997 Lockwood Blvd Oviedo, FL 32765

Property Details for 997 Lockwood Blvd

Year built

2024

Lot size

0.72 lot acres

Property size

5,710 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a brand-new, 5,710-square-foot LongHorn Steakhouse located in Oviedo, Florida, within the Orlando-Kissimmee-Sanford MSA. The property boasts a strong 9.9-year remaining lease term (commencing September 2, 2024, and expiring September 30, 2034) with four, five-year renewal options, each including a 10% rent increase. The net lease structure (NNN Ground Lease) minimizes landlord responsibilities, offering a passive income stream. The property sits on a 0.72-acre lot and features 30 parking spaces, ensuring ample customer convenience. Built in 2024, this LongHorn Steakhouse enjoys 100% occupancy and generates a substantial net operating income (NOI) of $165,000, resulting in a 5.25% cap rate. Its strategic location as an outparcel to the 54,372-square-foot Lockwood Village Shopping Center, anchored by Winn-Dixie, provides excellent visibility and access along Lockwood Boulevard (18,100 vehicles per day) and near the intersection with County Road 419 (21,500 vehicles per day). This location is the only LongHorn Steakhouse within a 9-mile radius, minimizing direct competition and maximizing market potential. The asking price for this exceptional retail investment is $3,143,000.