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NNN Corporate Bojangles | 6.74% CAP 1350 E Park Ave 3,887 SF Retail Building Tallahassee, FL 32301 $2,479,000 ($637.77/SF) 6.74% Cap Rate
INVESTMENT HIGHLIGHTS
- Long-term, NNN corporate Lease with 11 years remaining on the original term.
- Net lease structure, fully passive investment with tenant assuming full financial responsibility for all expenses.
- In the heart of Tallahassee, with an expanding economy reaching $20 billion in 2023.
- Exceptional building and site attributes with a large drive-thru, multiple access points and full ingress/ and egress to adjacent lots.
- Corporate Bojangles, fast food, single-tenant restaurant concept with over 800 systemwide locations.
- Prime retail location, just off high-traffic intersection with a combined AADT of 60,500 vehicles.
EXECUTIVE SUMMARY
Standard Real Estate, as the exclusive advisor, is pleased to present 1350 East Park Avenue, a 3,887 SF freestanding building, single-tenant net-leased Corporate Bojangles on a 1.47 acre lot in Tallahassee, Florida, just 1.5 miles from the Florida State Capitol.
This offering features a long-term corporate lease with 11 years remaining, guaranteed by Bojangles OPCO, LLC, the operating entity of Bojangles Restaurants, Inc., which owns 266 corporate locations and generates an average unit sales volume of $3.23 million. This fully passive investment places all financial responsibilities—including property taxes, insurance, repairs, and maintenance—on the tenant.
Built in 2015, the property features a large drive-thru and multiple access points, ensuring smooth traffic flow. It also benefits from full ingress and egress to adjacent lots, enhancing convenience and connectivity.
Strategically located just off a high-traffic intersection with a combined AADT of 60,500 vehicles, the site enjoys outstanding visibility and accessibility. Positioned in a thriving retail and employment corridor, it is 0.5 miles from 51 national and regional retailers, 0.6 miles from a super-regional shopping center with over 110 stores, and within a one-mile radius of 14,700 jobs.
This prime asset offers a high-quality, stable investment in a high-growth market with strong tenant performance and superior market fundamentals.
This offering features a long-term corporate lease with 11 years remaining, guaranteed by Bojangles OPCO, LLC, the operating entity of Bojangles Restaurants, Inc., which owns 266 corporate locations and generates an average unit sales volume of $3.23 million. This fully passive investment places all financial responsibilities—including property taxes, insurance, repairs, and maintenance—on the tenant.
Built in 2015, the property features a large drive-thru and multiple access points, ensuring smooth traffic flow. It also benefits from full ingress and egress to adjacent lots, enhancing convenience and connectivity.
Strategically located just off a high-traffic intersection with a combined AADT of 60,500 vehicles, the site enjoys outstanding visibility and accessibility. Positioned in a thriving retail and employment corridor, it is 0.5 miles from 51 national and regional retailers, 0.6 miles from a super-regional shopping center with over 110 stores, and within a one-mile radius of 14,700 jobs.
This prime asset offers a high-quality, stable investment in a high-growth market with strong tenant performance and superior market fundamentals.
OFFERING MEMORANDUM
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
3,887 SF
Building Class
B
Year Built
2015
Price
$2,479,000
Price Per SF
$637.77
Cap Rate
6.74%
NOI
$167,133
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
1.47 AC
Zoning
OR-3
Parking
38 Spaces (9.78 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Pylon Sign
- Restaurant
- Signage
- Signalized Intersection
- Drive Thru
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
15 min drive
2024 Population
6,009
85,665
176,146
232,972
2029 Population
6,411
89,950
184,983
244,197
2024-2029 Projected Population Growth
6.7%
5.0%
5.0%
4.8%
Median Age
37.2
29.1
29.9
31.6
College Degree + Higher
60%
44%
43%
27%
Daytime Employees
19,870
110,585
158,536
188,712
Total Businesses
2,010
9,647
13,953
17,394
Average Household Income
$80,218
$66,784
$69,877
$76,447
Median Household Income
$65,440
$47,307
$49,043
$53,840
Total Consumer Spending
$86.1M
$892M
$1.9B
$2.6B
2024 Households
3,167
37,446
76,746
99,597
Average Home Value
$317,498
$279,005
$273,064
$285,515
NEARBY AMENITIES
RESTAURANTS |
|||
|---|---|---|---|
| Burger King | - | - | 3 min walk |
| Mission BBQ | Barbecue | $$$ | 5 min walk |
| Chick-Fil-A | - | - | 5 min walk |
| Which Wich Sandwich Shop | Fast Food | $$$ | 5 min walk |
| Starbucks | Cafe | $ | 6 min walk |
| Blaze Pizza | - | - | 6 min walk |
RETAIL |
||
|---|---|---|
| The First Bank | Bank | 3 min walk |
| Winn Dixie | Supermarket | 4 min walk |
| AT&T Wireless | Wireless Communications | 4 min walk |
| Sleep Number | Furniture/Mattress | 8 min walk |
| Walgreens | Drug Store | 9 min walk |
| ULTA Beauty | Health & Beauty Aids | 10 min walk |
HOTELS |
|
|---|---|
| Courtyard |
154 rooms
3 min drive
|
| Home2 Suites by Hilton |
132 rooms
2 min drive
|
| DoubleTree by Hilton |
242 rooms
5 min drive
|
| Four Points by Sheraton |
164 rooms
6 min drive
|
| aloft Hotel |
162 rooms
5 min drive
|
| Hampton by Hilton |
78 rooms
7 min drive
|
PROPERTY TAXES
| Parcel Number | 11-31-20-057-000.0 | Improvements Assessment | $829,463 |
| Land Assessment | $304,157 | Total Assessment | $1,133,620 |
PROPERTY TAXES
Parcel Number
11-31-20-057-000.0
Land Assessment
$304,157
Improvements Assessment
$829,463
Total Assessment
$1,133,620
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Standard Real Estate
NNN Corporate Bojangles | 6.74% CAP | 1350 E Park Ave
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