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Restaurant

Waffle House Florida Portfolio

2525 54th Ave N, St. Petersburg, FL 33714

Listing Price: $3,859,000

Cap Rate
5.25%
Tenant Name
Northlake Foods, Inc.
Years Remaining On Lease
2.2
Guarantor
Corporate Guarantee
Rentable SF
1,700
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$119.21

Investment Overview

Marcus & Millichap is pleased to present exclusively for sale a portfolio of three Corporate Backed True NNN Waffle House locations throughout high demand Florida markets. All three locations have a very long and successful operating history in their respective markets. The locations in Bradenton and The Villages been open for business for more than 35 years, and the St. Petersburg location opening for business almost 20 years ago, having opened in 2004. All three markets are an ideal demographic profile for Waffle House with extreme density and positive future growth projections. The success of these locations is supported by the long historical unit level sales numbers that are well above the estimated Average Unit Volume for Waffle House locations nationwide.

Investment Highlights

  • All three locations in this portfolio have very strong unit level sales reflecting a base rent-to-sales ratio of less than 5.00% which represents a high likelihood of future lease renewals.
  • There is a percentage rent clause across the portfolio which consistently provides additional revenue for the Owner. (See Listing Agent for Details)
  • Waffle House has been in business for 67 years and since they opened in 1955 have grown to become a regional cultural icon with more than 1,900 locations in 25 states in the U.S.
  • Waffle House as a concept was ranked 54 out of the Top 200 restaurant concepts in the U.S. based on systemwide sales revenue bringing in over $1B in 2020.
  • All three locations show positive population and income growth projections over the next 5 years within 1, 3, and 5 miles of each subject property.
  • All three locations are in dense well populated markets and sit in the path of future development in the St. Pete and Bradenton with Wildwood being a growth market just outside of The Villages, which is a master planned age restricted community and the fastest growing metropolitan area in the United States between 2010 and 2020.
  • With the Bradenton and Wildwood locations having been established since 1986 and 1985 respectively, and the St. Petersburg location having opened in 2004, all three locations have established themselves as staples in their respective communities and proven to have long-term sustainability within their respective markets.

Exclusively Listed By

Restaurant

Waffle House Florida Portfolio

Listing Price: $3,859,000

Cap Rate
5.25%
Tenant Name
Northlake Foods, Inc.
Years Remaining On Lease
2.2
Guarantor
Corporate Guarantee
Rentable SF
1,700
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$119.21

Investment Highlights

  • All three locations in this portfolio have very strong unit level sales reflecting a base rent-to-sales ratio of less than 5.00% which represents a high likelihood of future lease renewals.
  • There is a percentage rent clause across the portfolio which consistently provides additional revenue for the Owner. (See Listing Agent for Details)
  • Waffle House has been in business for 67 years and since they opened in 1955 have grown to become a regional cultural icon with more than 1,900 locations in 25 states in the U.S.
  • Waffle House as a concept was ranked 54 out of the Top 200 restaurant concepts in the U.S. based on systemwide sales revenue bringing in over $1B in 2020.
  • All three locations show positive population and income growth projections over the next 5 years within 1, 3, and 5 miles of each subject property.
  • All three locations are in dense well populated markets and sit in the path of future development in the St. Pete and Bradenton with Wildwood being a growth market just outside of The Villages, which is a master planned age restricted community and the fastest growing metropolitan area in the United States between 2010 and 2020.
  • With the Bradenton and Wildwood locations having been established since 1986 and 1985 respectively, and the St. Petersburg location having opened in 2004, all three locations have established themselves as staples in their respective communities and proven to have long-term sustainability within their respective markets.

Investment Overview

Marcus & Millichap is pleased to present exclusively for sale a portfolio of three Corporate Backed True NNN Waffle House locations throughout high demand Florida markets. All three locations have a very long and successful operating history in their respective markets. The locations in Bradenton and The Villages been open for business for more than 35 years, and the St. Petersburg location opening for business almost 20 years ago, having opened in 2004. All three markets are an ideal demographic profile for Waffle House with extreme density and positive future growth projections. The success of these locations is supported by the long historical unit level sales numbers that are well above the estimated Average Unit Volume for Waffle House locations nationwide.

Exclusively Listed By

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