1308 Fairbanks AveWinter Park, FL 32789

Property Details for 1308 Fairbanks Ave

Year built

2020

Lot size

0.78 AC

Property size (Sq ft)

3,262 SF

Zone code

C-3

Property type

Retail properties

Property subtype

Turn key restaurants

APN

12-22-29-0664-00-130

APU

122229066400130

Description

This exceptional investment opportunity presents a fee-simple ownership of a 2,414 square foot Wendy's restaurant located at 1308 W Fairbanks Ave, Winter Park, FL 32789. The property sits on a 0.78-acre lot and boasts a prime location on a heavily trafficked road (34,000 vehicles per day), just 10 minutes from downtown Orlando. Built in 2020, this Class A retail property is under an absolute NNN ground lease with Wendy's Properties, LLC, providing a corporate guarantee. The lease commenced July 31, 2020, and has a remaining term of approximately 10.7 years, expiring July 30, 2035. The lease includes 10% rent bumps every five years and five, five-year renewal options. The current annual net operating income (NOI) is $135,000, resulting in a 4.45% cap rate and a price per square foot of $1,256.42. The asking price is $3,033,000. This property is ideal for a 1031 exchange due to its long-term lease, built-in rent increases, and strong tenant. The Winter Park area is experiencing significant population growth, projected to exceed six percent within a one-mile radius between 2022 and 2027, further enhancing the investment potential. The surrounding area has a dense population (over 276,000 within a 5-mile radius) with high average household incomes exceeding $87,000 annually. This is a rare opportunity to acquire a trophy asset with a strong tenant and significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $742,017

  6.5%

  $684,939

  7%

  $636,014

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,046,263

  Geo Method

  $1,290,824

• Alternative Use

  Use

  Valuation

  Residential

  $577,771

  Hospitality

  $529,235

  Educational

  $440,318

  Medical

  $455,461

  Retail

  $684,939

Location Insight

City

Winter Park

County

Orange

State

Florida

Latitude

28.5926

Longitude

-81.3671

CBSA code

36740

CBSA name

ORLANDO-KISSIMMEE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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