5877 State Hwy 100Palm Coast, FL 32164

Property Details for 5877 State Hwy 100

Year built

2024

Lot size

1.61 AC

Property size (Sq ft)

5,780 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 5,780-square-foot LongHorn Steakhouse in Palm Coast, Florida. Located on 1.61 acres with 116 parking spaces, this Class A property is part of the Cornerstone at Seminole Woods shopping center, anchored by BJ's Wholesale Club and featuring other national tenants. The absolute NNN lease with LongHorn (a Darden Restaurants brand) boasts a 10-year term commencing November 1, 2024, with four 5-year options and a 10% rent increase every five years. The property offers a strong NOI of $195,000 and a 5.00% cap rate, reflecting the desirability of this rapidly growing market. Palm Coast is experiencing significant population growth, ranking as one of Florida's fastest-growing cities, and this location benefits from its proximity to major amenities including a hospital and high school. The asking price is $3,900,000, translating to $674.74 per square foot. This is a rare chance to acquire a high-performing, low-maintenance investment in a thriving Florida market with no state income tax. The building was constructed in 2024 and sits on a single story. The property is 100% occupied as of November 1, 2024.

Location Insight

City

Palm Coast

County

Flagler

State

Florida

Latitude

29.4755

Longitude

-81.1964

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