9490 Okeechobee RdHialeah Gardens, FL 33016

Property Details for 9490 Okeechobee Rd

Year built

2003

Lot size

0.54 AC

Property size (Sq ft)

3,087 SF

Property type

Retail properties

Description

This exceptional investment opportunity presents a fee-simple ownership of a 3,087 square foot Popeyes restaurant located at 9490 W Okeechobee Rd, Hialeah Gardens, FL 33016. The property sits on a 0.54-acre lot and includes 27 parking spaces. Built in 2003 and renovated in 2023, this single-story building is currently operating under a 20-year absolute NNN lease (commencing January 1, 2024, and expiring December 31, 2043), with 19.1 years remaining. The lease includes two five-year options and features a 10% rent increase every five years. The current annual net operating income (NOI) is $148,750, resulting in a 4.75% cap rate and a price per square foot of $1,014.25. The property boasts excellent visibility and accessibility, situated on West Okeechobee Road with over 64,000 vehicles per day and near the Palmetto Expressway (208,000+ VPD). It's an outparcel to BJ's Wholesale Club and adjacent to a high-performing Walmart Supercenter. The property benefits from a dense population of over 195,155 residents within a three-mile radius. This investment offers a secure, long-term opportunity with a renowned tenant and favorable lease terms in a thriving commercial area. The asking price is $3,131,000.

Location Insight

City

Hialeah Gardens

County

Miami-Dade

State

Florida

Latitude

25.8596

Longitude

-80.3286

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