2828 Monroe StTallahassee, FL 32303

Property Details for 2828 Monroe St

Year built

2020

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.38 AC

Property size (Sq ft)

3,535 SF

Property type

Retail properties

Property subtype

Community centers

APN

21-14-51-000-032-0

APU

2114510000320

Description

This exceptional investment opportunity presents a free-standing KFC restaurant in Tallahassee, Florida, secured by a 20-year absolute triple-net (NNN) lease commencing October 1, 2024, and expiring September 30, 2044. The 3,790 square foot building, constructed in 2020, sits on a 1.38-acre lot and boasts a strong 5.50% cap rate with a net operating income (NOI) of $171,288. The lease includes four 5-year renewal options and features annual rent increases of 1.50% starting in year seven. The tenant, a franchisee, is backed by a significant 80-unit operator guarantor, providing substantial financial security. This prime location at 2828 N Monroe St, Tallahassee, FL 32303, benefits from high visibility, being less than a mile from The Centre of Tallahassee, a major regional mall with over 3.1 million annual visitors. The property enjoys excellent access, situated at the intersection of FL I-10 and N Monroe St, a high-traffic area with over 106,000 vehicles per day. The surrounding area is densely populated, with over 68,656 households within a 5-mile radius and numerous hotels providing a substantial customer base. The asking price is $3,114,000, translating to $821.64 per square foot. This is a rare opportunity to acquire a stable, high-performing asset with significant long-term growth potential in a thriving market.

• CAP approach

  CAP return

  Valuation

  6%

  $565,918

  6.5%

  $522,386

  7%

  $485,072

• Comparable approach

  Method

  Valuation

  Relative Method

  $633,284

  Geo Method

  $633,284

• Alternative Use

  Use

  Valuation

  Residential

  $440,652

  Hospitality

  $403,635

  Educational

  $335,819

  Medical

  $347,369

  Retail

  $522,386

Location Insight

City

Tallahassee

County

Leon

State

Florida

Latitude

30.48

Longitude

-84.3038

CBSA code

45220

CBSA name

TALLAHASSEE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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