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4758 Highway 90
Pace, FL 32571
Longhorn Steakhouse Ground Lease · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- New 10-year absolute NNN ground lease to Longhorn Steakhouse, one of the largest steakhouse chains in the U.S.
- In March 2024, the ACSI reported LongHorn Steakhouse hit 80% in taste favorability, surpassing Texas Roadhouse and well ahead of Outback Steakhouse.
- 10% rental increases every five (5) years in initial term and option periods, offering projected growth over a long-term investment
- Same-restaurant sales grew 4% year-over-year at LongHorn Steakhouse in Q1 2024
EXECUTIVE SUMMARY
Located just off of US-90, this LongHorn Steakhouse enjoys prime visibility and accessibility along Pace’s largest retail and motor traffic corridor, with direct exposure to over 33,000 vehicles per day. Its strategic positioning makes it a standout destination for both local and passing traffic.
The restaurant is surrounded by top-tier national retailers such as Walmart, Lowe’s, Home Depot, Target, Publix, and more. This cluster of anchor tenants significantly enhances visibility, customer flow, and cross-shopping opportunities for the LongHorn location.
Additionally, the site benefits from its proximity to two major military installations: Naval Air Station Pensacola and Eglin Air Force Base. Together, these bases bring over 43,000 active military personnel into the surrounding area, contributing to a stable and consistent consumer base.
The local population surrounding the property is both dense and affluent. Nearly 70,000 residents live within a five-mile radius, with average household incomes exceeding $100,000. The area is also rich with high-traffic community hubs, including the University of West Florida (14,343 students), Pace High School (2,240 students), Pace Crossroads Shopping Center, the Alamo retired Naval Base, and Downtown Milton—just four miles away—bringing an additional 10,000 residents into the restaurant's catchment.
The restaurant is surrounded by top-tier national retailers such as Walmart, Lowe’s, Home Depot, Target, Publix, and more. This cluster of anchor tenants significantly enhances visibility, customer flow, and cross-shopping opportunities for the LongHorn location.
Additionally, the site benefits from its proximity to two major military installations: Naval Air Station Pensacola and Eglin Air Force Base. Together, these bases bring over 43,000 active military personnel into the surrounding area, contributing to a stable and consistent consumer base.
The local population surrounding the property is both dense and affluent. Nearly 70,000 residents live within a five-mile radius, with average household incomes exceeding $100,000. The area is also rich with high-traffic community hubs, including the University of West Florida (14,343 students), Pace High School (2,240 students), Pace Crossroads Shopping Center, the Alamo retired Naval Base, and Downtown Milton—just four miles away—bringing an additional 10,000 residents into the restaurant's catchment.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
6,000 SF
Building Class
B
Year Built
2024
Price
$3,000,000
Price Per SF
$500
Cap Rate
5%
NOI
$150,020
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Lot Size
1.60 AC
Zoning
HCD
Parking
125 Spaces (20.83 Spaces per 1,000 SF Leased)
Frontage
276’ on U.S. 90
AMENITIES
- Air Conditioning
PROPERTY TAXES
| Parcel Number | 11-1N-29-0000-02300-0000 | Improvements Assessment | $1,843,464 |
| Land Assessment | $1,336,608 | Total Assessment | $3,180,072 |
PROPERTY TAXES
Parcel Number
11-1N-29-0000-02300-0000
Land Assessment
$1,336,608
Improvements Assessment
$1,843,464
Total Assessment
$3,180,072
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