Iconic Restaurant - Ocala, FL MSA 5545 E Silver Springs Blvd 3,114 SF Retail Building Silver Springs, FL 34488 $899,000 ($288.70/SF) 5.83% Cap Rate

Historic 3,114 SF restaurant, prominently located on the highly traveled lighted corner of State Road 40 and County Road 35 in the Ocala, FL MSA, the fastest growing metro in the United States. Only 650 FT from the entrance of the naturally renown Silver Springs State Park. Subject property sits on .55 acres with approximately 500 FT of road frontage. The parcel was originally developed in the 1940s as a Howard Johnson’s Restaurant, part of what was then the largest restaurant chain in the United States. The current structure was built in 1965 as a modernized Howard Johnson’s Restaurant to complement the adjacent Howard Johnson’s Motor Lodge, which is also available for purchase. Opportunity to purchase both parcels and reunite the complex for the first time in over 30 years. Completely remodeled in 2019, the full commercial kitchen features natural gas cooking equipment, including a pizza oven and fryer, as well as a walk-in cooler and dedicated storage area. The dining area accommodates up to 120 patrons, and the property holds a 2COP retail beverage license permitting the sale of beer and wine by the glass for on-premise consumption. Property is within Catalyst Site #4 of the Silver Springs CRA Master Plan. Plan calls for re-routing of State Road 40, which would potentially increase the frontage of the existing parcel. Site #4 designation also calls for generating interest in a mix of neighborhood scale retail, duplex, and triplex residential development of up to 47 dwelling units. Appreciable value add opportunity for a renovation, conversion, or redevelopment project. The CRA Master Plan encourages renovation, conversion, or redevelopment. While Marion County's Special Use Permit process allows alternative uses to be explored. Ocala, FL MSA GDP is ranked #36 out of 200 large metros in the United States with a 2023 GDP of nearly $16 billion. Coupled with the University of Florida’s projection that Marion County’s population will grow up to an additional 30% by 2040, this opportunity is truly one of the most compelling available in this metro and beyond.