For Sale
$4,745,000

245 Fl-312St. Augustine, FL 32086

St. Augustine, FL Retail Investment

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 6,115 square foot, single-tenant, absolute NNN leased retail property in St. Augustine, Florida. The property, located at 245 FL-312, sits on a 1.72-acre lot and is fully occupied by an Outback Steakhouse, part of the Bloomin' Brands portfolio (NASDAQ: BLMN). The lease, commencing May 18, 2016, has a remaining term of approximately 6.5 years with four 5-year option periods, ensuring long-term stability. The property boasts a strong 5.25% cap rate and a Net Operating Income (NOI) of $249,132, with annual rent increases built into the lease. Situated in a prime retail corridor alongside major national retailers such as Walmart, Target, Home Depot, and Lowe's, this location benefits from high visibility and significant traffic volume on Florida State Road 312 (38,500 vehicles per day) and Dixie Highway (41,900 vehicles per day). The property's strong tenant history, coupled with the corporate guarantee and minimal landlord responsibilities, makes this an attractive, low-risk investment with significant potential for long-term, inflation-resistant cash flow. The asking price is $4,745,000, translating to a price per square foot of $775.96. The property's APN is 135075 0060. This is a rare opportunity to acquire a well-established, high-performing retail asset in a thriving Florida market.

Highlights

  • Outback Steakhouse NNN Lease, Bloomin' Brands (BLMN) corporate guarantor.
  • High-visibility location in a strong retail corridor with Lowe's, Home Depot, Walmart, and ALDI nearby.
  • Bloomin' Brands, a leading casual dining company, operates 1450+ restaurants.
  • Located in a rapidly growing affluent coastal community near Jacksonville, Florida.
  • Zero landlord responsibilities, 1% annual rent increases, 1.72-acre parcel, strong sales history.
  • Low-risk investment with a 17+ year operating history, recently renovated.

Property Details for 245 Fl-312

Property type
Retail properties, Restaurants
Square Feet
6,115 SF
Lot Size (sq. ft)
74,923 SF

Location Insight

City
St. Augustine
County
St. Johns
State
Florida
Latitude
29.8661971
Longitude
-81.3202145
245 Fl-312, St. Augustine, Florida

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245 Fl-312
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