City Diner of Stuart | Sale Leaseback | NNN Casual Dining

2660 SE Federal Hwy, Stuart, FL 34994, USA
$3,130,435

Description

Marcus & Millichap is pleased to present for sale this single tenant casual dining sale-leaseback in Stuart, Florida. The subject property consists of a 3,721 square foot freestanding building situated on a 0.94-acre parcel of land.
Strategically located on US Highway 1 in the primary retail corridor of Stuart, Florida, the benefits from full street frontage visible to 41,179 vehicles per day. The immediate trade area is home to leading national retailers, including Home Depot, Walmart Super Center, Sprouts Market, Home Goods, Starbucks, CVS, Chick-fil-A, and many more.
The absolute net lease has no landlord responsibilities. Rent will commence upon closing, with an initial term of 15 years, and 10 percent rent increases every 5-years. The tenant has two 5-year renewal options with rent increases. The 3-unit guarantee from the operating entity includes The Great Greek Mediterranean Grill in Port St. Lucie, 1971 Roasters & Coffee Bar in Port St. Lucie, and City Diner of Stuart in Stuart, Florida. The operating entity’s CEO is a well-established restauranteur with a 20-year track record and 40 restaurant concepts currently open. Other restaurant concepts include Miami Grill, Tazeki Mediterranean Grill, and many more throughout the United States, Canada, and France.
Total employment in Port St. Lucie exceeded the market’s pre-pandemic peak by October 2021, and the metro had roughly 3 percent more jobs than before the pandemic hit as of December 2021. The metro continues to benefit from strong population growth, which is expected to persist. Annual population growth in the county has exceeded the national rate for more than a decade, and while population growth has been slowing in the past few years, growth remains significantly more substantial than the national rate.

  • Absolute Net Lease – No Landlord Responsibilities
  • Long Term Sale-Leaseback with 3-Unit Guarantee
  • Street Frontage on US Highway 1 Visible to 41,179 VPD
  • Strong Sales $2.5+ Million and Projected 2022 Sales of $3 Million
  • Beer & Wine License
  • Multiple Points of Ingress/Egress
  • Located in the Heart of Dense Retail Corridor
  • National Tenants in the Immediate Trade Area Include Home Depot, Walmart Super Center, Sprouts, Home Good, Starbucks, CVS, Outback, Chick-fil-A, & Many More
  • Well Established Operator with a 20+ Year Track Records and 40 Restaurants, Including Miami Grill and Tazeki Mediterranean Grill
  • Open 24 Hours Serving Breakfast, Lunch, and Dinner
  • 4.5 Star Reviews on Google
  • Florida is an Income Tax-Free State

Property Documents

  • City: Stuart
  • State/county: Florida
  • Zip/Postal Code: 34994
  • Country: United States

Detail

  • Price: $3,130,435
  • Year Built: 2018

Additional details

  • CAP RATE: 5.75%
  • NOI: $180,000

Features