245 Rasberry RdCrestview, FL 32536

Property Details for 245 Rasberry Rd

Property type

Commercial land

APN

29-3N-23-0000-0025-000A

APU

293N2300000025000A

Description

This exceptional investment opportunity presents the chance to acquire the leased fee interest (land ownership) in a brand-new, 7,831 square foot Texas Roadhouse restaurant in Crestview, Florida. The property boasts a 15-year absolute NNN lease with four 5-year options, providing long-term stability and predictable income. The lease includes 10% rental increases every five years, effectively hedging against inflation. This corporate-guaranteed lease (NASDAQ: TXRH) offers a management-free investment with zero landlord responsibilities. Located on 2.37 acres with 166 parking spaces, the restaurant benefits from a prime location along Rasberry Road, offering excellent visibility and convenient access to major routes, including Interstate 10 and S. Ferdon Boulevard. The property sits within a thriving retail corridor, directly across from three major shopping centers and surrounded by national retailers such as Walmart, Lowe's, Publix, and Walgreens. The strong tenant synergy and proximity to numerous residential communities, including Hillcrest Villas, Katie Manor, and Riverwood Apartment Homes, ensure a robust customer base. The 2024-built restaurant is zoned C-2 (Commercial High-Intensity District) and features a state-of-the-art design. The property's strong demographics, including a high average household income within a 1-mile radius, further enhance its investment appeal. With a current NOI of $180,000 and a 5.25% cap rate, this offering presents a compelling return on investment. The asking price is $3,429,000.

Location Insight

City

Crestview

County

Okaloosa

State

Florida

Latitude

30.7266

Longitude

-86.5705

CBSA code

18880

CBSA name

CRESTVIEW-FORT WALTON BEACH-DESTIN, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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