Hardee’s Ocala, Florida

$2,280,000
Cap Rate: 5.70%
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 5.70%
Price: $2,280,000
Rentable Square Feet: 3,946
Annual Rent: $130,000
Price PSF: $577.80
Land Area: 1.13 Acres
Year Built / Renovated: 1984 / 2016
Lease Type: NNN
Lease Term: 20 Years
Option Periods: 4, 5-Year Options
Rent Increase: 8% Every 5 Years
Commencement: Close of Escrow

908 N.W. Pine Ave
Ocala, Florida 34471

Investment Highlights

  • 20-Year, Absolute Triple Net (NNN) Sale-Leaseback
  • Four, Five-Year Renewal Options
  • 8% Rental Increases Every 5 Years Throughout Base Term and Option Periods
  • Lease Commencement Upon Close of Escrow
  • Experienced Franchisee Who Owns and Operates 13 Hardee’s Locations
  • Tenant has More Than 16 Years of Franchise Experience
  • CKE has More Than 3,800 Franchised or Company-Operated Restaurants in 44 States and 43 Foreign Countries and U.S. Territories
  • In 2016, Building Underwent Extensive Renovations Including: New Roof (with 20-Year Warranty), Flooring, Bathrooms, Entire Store  Glass System, Electrical, Plumbing, Hood Systems, Walk-in Units,  Furniture Package, and Complete Restaurant Equipment Package

 

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Hardees restaurant, located in Ocala, Florida. This Hardees offers a 20-year, triple net (NNN) sale-leaseback, commencing upon close of escrow. There are four, five-year renewal options, extending the total possible lease term to 40 years. Rent will increase by eight percent every five years throughout the base term and option periods.

In 2016, the building underwent extensive renovations including: new roof (with 20-year warranty), flooring, bathrooms, entire store glass system, electrical, plumbing, hood systems, walk-in units, furniture package, and complete restaurant equipment package

The city of Ocala is centered among Jacksonville, Orlando and Tampa. This Hardees restaurant is located in Historic Downtown Ocala, off Pine Avenue with a daily traffic count of more than 30,000 vehicles. Its also within close proximity to Interstate 75, the major roadway in the area with a daily traffic count of more than 78,000 vehicles. The subject property is 1.5 miles from Ocala Regional Medical Center, which is one of the largest employers in Ocala.

Gerges Investment Group, Inc. is the lease guarantor with more than 16 years of franchise experience. This franchisee’s parent owns and operates 13 Hardees locations. Hardees parent company, CKE, has more than 3,800 franchised or company-operated restaurants in 44 states and 43 foreign countries and U.S. territories.

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