3770 Ulmerton RdClearwater, FL 33762

Property Details for 3770 Ulmerton Rd

Year built

2019

Construction

CONCRETE BLOCKS

Lot size

0.92 AC

Property size (Sq ft)

3,415 SF

Property type

Retail properties

Property subtype

Drive through restaurants

APN

10-30-16-71010-100-0402

APU

103016710101000402

Description

This exceptional investment opportunity presents a 3,415 square foot Burger King located at 3770 Ulmerton Rd, Clearwater, FL 33762. Built in 2019, this single-tenant, net-lease property boasts a 100% occupancy rate and a strong NOI of $95,117, representing a 5.82% cap rate. The asking price is $1,635,000 ($478.77/sq ft). Situated on a 0.92-acre lot at a highly visible, lighted intersection, the property benefits from exceptional daily traffic counts of nearly 86,000 vehicles on Ulmerton Road, a major thoroughfare connecting to the busiest bridge in the Tampa MSA. The location is further enhanced by its proximity to the St. Pete-Clearwater Airport, which saw over 2.5 million passengers in 2023, representing a 10.4% increase since 2019. The strong demographics include a daytime population of 93,000 within a 3-mile radius and 104,000 people within a 10-minute drive. Pinellas County, known for its high population density and robust tourism sector ($6.6 billion in tourism spending in 2023), provides a stable and growing market. The Burger King franchisee has operated at this location for nearly 40 years, demonstrating long-term stability and commitment. The property features rent bumps, and the tenant's sales generate a healthy 7.5% rent-to-sales ratio. This is an absolute NNN ground lease with no landlord responsibilities and potential upside through percent rent.

• CAP approach

  CAP return

  Valuation

  6%

  $978,649

  6.5%

  $903,368

  7%

  $838,842

• Comparable approach

  Method

  Valuation

  Relative Method

  $949,048

  Geo Method

  $949,048

• Alternative Use

  Use

  Valuation

  Residential

  $762,025

  Hospitality

  $698,010

  Educational

  $580,736

  Medical

  $600,709

  Retail

  $903,368

Location Insight

City

Clearwater

County

Pinellas

State

Florida

Latitude

27.8932

Longitude

-82.6847

CBSA code

45300

CBSA name

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

Property Tax & Assessments

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