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3984 SW 43rd St
Gainesville, FL 32608
Retail Property For Sale
EXECUTIVE SUMMARY
Katz & Associates, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the ground lease interest in the property located at 3984 SW 43rd
Street in Gainesville, Florida (“the Property”). Encompassing ±8,392 square feet on a large ±2.09-acre lot, the Property represents recent 2019 construction and is
fully leased to Texas Roadhouse. The Tenant is operating under a 15-year Absolute NNN Lease with more than 10 years remaining. The Lease offers zero landlord
responsibilities and 10% rental increases every 5 years.
The ground lease is guaranteed by Texas Roadhouse, Inc. (NYSE: TXRH), which is one of the fastest growing casual dining operators in the US. The company
currently has 760 locations and plans to open another ±44 stores in 2024 across all their brands. Texas Roadhouse has experienced significant revenue growth
over a 5-year period with $2.7+ billion in 2019 to $4.6+ billion in 2023. That growth represents a CAGR of nearly 11% over that period. The company opened 30 new
locations in 2023.
The Property is located in Gainesville, FL, a short distance from The University of Florida campus. The University of Florida is home to a 60,000+ student body
and was ranked the top public university by the Wall Street Journal in 2023. In addition to the large student body, the university also features over 480,000
alumni. Gainesville hosts well over 90,000 visitors every home-game weekend in Ben Hill Griffin Stadium during football season. The Property will soon benefit
from its position directly across from the new $231 million HCA Florida Gainesville Hospital, which is set to open in the next 18 months.
Street in Gainesville, Florida (“the Property”). Encompassing ±8,392 square feet on a large ±2.09-acre lot, the Property represents recent 2019 construction and is
fully leased to Texas Roadhouse. The Tenant is operating under a 15-year Absolute NNN Lease with more than 10 years remaining. The Lease offers zero landlord
responsibilities and 10% rental increases every 5 years.
The ground lease is guaranteed by Texas Roadhouse, Inc. (NYSE: TXRH), which is one of the fastest growing casual dining operators in the US. The company
currently has 760 locations and plans to open another ±44 stores in 2024 across all their brands. Texas Roadhouse has experienced significant revenue growth
over a 5-year period with $2.7+ billion in 2019 to $4.6+ billion in 2023. That growth represents a CAGR of nearly 11% over that period. The company opened 30 new
locations in 2023.
The Property is located in Gainesville, FL, a short distance from The University of Florida campus. The University of Florida is home to a 60,000+ student body
and was ranked the top public university by the Wall Street Journal in 2023. In addition to the large student body, the university also features over 480,000
alumni. Gainesville hosts well over 90,000 visitors every home-game weekend in Ben Hill Griffin Stadium during football season. The Property will soon benefit
from its position directly across from the new $231 million HCA Florida Gainesville Hospital, which is set to open in the next 18 months.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
8,392 SF
Building Class
B
Year Built
2019
Price
$4,070,000
Price Per SF
$484.99
Cap Rate
5%
NOI
$203,500
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Lot Size
2.09 AC
Zoning
Commercial
Parking
163 Spaces (19.42 Spaces per 1,000 SF Leased)
AMENITIES
- Freeway Visibility
- Restaurant
- Signage
PROPERTY TAXES
| Parcel Number | 06817-003-002 | Improvements Assessment | $1,611,376 |
| Land Assessment | $2,731,212 | Total Assessment | $4,342,588 |
PROPERTY TAXES
Parcel Number
06817-003-002
Land Assessment
$2,731,212
Improvements Assessment
$1,611,376
Total Assessment
$4,342,588
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