For Sale
$2,719,380

710 State Road 19Palatka, FL 32177

High-return QSR, long-term lease.

Overview

Added:
Dec 11, 2024
Days on market:
114
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
710 State Road 19, Palatka, Florida

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710 State Road 19
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