Outback Steakhouse Kissimmee, Florida

$2,600,000
Cap Rate: 5.38%
Available

Property Details

Cap Rate: 5.38%
Price: $2,600,000
Rentable Square Feet: 6,543
Annual Rent: $140,000
Price PSF: $397.37
Land Area: 1.39 Acres
Year Built: 2019
Lease Guarantor: Outback Steakhouse of Florida, LLC
Lease Term: 10 Years
Option Periods: 4, 5-Year Options
Rental Increases: 10% Every 5 Years
Lease Expiration: 1/31/2029

2701 E. Irlo Bronson Memorial Hwy
Kissimmee, FL 34744

Investment Highlights

  • New Construction; Relocation Store from Nearby Unit
  • Brand New, 10-Year, Triple Net (NNN) Ground Lease
  • Four, Five-Year Renewal Options with 10 Percent Rent Increases Every Five Years in Base Term and Option Periods
  • Outparcel to St. Cloud Commons Shopping Center | Tenants Include Hobby Lobby, Marshalls, Ross, Old Navy, PetSmart, Five Below and Ulta Beauty
  • Situated at the off Ramp for Florida’s Turnpike Which has a Daily Traffic Count of More Than 68,000 Vehicles
  • Surrounding National Retailers Include Walmart Supercenter, Home Depot, Publix, Aldi, Staples, Rent-A-Center, Planet Fitness, Bealls Outlet, Big Lots, Chili’s, Dunkin Donuts, Starbucks, Chick fil A, Pep Boys, Walgreens, CVS and Many More

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Outback Steakhouse in Kissimmee, Florida. This Outback Steakhouse is a relocation store from a nearby unit. The property has a new 10-year, triple net lease and offers four, five-year renewal options. There are 10 percent rent increases every five years throughout the base term and option periods. The subject property is an outparcel to St. Cloud Commons Shopping Center which is anchored by Hobby Lobby, Marshalls, Ross, Old Navy, PetSmart, Five Below and Ulta Beauty.

The area has strong demographics with a population over 100,000 within a five-mile radius of the subject property. It is also located off Irlo Bronson Memorial Highway with a daily traffic count of 40,500 vehicles. The subject property is conveniently situated at the off ramp for Florida’s Turnpike with a daily traffic count of more than 68,000 vehicles. The property is in a high-traffic, busy retail area. In additional to St. Cloud Commons, surrounding national retailers include Walmart Supercenter, Home Depot, Publix, Aldi, Staples, Rent-A-Center, Planet Fitness, Bealls Outlet, Big Lots, Chili’s, Dunkin Donuts, Starbucks, Chick fil A, Pep Boys, Walgreens, CVS and many more. This Outback is one mile from a new, 20,000-square-foot AdventHealth Emergency Department and 35,000-square-foot Medical Office Building, both are currently under construction.

The subject property is part of the Orlando metro area, which is one of the largest and fastest growing areas in Florida with a population of more than 2.4 million residents. Tourism plays a major role in the area’s economy with Walt Disney World, SeaWorld Orlando and Universal Studios Orlando, all with in close proximity. Kissimmee is in Osceola County which is amongst the fastest growing counties in the nation, exceeding over 20 percent population growth in the last five years.

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