Restaurant

Checkers Miami 20-Yr NNN Lease

227 NW 62nd St, Miami, FL 33150

Listing Price: $2,450,000

Cap Rate
5.51%
Tenant Name
Checkers
Years Remaining On Lease
20.10
Gross SF
906
Guarantor
Local Franchisor
Rentable SF
906
Price/Gross SF
$2,704.19
Lease Type
Absolute Net
Rent Per Square Feet
$149.01

Investment Overview

Marcus & Millichap is proud to market the Checkers Little River Miami absolute net leased property located in the highly sought after Little River Development Corridor in the heart of Miami, Florida. The subject property is a new construction +/- 906 square foot retail property with drive-thru that will be completed by December 2020. The building sits on a corner parcel of 23,420 square feet of T5-O zoned land on NE 62nd Street just east of the Interstate 95. This area of Miami, known as Little River/ Little Haiti is experiencing an incredible amount of development and investment from multiple investment groups looking to build mixed-use and entertainment projects in the immediate area. The developer/owner has signed a 20-Year absolute NNN lease with JAF Restaurant Group, an experienced regional Franchisee owner with five Checkers locations open or under construction with multiple Wendy’s and Del Taco businesses under ownership as well. The lease is personally guaranteed by the principal of JAF Restaurant Group. The lease has aggressive 15 percent base rental increases every five years along with no management responsibilities for the landlord. This area of Miami is ideally situated to bring traffic and shoppers to this Checkers concept with incredible density of over 32,234 people living within one mile of the subject property and over 577,760 people living within three miles. The corner location is also directly across the street from Miami’s Edison Senior High School, which will bring incredible amounts of daytime foot traffic to the location as well. Just a few blocks to the west of the subject property is the on and off ramp to I-95 which boasts over 200,000 vehicles per day. This is an ideal opportunity for an investor to purchase a zero management dense infill single tenant property in a dynamic area of Miami. Rarely do new construction single tenant properties come to market in Miami with aggressive 15 percent rent bumps every five years.

Investment Highlights

  • New Construction Property Located Just East of I-95 Entrance/ Exit Ramp
  • Zero Management 20 Year Lease with Experienced Franchisee
  • Aggressive 15% Base Rental Increases Every 5 Years

Exclusively Listed By

Restaurant

Checkers Miami 20-Yr NNN Lease

Listing Price: $2,450,000

Cap Rate
5.51%
Tenant Name
Checkers
Years Remaining On Lease
20.10
Gross SF
906
Guarantor
Local Franchisor
Rentable SF
906
Price/Gross SF
$2,704.19
Lease Type
Absolute Net
Rent Per Square Feet
$149.01

Investment Highlights

  • New Construction Property Located Just East of I-95 Entrance/ Exit Ramp
  • Zero Management 20 Year Lease with Experienced Franchisee
  • Aggressive 15% Base Rental Increases Every 5 Years

Investment Overview

Marcus & Millichap is proud to market the Checkers Little River Miami absolute net leased property located in the highly sought after Little River Development Corridor in the heart of Miami, Florida. The subject property is a new construction +/- 906 square foot retail property with drive-thru that will be completed by December 2020. The building sits on a corner parcel of 23,420 square feet of T5-O zoned land on NE 62nd Street just east of the Interstate 95. This area of Miami, known as Little River/ Little Haiti is experiencing an incredible amount of development and investment from multiple investment groups looking to build mixed-use and entertainment projects in the immediate area. The developer/owner has signed a 20-Year absolute NNN lease with JAF Restaurant Group, an experienced regional Franchisee owner with five Checkers locations open or under construction with multiple Wendy’s and Del Taco businesses under ownership as well. The lease is personally guaranteed by the principal of JAF Restaurant Group. The lease has aggressive 15 percent base rental increases every five years along with no management responsibilities for the landlord. This area of Miami is ideally situated to bring traffic and shoppers to this Checkers concept with incredible density of over 32,234 people living within one mile of the subject property and over 577,760 people living within three miles. The corner location is also directly across the street from Miami’s Edison Senior High School, which will bring incredible amounts of daytime foot traffic to the location as well. Just a few blocks to the west of the subject property is the on and off ramp to I-95 which boasts over 200,000 vehicles per day. This is an ideal opportunity for an investor to purchase a zero management dense infill single tenant property in a dynamic area of Miami. Rarely do new construction single tenant properties come to market in Miami with aggressive 15 percent rent bumps every five years.

Exclusively Listed By

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