Chuy’s Tallahassee, Florida

$3,252,000
Cap Rate: 6.15%
Closed Single-Tenant
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 6.15%
Price: $3,252,000
Rentable Square Feet: 7,375
Annual Rent: $200,000
Rent/Square Foot: $440.95
Land: 1.96 Acres
Year Built: 2016
Lease Type: NNN Ground Lease
Lease Term: 15 Years
Option Periods: 3, 5-Year Options
Rental Increases: 10% Every 5 Years
Lease Expiration: 6/30/2031

904 East Lafayette Street
Tallahassee, FL 32301

Investment Highlights

  • Long-Term, Triple Net (NNN) Ground Lease
  • Three, Five-Year Renewal Options
  • 10 Percent Rental Increases Every Five Years Throughout Base Term and Option Periods
  • Corporate Guaranteed Lease by Chuy’s Holdings, Inc.

 

Location Highlights

  • Located in a Dense Retail Corridor
  • Surrounding National Brands Include Publix, Target, Best Buy, Macy’s, JCPenney, Walmart Supercenter, Regal Cinemas, Dillard’s, Old Navy, Michael’s, Bass Pro Shops, Bed Bath & Beyond, Courtyard by Marriott, Home2 Suites by Hilton, Applebee’s, McDonald’s, Chipotle, Starbucks, Walgreens, CVS and Many More
  • Walking Distance from Florida State Capital
  • Less Than Two Miles from Florida State University and Florida A&M University, with a Combined Enrollment of 51,000+ Students
  • Two Miles from Tallahassee Medical HealthCare – the Seventh Largest Hospital in Florida, with 772 Beds and Over 3,000 Employees
  • Excellent Access and Visibility Along Apalachee Parkway, with More Than 33,000 Vehicles Per Day
  • The Population of Leon County is the Most Highly Educated Population in Florida, with 49.9 Percent of the Residents with Either a Bachelor’s, Master’s, Professional or Doctorate Degree
  • Tallahassee’s Population has Grown by Over 17 Percent Since 2000

 

Tenant Highlights

  • Chuy’s Owns and Operates 59 Locations in 14 States
  • Brand New, Built in 2016 with Latest Chuy’s Design and Prototype
  • Built by Tenant at Tenant Expense, Demonstrating a Long Term Commitment to the Location

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