4047 4Th StSt. Petersburg, FL 33703

Property Details for 4047 4Th St

Year built

2016

Construction

CONCRETE BLOCKS

Lot size

0.79 AC

Property size (Sq ft)

3,575 SF

Property type

Drive through restaurants

APN

06-31-17-12970-000-0010

APU

63117129700000010

Description

This exceptional investment opportunity presents a Wendy's restaurant located at 4047 4th St N, St. Petersburg, FL 33703. The property boasts a 3,575 square foot building on a 0.79-acre lot, constructed in 2016. It features a 15-year ground lease with a corporate guarantee from Wendy's International, a significant player in the fast-food industry with over 5,938 US locations and $2.095 billion in 2022 revenue. The lease, a NNN (Net, Net, Net) agreement, commenced on December 31, 2016, and has approximately 7.1 years remaining until its expiration on December 31, 2031. The lease includes five five-year renewal options. Rent increases by 10% every five years, with the next increase scheduled for January 1, 2027. The property currently enjoys 100% occupancy and generates a Net Operating Income (NOI) of $129,250, resulting in a 4.65% capitalization rate. The asking price is $2,779,570. The location is exceptionally strong, with six national grocery stores within one mile, including Whole Foods, Publix, Trader Joe's, and Fresh Market, demonstrating high retail demand and virtually zero vacancy. Daily traffic counts reach 41,000 vehicles, and the area's population density is significant, with 15,000 residents within one mile and 110,000 within three miles. Pinellas County, the most densely populated county in Florida, further supports this property's value. This Wendy's offers a stable, low-management investment opportunity with a strong tenant and prime location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,830,181

  6.5%

  $1,689,398

  7%

  $1,568,726

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,511,068

  Geo Method

  $1,511,068

• Alternative Use

  Use

  Valuation

  Residential

  $1,425,070

  Hospitality

  $1,305,356

  Educational

  $1,086,041

  Medical

  $1,123,392

  Retail

  $1,689,398

Location Insight

City

Saint Petersburg

County

Pinellas

State

Florida

Latitude

27.8091

Longitude

-82.6381

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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