710 State Road 19Palatka, FL 32177

Property Details for 710 State Road 19

Year built

1997

Construction

STEEL FRAME

Lot size

2.08 AC

Property size (Sq ft)

2,469 SF

Property type

Retail properties

Property subtype

Drive through restaurants

APN

11-10-26-0000-051.0-001.1

APU

111026000005100011

Description

This exceptional investment opportunity presents a freestanding Popeyes restaurant located at 710 S State Rd 19, Palatka, FL 32177, in Putnam County. The property boasts a 2,274 square foot building situated on a 2.07-acre lot, constructed in 1997 and renovated in 2011. Currently operating under a 20-year absolute NNN lease with a franchisee tenant, the lease commenced May 31, 2024, and expires May 30, 2044, leaving 19.5 years remaining. The lease includes four 5-year renewal options, each with a 10% rent increase. Further rent bumps of 10% are built into the lease every 5 years, starting June 1, 2029. The property enjoys a 100% occupancy rate, generating a strong Net Operating Income (NOI) of $140,048, resulting in a compelling 5.15% cap rate. The asking price is $2,719,380, translating to $1,195.86 per square foot. The tenant is backed by a reputable operator managing approximately 150+ units. This location benefits from high traffic counts exceeding 37,000 vehicles per day at a nearby intersection and is conveniently located near major retailers such as Walmart, Winn-Dixie, and Walgreens, as well as St. John's River State College and Saint Leo University, ensuring strong customer traffic and visibility. This is a rare opportunity to acquire a stable, high-performing QSR investment with significant long-term growth potential.

• CAP approach

  CAP return

  Valuation

  6%

  $624,942

  6.5%

  $576,869

  7%

  $535,664

• Comparable approach

  Method

  Valuation

  Relative Method

  $423,150

  Geo Method

  $423,150

• Alternative Use

  Use

  Valuation

  Residential

  $486,611

  Hospitality

  $445,733

  Educational

  $370,844

  Medical

  $383,598

  Retail

  $576,869

Location Insight

City

Palatka

County

Putnam

State

Florida

Latitude

29.6425

Longitude

-81.6768

CBSA code

37260

CBSA name

PALATKA, FL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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