Investment Highlights
- Brand New Multi-Tenant Location, 100% Occupied by Two National Brands
- Property is an Outparcel to The Home Depot
- Both Tenants Have New, 10-Year Leases with Two, Five-Year Tenant Renewal Options Each
- Both Tenants Have 10 Percent Rent Increases Every Five Years Throughout Base Term and Option Periods
- Dunkin’ Includes a Drive-Thu Lane
- Dunkin’ Operator is an Established Inspire Brands Franchisee – Over 26 Years Experience and More Than 100 Fast Food Locations Under Their Belt – Currently Operates 12 Dunkin’ Locations
- Significant New Retail and Residential Development Planned in the Immediate Area
- Other Surrounding National Brands Include Walmart Supercenter, The Home Depot, Publix Supermarket, Aldi, Winn-Dixie, Marshalls, Buddy’s Home Furnishings, Total Fitness, Tractor Supply Company, Bealls, Harbor Freight Tools, Pet Supermarket, Cato Fashions, Boost Mobile, The UPS Store, Verizon, Dairy Queen Grill & Chill, Pizza Hut, McDonald’s, KFC, Tires Plus, AutoZone, PNC Bank, Truist, Dollar Tree, Holiday Inn Express, Days Inn by Wyndham, Best Western, Dodge, Chrysler, Jeep, Ford, Chevrolet, CVS
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Aspen Dental and Dunkin’ located in Okeechobee, FL. Both tenants offer new 10-year leases, each with two five-year options for tenant renewal. For both tenants, the rent is subject to a 10 percent increase every five years during the base term and option periods. Additionally, Dunkin’ features a drive-thru lane.
The Aspen Dental lease has a corporate guaranty and the Dunkin’ operator is an experienced franchisee with Inspire Brands, having accumulated over 26 years of experience and managing more than 100 fast-food locations. At present, they oversee operations for 12 Dunkin’ locations.
Situated along U.S. Highway 441, a prominent north-south route stretching from Miami to Douglas, Georgia, the location holds significance in Okeechobee for both local and long-distance travelers. The highway registers a daily traffic count surpassing 29,000 vehicles. Additionally, it is in close proximity to U.S. Route 70, experiencing a daily traffic volume of 30,000 vehicles, running east-west across Okeechobee County and the state.
Between the months of September and April, the county experiences a population surge of 62.5%, reaching 65,432 individuals. This increase is attributed to the arrival of seasonal renters and homeowners. Additionally, the county hosts multiple large, planned events during this period, attracting well over 10,000 tourists annually.
To address the current housing demand, Okeechobee has several new residential communities being developed and in various stages of planning and construction. There are proposals and ongoing developments for over 7,600 new households from 2024 to 2026. This is expected to result in an approximate addition of 34,500 residents to the county. The 2026 projection estimates a total of approximately 75,000 permanent residents and around 100,000 residents when seasonally adjusted.
