820 Washington BlvdSarasota, FL 34236

Property Details for 820 Washington Blvd

Year built

1981

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.54 AC

Property size (Sq ft)

2,326 SF

Zone code

DTE

Property type

Drive through restaurants

APN

2026-01-0056

APU

2026010056

Description

This exceptional investment opportunity presents a 2,330-square-foot Popeyes restaurant situated on a 0.54-acre lot at 820 N Washington Blvd, Sarasota, FL 34236. The property benefits from a new 20-year absolute NNN lease commencing June 1, 2024, and expiring May 31, 2044, with four 5-year renewal options. The lease includes 10% rent increases every five years, ensuring consistent income growth. The tenant, Sailormen, Inc., operates over 150 units, demonstrating financial strength and operational expertise. The absolute NNN lease structure eliminates landlord responsibilities for property maintenance and management, making this an ideal investment for both local and out-of-state investors. The property underwent a complete renovation in 2024, featuring a drive-thru that accounts for 80% of Popeyes' business. This prime location along a major thoroughfare connecting Sarasota to surrounding areas like Bradenton, Venice, St. Petersburg, Clearwater, and Tampa, benefits from high visibility and accessibility. The property's proximity to densely populated residential areas, Downtown Sarasota, Sarasota High School, Sarasota Memorial Hospital, Booker High School, and Sarasota Military Academy ensures a consistent customer base. Sarasota's thriving tourism industry, attracting over three million visitors annually, further enhances the property's investment potential. The asking price is $3,901,000, with a current NOI of $195,047 and a 5.00% cap rate. This offering presents a compelling opportunity to acquire a strong, long-term investment in a prime Florida location. The property is offered as a 1031 exchange opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $906,983

  6.5%

  $837,215

  7%

  $777,414

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,175,877

  Geo Method

  $1,070,489

• Alternative Use

  Use

  Valuation

  Residential

  $706,222

  Hospitality

  $646,896

  Educational

  $538,210

  Medical

  $556,719

  Retail

  $837,215

Location Insight

City

Sarasota

County

Sarasota

State

Florida

Latitude

27.3432

Longitude

-82.5306

CBSA code

35840

CBSA name

NORTH PORT-SARASOTA-BRADENTON, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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