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Wendy’s 20 Year NNN Lease | 240 Unit Operating Company

2370 SW 8th St, Miami, FL 33135, USA
$4,400,000

Description

Marcus & Millichap is pleased to offer for sale brand new construction Wendy’s located in the heart of the famous Little Havana’s Calle Ocho in Miami, Florida. Construction is estimated to be complete by November 2019.
The subject property consists of a 2,163 square foot restaurant with a drive up window and ample parking on a 0.40-acreparcel of land, with direct exposure to over 21,874 vehicles per day. This is a dense, affluent market, with a full time population exceeding 543,099 and an average household income $66,870 annually.
The brand new 20 Year lease has 7.5 percent rent increases every five years including the four, five – year option periods. The lease is backed by a 240 unit operating company with stores in FL, NM, TX and TN.
This Wendy’s is positioned five minutes walking distance from Miami Dade College – Interamerican Campus with approximately 6,500 students enrolled. There are numerous national and regional retailers in the immediate area including Sedano’s, El Dorado Furniture, Bank of America, Pep Boys, Regions bank, Chase, CVS Pharmacy and Taco Bell among others.
Wendy’s is an international fast food restaurant chain founded by Dave Thomas on November 15, 1969 in Columbus, Ohio, United States. As of January 2019, there were a total of 6,711 locations,
including 353 that are company-owned. 6,358 restaurants are franchised, and 77 percent of them are located in North America. (In 2016, Wendy’s was the world’s third largest hamburger fast food chain, following Burger King’s 12,000 plus locations and McDonald’s with over 31,000 plus locations.)

  • Brand New Construction 20 Year Absolute NNN Lease “No Landlord Responsibility”
  • Strong Intrinsic Value: Underlying Land is Zoned T6-8 (Can Build up to 8 Stories)
  • 2019 Construction – Estimated to Open by November
  • Strong Guarantee from 240 Unit Operating Company
  • Excellent Demographics; Close to 543,099 Residents in the Market Area with an Average HHI Exceeding $66,870 Annually
  • 0.3 Mile from Miami Dade College – Interamerican Campus: +/-6,500 Students Enrolled
  • Direct Exposure to Over 21,874 Vehicles Per Day
  • Florida Has No State Income Tax

Property Documents

  • City: Miami
  • State/county: Florida
  • Zip/Postal Code: 33135
  • Country: United States

Detail

  • Price: $4,400,000

Additional details

  • CAP Rate: 3.75%
  • NOI: $165,000

Features