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Sonic Drive In

5399 International Drive, Orlando, FL 32819

N/A

1,493 SF | Retail

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Retail Property - Off Market

Price:
N/A
Building Size:
1,493 SF
Property Type:
Retail
Property Sub-type:
Restaurant
Property Use Type:
Net Lease Investment with
8 years left on lease
Cap Rate:
7.02%
No. Stories:
1
Tenancy:
Single
Year Built:
2001
Lot Size:
1.11 AC
Listing ID
18114303
Last Updated
over 1 year ago

Highlights

  • Triple-Net (NNN) Leased Sonic Drive-In
  • Located on Orlando's Primary Tourist Corridor
  • Close Proximity to Hotels and Theme Parks
  • Percentage Rent Opportunity Provides Upside and Inflation Protection
  • 2012 Percent Rent = $6223 - Would Increase CAP Rate to 7.32
  • Eight Years Remaining on Base Term

Description

The subject property is a triple-net (NNN) leased "Sonic Drive-In" restaurant on International Drive in Orlando, Florida. Desirable location in the tourist corridor near major Orlando theme parks and resorts. Dense tourist commercial area with many hotels, resorts and entertainment venues as well as proximity to all Orlando theme parks generate consistent activity around the property. The demographics are excellent for fast food restaurants with a five mile population over 190,000 and a median age of 33.

The subject property is leased to a mid size Sonic franchisee (+/- 49 units) under a 20 year triple-net (NNN) lease with eight years remaining. There is a monthly percentage rent opportunity if 10 percent of monthly sales exceeds rent (which has happened a few times last year). This adds upside as the economy improves or as food prices rise. This feature also keeps rent in pace with inflation.

This subject property offers a unique combination of absolute triple-net (NNN) rent with upside and inflation protection in Orlando's primary tourist corridor surrounded by hotels and the country's most famous theme parks, including Disney, Universal and Sea World.

"Sonic Drive-In" restaurant on International Drive in Orlando, Florida. Desirable location in the tourist corridor near major Orlando theme parks and resorts. Dense tourist commercial area with many hotels, resorts and entertainment venues as well as proximity to all Orlando theme parks generate consistent activity around the property.

Map of 5399 International Drive, Orlando, FL 32819 (Orange County)

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