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Burger King 3212 US Highway 98 N

3,337 SF Retail Building Lakeland, FL 33805 $2,929,000 ($878/SF) 5% Cap Rate

Investment Highlights

  • Long-Term Absolute (NNN) Opportunity - Single Tenant
  • Lease Term Remaining: 6+ years
  • NOI: $146,478
  • Lease Commencement: 4/1979 - Lease Expiration: 9/2029
  • Renewal Options: Two, 5 year renewal options with 2.5% annual increases
  • Rent Increases: 8.5% of gross sales

Executive Summary

Priced to sell at $2,929,000
Lease Term Remaining: 6+ years
Rent Increases: 8.5% of gross sales
Renewal Options: Two, 5-year renewal options with 2.5% annual increases
The property is located at a highly visible retail site with direct access to U.S. Highway 98 (46,500 ADT)
Tenant: The Jan Companies currently owns and operates over 28 Burger King locations in Florida. Over the years, the entire Janikies Family, has worked continuously to diversify into the fast food, full service and country club arena. This impressive portfolio includes Burger King, Newport Creamery, Krispy Kreme, Popeye’s, CoreLife Eatery and several Country Clubs.

Property Facts

Sale Type
Investment
Sale Conditions
1031 Exchange
Property Type
Retail
Property Subtype
Fast Food
Building Size
3,337 SF
Building Class
B
Year Built/Renovated
1979/2016
Price
$2,929,000
Price Per SF
$878
Cap Rate
5%
NOI
$146,478
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
1.19 AC
Opportunity Zone
Yes
Zoning
C-2 - Commercial Industrial
Parking
20 Spaces (5.99 Spaces per 1,000 SF Leased)
Frontage
109 FT on Highway 98

Amenities

  • Pylon Sign
  • Signage

MAJOR TENANTS

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease Type
  • Lease End
  • Accommodation and Food Services
  • -
  • $56.68
  • Triple Net
  • Sep 2029

Every day, guests visit Burger King restaurants around the world. And they do so because Burger King restaurants are known for serving high-quality, great-tasting, and affordable food. Founded in 1954, Burger King is the second largest fast food hamburger chain in the world. The original Home of the Whopper, their commitment to premium ingredients, signature recipes, and family-friendly dining experiences is what has defined the brand for years.

Tenant Industry SF OCCUPIED RENT/SF Lease Type Lease End
Accommodation and Food Services - $56.68 Triple Net Sep 2029

Nearby Major Retailers

Bob Evans Restaurants
Denny's
Waffle House
Miller's Ale House
Longhorn Steakhouse
Hooters
IHOP
Steak ‘n Shake
Suncoast Credit Union
LA Fitness

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
23-28-01-000000-031210
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,325,374
  • Listing ID: 33287344

  • Date on Market: 7/15/2024

  • Last Updated:

  • Address: 3212 US Highway 98 N, Lakeland, FL 33805

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