289 Blanding BlvdOrange Park, FL 32073

Property Details for 289 Blanding Blvd

Year built

1995

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.74 AC

Property size (Sq ft)

3,287 SF

Zone code

BB

Property type

Retail properties

Property subtype

Drive through restaurants

APN

07-04-26-011768-000-00

APU

7042601176800000

Description

This exceptional investment opportunity presents a 2,778 square foot Whataburger restaurant located at 289 Blanding Blvd, Orange Park, FL 32073. The property boasts a strong net lease structure with a corporate guarantee from Whataburger and a secondary guarantee from JWB Ventures, significantly mitigating risk. The current lease, a NNN lease, has a remaining term of approximately 4 years, expiring November 30, 2028, with a lease commencement date of August 15, 2008, and a total lease term of 20.3 years. The property sits on a 0.89-acre lot and was built in 1995. The current net operating income (NOI) is $93,170, yielding a 4.75% cap rate with an asking price of $1,961,474 ($706.07 per square foot). The current rent is estimated to be at least 30% below market value, presenting significant future upside potential. The lease includes 10% rental increases every five years during option periods. This dual-guaranteed lease, combined with the below-market rent and potential for future rent increases or redevelopment, makes this a compelling investment with limited downside risk and substantial long-term growth prospects within the competitive Jacksonville, FL MSA. The property enjoys 100% occupancy.

• CAP approach

  CAP return

  Valuation

  6%

  $1,043,447

  6.5%

  $963,182

  7%

  $894,383

• Comparable approach

  Method

  Valuation

  Relative Method

  $563,343

  Geo Method

  $563,343

• Alternative Use

  Use

  Valuation

  Residential

  $812,480

  Hospitality

  $744,227

  Educational

  $619,188

  Medical

  $640,483

  Retail

  $963,182

Location Insight

City

Orange Park

County

Clay

State

Florida

Latitude

30.1715

Longitude

-81.7463

CBSA code

27260

CBSA name

JACKSONVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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