2760 Us-331DeFuniak Springs, FL 32435

Property Details for 2760 Us-331

Year built

2024

Lot size

0.80 AC

Property size (Sq ft)

2,300 SF

Property type

Retail properties

Description

This exceptional investment opportunity presents a brand-new, 2,300 square foot Del Taco restaurant situated on a 0.8-acre lot in DeFuniak Springs, Florida. The property boasts a 20-year absolute NNN lease commencing April 1, 2024, and expiring March 31, 2044, with a substantial remaining term of approximately 19.4 years. The lease includes attractive 7.5% rent bumps every five years, ensuring consistent income growth. The current annual Net Operating Income (NOI) is $182,652, representing a compelling 6.00% cap rate on the $3,044,000 asking price. This Del Taco franchisee operates over 80 locations across Florida and Georgia, demonstrating operational expertise and brand familiarity. The property enjoys a prime location on US Highway 331 (31,500 AADT), offering excellent visibility and accessibility. Its strategic proximity to the intersection of I-10 (20,157 AADT) further enhances its appeal. The surrounding area is experiencing significant growth, with a projected 21% increase in average household income within three miles by 2029, reaching $102,759. Average home values within five miles are also projected to increase substantially, from $312,744 to $539,930, a 72.6% rise. The property benefits from its adjacency to the new Country Ridge Estates subdivision, encompassing 180 single-family residences, 120 townhomes, and a 7-acre commercial site. It's also across from a planned Veteran's Lodge development, a large-scale project featuring various amenities. The property is an outparcel to a new Tractor Supply Company and is surrounded by other established quick-service restaurants, including Chick-fil-A, Wendy's, Whataburger, KFC, Zaxby's, and McDonald's. The annual population growth rate within one mile of the site is 2.44%, indicating a strong and expanding market. The total daytime population within a five-mile radius is 12,733. This property offers a secure, long-term investment with significant upside potential in a rapidly developing area. Four five-year lease options are also included.

Location Insight

City

DeFuniak Springs

County

Walton

State

Florida

Latitude

30.6823

Longitude

-86.1239

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