood boil, creating a unique dining concept that has since grown into a successful brand with 23 locations. The asset is strategically located within a major retail market, containing 14.9 million square feet of retail within five miles of the asset. Cape Coral has the lowest retail vacancy rate among Florida’s most populated cities. The building sits adjacent to Coralwood Shopping center, which is anchored by Hobby Lobby, HomeGoods, and ALDI Other nearby national retailers include: Publix Super Market, Walmart, TJMaxx, Lowe’s, among others. Master Crab enjoys excellent visibility at the busy intersection of Del Prado Boulevard and Veterans Memorial Parkway, which sees a combined traffic count of 123,100 vehicles per day. The property is also just two miles west of Midpoint Bridge, which experiences 60,500 vehicles per day—the highest daily traffic count among the three bridges connecting Cape Coral to Fort Myers. Additionally, there are two hospitals near the property: Cape Coral Hospital and Lee Memorial Hospital. Cape Coral Hospital, located 2.9 miles away, is a 303-bed community hospital serving over 100,000 patients annually. Lee Memorial Hospital, a 414-bed community and specialty hospital, is 7.4 miles away in Fort Myers. Both facilities are part of the Lee Health Network. Cape Coral, Florida, located along the Gulf Coast, is a vibrant and rapidly growing city, currently home to over 211,000 residents with a projected population of 300,000 within the next 10 years. Known for its exceptional quality of life, Cape Coral boasts over 400 miles of scenic canals, year-round sunshine, and a thriving economy supported by diverse industries such as technology, healthcare, and logistics. As the largest city between Tampa and Miami, Cape Coral combines affordability, no state income tax, and a family-friendly atmosphere with access to top-rated schools, major attractions, and beaches. Ranked as one of Forbes’ Best Places to Live in Florida for 2024, its significant population and commercial growth reflect its status as a dynamic hub for living, working, and investing.