Single-Tenant Chili’s NNN
For Sale
Contact for pricing
17643 Bruce B Downs Blvd, Tampa, FL 33647
Freestanding restaurant investment with an absolute NNN ground lease and established operations in a major Tampa retail corridor.
Property Size5,864 SF
Price / SF$434.86
Days on Market145
Property Features for 17643 Bruce B Downs Blvd
General Information
Standard status
Active
Size
5,864 SF
Total Parking Spaces
40
Property subtype
Retail
Zoning
PD-A
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$127,500
Building Details
Year Built
2001
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
CBRE LA
Listed By:
Patrick Conway · License #CA 01894502
Source:
Crexi
Added: Apr 7
Changed: Aug 29
Last Checked: Aug 29 at 6:27PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE LA
Investment Insights
Based on property information with market context.
This single-tenant Chili’s Grill & Bar property includes a 5,864-square-foot freestanding restaurant on 1.79 acres. Constructed in 2001, the building has operated under the same restaurant tenancy for more than 25 years. The absolute NNN ground lease places landlord maintenance responsibilities with the tenant and runs through December 2027, with four additional five-year renewal options and scheduled rent increases.
The property fronts Bruce B Downs Boulevard in Tampa, within a retail corridor reporting traffic of more than 64,000 vehicles per day. Nearby commercial and institutional destinations include Home Depot, Sportsman’s Warehouse, Dunkin’, Panera Bread, Chipotle, James A. Haley Veterans’ Hospital, and the University of South Florida. The site is zoned PD-A and positioned within the New Tampa trade area.
The property fronts Bruce B Downs Boulevard in Tampa, within a retail corridor reporting traffic of more than 64,000 vehicles per day. Nearby commercial and institutional destinations include Home Depot, Sportsman’s Warehouse, Dunkin’, Panera Bread, Chipotle, James A. Haley Veterans’ Hospital, and the University of South Florida. The site is zoned PD-A and positioned within the New Tampa trade area.
Key Highlights
- Single‑tenant Chili’s Grill & Bar operating at the site for more than 25 years
- 5,864 SF freestanding building on a 1.79‑acre parcel
- Absolute NNN ground lease with no landlord maintenance responsibilities
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$85,233
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,704,660
$1.7M
Cap Rate 7%
$1,217,614
$1.2M
Cap Rate 9%
$947,033
$947.0K
Market Conditions
NOI Build-Up for 5,864 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$119.6K $20.40/SF
− Vacancy
−$6.0K −$1.02/SF
EGI
$113.6K $19.38/SF
− OpEx
−$28.4K −$4.85/SF
NOI
$85.2K $14.54/SF
Area
ZIP 33647
Vacancy
5.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,704,660
Cap Rate 7%
$1,217,614
Cap Rate 9%
$947,033
Alternative Uses
Best Use
Specialty Retail
$1.22M
$1.07M – $1.42M
NOI $85,233 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,655 @ 7.0% cap · market cap 3.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
584
Businesses Nearby
344k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 36%
Home Improvements & Furnishings 22%
Shops & Services 16%
Leisure 14%
The Home Depot
Home Improvements & Furnishings
53,453 visits/mo
0.3 miles
AMC Highwoods 20
Leisure
46,524 visits/mo
0.4 miles
Chick-fil-A
Dining
43,620 visits/mo
0.4 miles
Aldi
Groceries
29,927 visits/mo
0.3 miles
Michaels
Shops & Services
21,566 visits/mo
0.2 miles
Demographics for 33647, FL
69,457
Population
27,960
Households
2.5
Avg Household Size
36
Median Age
60%
College-Educated
96%
High-School Grad
32.4 sq mi
ZIP Area
2,144
Density / Sq Mi
$104,775
Median Household Income
$55,450
Median Earnings
$1,784
Median Rent
$437,600
Median Home Value
Market
Vacancy Rate% for Retail in Tampa, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Freestanding restaurant investment with an absolute NNN ground lease and established operations in a major Tampa retail corridor.
Where is this nnn property located?
The property is located at 17643 Bruce B Downs Blvd Tampa, FL.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: Single‑tenant Chili’s Grill & Bar operating at the site for more than 25 years; 5,864 SF freestanding building on a 1.79‑acre parcel; Absolute NNN ground lease with no landlord maintenance responsibilities
