Popeyes | 402 E Main St
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Popeyes 402 E Main St
3,275 SF Retail Building Apopka, FL 32703 $3,681,000 ($1,124/SF) 5% Cap Rate
Investment Highlights
- New 20-year absolute NNN lease with 10% rental increases every five (5) years
- Absolute NNN lease requires no landlord management, including all maintenance responsibilities - ideal for both local and out-of-area investors
- Popeyes is the world’s second-largest quick-service chicken concept, with 3,771+ units
- Four (4) extension periods of five (5) years each, providing a strong long-term investment opportunity
- Leased to Sailormen, Inc., a strong and expanding operator with 150+ units
- Popeyes opened 146 new restaurants in the U.S. over the past year and approximately 200 globally despite the pandemic
Executive Summary
Located at the intersection of East Main Street (46,000 AADT) and Oakland Avenue, with multiple access points into the property. Positioned within three miles from Apopka High School, Apopka Memorial Middle School, and Apopka Elementary, serving the combined 5,500+ students and families that attend these schools.
This site is surrounded by major national brands and retailers, including a newly constructed Winn-Dixie shopping center, driving traffic into the area and positioning the site to capture significant crossover buyer activity.
This Popeyes is just west of the interchange of East Main St and U.S. Route 441 / South Orange Blossom Trail (a major artery connecting Apopka to Orlando), allowing the site to capture immense traffic. Within a 5-mile radius of the site, there are 148,012 residents earning an average annual household income of $102,010 (projected to increase by at least 17% over the next five years).
This Popeyes in Apopka is located less than 15 miles northwest of downtown Orlando, Florida’s most populous inland city and one of the most-visited cities in the world primarily due to tourism, major events, and convention traffic.
This site is surrounded by major national brands and retailers, including a newly constructed Winn-Dixie shopping center, driving traffic into the area and positioning the site to capture significant crossover buyer activity.
This Popeyes is just west of the interchange of East Main St and U.S. Route 441 / South Orange Blossom Trail (a major artery connecting Apopka to Orlando), allowing the site to capture immense traffic. Within a 5-mile radius of the site, there are 148,012 residents earning an average annual household income of $102,010 (projected to increase by at least 17% over the next five years).
This Popeyes in Apopka is located less than 15 miles northwest of downtown Orlando, Florida’s most populous inland city and one of the most-visited cities in the world primarily due to tourism, major events, and convention traffic.
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
3,275 SF
Building Class
C
Year Built
1988
Price
$3,681,000
Price Per SF
$1,124
Cap Rate
5%
NOI
$184,048
Tenancy
Single
Building Height
1 Story
Building FAR
0.11
Lot Size
0.69 AC
Opportunity Zone
Yes
Zoning
C-2, Apopka
Parking
28 Spaces (8.55 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Corner Lot
- Pylon Sign
- Restaurant
- Signage
- Drive Thru
Bike Score ®
Very Bikeable (71)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 28-2110-7800-03-010 | Improvements Assessment | $644,140 |
| Land Assessment | $498,335 | Total Assessment | $1,142,475 |
PROPERTY TAXES
Parcel Number
28-2110-7800-03-010
Land Assessment
$498,335
Improvements Assessment
$644,140
Total Assessment
$1,142,475
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Popeyes | 402 E Main St
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