For Sale
$3,114,000

2828 Monroe St Tallahassee, FL 32303

Florida KFC: 20-Year NNN Lease

Overview

Added:
Dec 11, 2024
Days on market:
137
This exceptional investment opportunity presents a free-standing KFC restaurant in Tallahassee, Florida, secured by a 20-year absolute triple-net (NNN) lease commencing October 1, 2024, and expiring September 30, 2044. The 3,790 square foot building, constructed in 2020, sits on a 1.38-acre lot and boasts a strong 5.50% cap rate with a net operating income (NOI) of $171,288. The lease includes four 5-year renewal options and features annual rent increases of 1.50% starting in year seven. The tenant, a franchisee, is backed by a significant 80-unit operator guarantor, providing substantial financial security. This prime location at 2828 N Monroe St, Tallahassee, FL 32303, benefits from high visibility, being less than a mile from The Centre of Tallahassee, a major regional mall with over 3.1 million annual visitors. The property enjoys excellent access, situated at the intersection of FL I-10 and N Monroe St, a high-traffic area with over 106,000 vehicles per day. The surrounding area is densely populated, with over 68,656 households within a 5-mile radius and numerous hotels providing a substantial customer base. The asking price is $3,114,000, translating to $821.64 per square foot. This is a rare opportunity to acquire a stable, high-performing asset with significant long-term growth potential in a thriving market.

Highlights

  • 20-year absolute NNN KFC in Tallahassee, FL, with 1.5% annual rent increases starting year seven and four 5-year options. Lease commenced October 1, 2024, expiring September 30, 2044.
  • Leased to Tasty Chick’n Southeast, LLC, guaranteed by Tasty Chick’n, LLC (80-unit guarantor).
  • Managed by Tasty Restaurant Group (TRG), a major multi-brand QSR operator and the nation's 2nd largest KFC franchisee.
  • Located less than one mile from The Centre of Tallahassee, a high-traffic regional mall with over 3.1 million annual visitors.
  • High-visibility location at I-10 and N Monroe St, boasting 106,000+ vehicles per day.
  • Strong demographics: 1,600+ hotel rooms and 68,656 households within a 5-mile radius.

Property Details for 2828 Monroe St

Property type
Retail properties
Square Feet
3,790 SF
Year Built
2020
Lot Size (sq. ft)
60,113 SF

Location Insight

City
Tallahassee
County
Leon
State
Florida
Latitude
30.480535636534
Longitude
-84.303687159469

FAQs

What type of property is this?
Retail property - Florida KFC: 20-Year NNN Lease
Where is the retail property located?
The property is located at 2828 Monroe St Tallahassee, FL.
What is the asking price?
The asking price for this property is $3,114,000.
What are key features of this property?
This property features: 20-year absolute NNN KFC in Tallahassee, FL, with 1.5% annual rent increases starting year seven and four 5-year options. Lease commenced October 1, 2024, expiring September 30, 2044.; Leased to Tasty Chick’n Southeast, LLC, guaranteed by Tasty Chick’n, LLC (80-unit guarantor).; Managed by Tasty Restaurant Group (TRG), a major multi-brand QSR operator and the nation's 2nd largest KFC franchisee.
How can I contact the broker?
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2828 Monroe St
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