For Sale
$2,719,380

710 State Road 19 Palatka, FL 32177

High-return QSR, long-term lease.

Overview

Added:
Dec 11, 2024
Days on market:
136
This exceptional investment opportunity presents a freestanding Popeyes restaurant located at 710 S State Rd 19, Palatka, FL 32177, in Putnam County. The property boasts a 2,274 square foot building situated on a 2.07-acre lot, constructed in 1997 and renovated in 2011. Currently operating under a 20-year absolute NNN lease with a franchisee tenant, the lease commenced May 31, 2024, and expires May 30, 2044, leaving 19.5 years remaining. The lease includes four 5-year renewal options, each with a 10% rent increase. Further rent bumps of 10% are built into the lease every 5 years, starting June 1, 2029. The property enjoys a 100% occupancy rate, generating a strong Net Operating Income (NOI) of $140,048, resulting in a compelling 5.15% cap rate. The asking price is $2,719,380, translating to $1,195.86 per square foot. The tenant is backed by a reputable operator managing approximately 150+ units. This location benefits from high traffic counts exceeding 37,000 vehicles per day at a nearby intersection and is conveniently located near major retailers such as Walmart, Winn-Dixie, and Walgreens, as well as St. John's River State College and Saint Leo University, ensuring strong customer traffic and visibility. This is a rare opportunity to acquire a stable, high-performing QSR investment with significant long-term growth potential.

Highlights

  • Popeyes restaurant in Palatka, FL, with 19.5+ years remaining on the lease.
  • 20-year absolute NNN lease; zero landlord responsibilities.
  • 10% rent increases every 5 years.
  • Strong demographics: 22,700+ residents within a 5-mile radius.
  • Excellent location near Walmart, Winn-Dixie, Walgreens, and two universities.
  • High-traffic intersection; combined daily vehicle count exceeding 37,000.

Property Details for 710 State Road 19

Property type
Retail properties
Square Feet
2,274 SF
Year Built/Renovated
1997/2011
Buildings
1
Lot Size (sq. ft)
90,169 SF
Units
1

Location Insight

City
Palatka
County
Putnam
State
Florida
Latitude
29.64239
Longitude
-81.6764891

FAQs

What type of property is this?
Retail property - High-return QSR, long-term lease.
Where is the retail property located?
The property is located at 710 State Road 19 Palatka, FL.
What is the asking price?
The asking price for this property is $2,719,380.
What are key features of this property?
This property features: Popeyes restaurant in Palatka, FL, with 19.5+ years remaining on the lease.; 20-year absolute NNN lease; zero landlord responsibilities.; 10% rent increases every 5 years.
How can I contact the broker?
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710 State Road 19
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