718 Altamonte DrAltamonte Springs, FL 32701

Property Details for 718 Altamonte Dr

Year built

2024

Lot size

4.59 AC

Property size (Sq ft)

16,014 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional investment opportunity presents a portfolio of five Class A retail properties totaling 16,014 square feet, situated on a 4.59-acre lot in Altamonte Springs, Florida. The portfolio features a diverse lineup of nationally recognized tenants including Starbucks, Chick-fil-A, Chipotle, Panera Bread, and Raising Cane's, all operating under absolute NNN leases with corporate guarantees and credit ratings. The properties boast a strong Net Operating Income (NOI) of $1,001,763, yielding a 4.46% cap rate at an asking price of $22,436,479. Built in 2024, these single-story buildings are strategically located on East Altamonte Drive (State Road 436), a high-traffic corridor with over 75,000 vehicles passing daily. The location benefits from excellent visibility and accessibility, with multiple access points and proximity to major roadways like Interstate 4 and US 17-92. The portfolio is further enhanced by its location near a significant concentration of residents and employees, boasting above-average household incomes within a 3-mile radius. Four of the five tenants have initial lease terms ranging from 15 to 18 years, with fixed rental rate increases of 9% to 10% every five years, ensuring long-term passive income and strong appreciation potential. The occupancy date is December 16, 2024. This is a fee simple ownership opportunity.

Location Insight

City

Altamonte Springs

County

Seminole

State

Florida

Latitude

28.6631

Longitude

-81.3649

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