Dunkin Donuts & Nail Salon | Upcoming Remodel | New Lease Extensions | Drive Thru

700 34th St N, St. Petersburg, FL 33713, USA
$2,262,720

Description

Marcus & Millichap is pleased to present for sale a two-tenant Dunkin Donuts and Nail Salon located at 700 34th Street North in Saint Petersburg, Florida. Dunkin Donuts occupies 2,997 SF and the Nail Salon occupies 968 SF, of the 3,965 square foot building. Both tenants just executed new lease extensions, with Dunkin Donuts extending for 10 years while the nail salon was given five years. Both leases are NNN with no slippage; even management is reimbursed. The Dunkin Donuts benefits from a drive thru, a tremendous amenity in a post Covid world. The nail salon is paying only $14.60 per SF, which is a fraction of market rent.
The property is located on busy 34th Street North, which sees 39,900 cars daily. This location is in central Saint Petersburg, consequently, it is in the heart of everything. Within three miles are 136,409 residents, two hospitals, Downtown Saint Petersburg, and countless retailers, including Super Walmart, Sam’s Club, Floor & Décor, Winn Dixie, and myriad QSRs, banks, and hotels. Saint Petersburg is in Pinellas County, which is the most densely populated county in Florida.
Saint Petersburg is a booming city on Florida’s Gulf Coast and is part of the Tampa Bay Area and nicknamed “Sunshine City.” Its population is growing with a current population of over 261,338 people. St. Petersburg is only a short commute to Tampa’s Urban Center. St. Petersburg is the 5th largest city in Florida and the second largest city in the Tampa Bay Area. It is part of the Tampa-Saint Petersburg-Clearwater Metropolitan area with a population of over 2.8 Million.
This property offers an investor the opportunity to purchase a stable, minimal management, two-tenant corner property in a tremendous growing market. An investor can enjoy the stability of a net leased asset, while benefiting from diversified income, below market rent, and a higher return.

  • Dunkin Donuts and Nail Salon with Recent Lease Extensions
  • Upcoming Building Remodel to the Latest Dunkin Donuts Prototype
  • Very Strong Traffic Counts Exceeding 39,000 Vehicles Per Day
  • NNN Leases, Minimal Management, All Expenses Reimbursed
  • Building Features: Drive Thru and Solar Panels
  • Minutes from Downtown St. Petersburg, Surrounded by Retailers, Close to Hospitals and Universities
  • Tremendous Demographics: 137,000 People in a 3 Mile Radius
  • Dunkin’ Donuts is the World’s Leading Coffee and Baked Goods Restaurant with over 11,200 Locations and 1.37 Billion Dollars in Revenue Annually
  • Florida is a No Income Tax State

Property Documents

  • Dunkin-2-tenant-St-Petersburg-FL-om-ib
  • City: St. Petersburg
  • State/county: Florida
  • Zip/Postal Code: 33713
  • Country: United States

Detail

  • Price: $2,262,720
  • Year Built: 2021

Additional details

  • CAP RATE: 5.00%
  • NOI: $113,136

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