900 Heritage Pass Davenport, FL 33896
- Retail properties
- 1.11 lot acres
Current Use by Public Records
- Retail properties
Property Details for 900 Heritage Pass
- Year built
- 2024
- Lot size
- 1.11 lot acres
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional investment opportunity presents a 4,964 square foot, 100% occupied Outback Steakhouse located at 900 Heritage Pass, Davenport, FL 33896. The property sits on a 1.11-acre lot with 186 parking spaces and benefits from a 15-year absolute NNN ground lease commencing October 1, 2024, and expiring October 1, 2039. The lease includes four 5-year renewal options and features a 10% rent increase every five years. The current asking price is $3,900,000, representing a 5.00% cap rate and a net operating income (NOI) of $195,000. This new 2024 construction boasts high-quality materials and finishes. The property enjoys a prime location directly off I-4, providing excellent visibility and accessibility. It's part of a larger development including other restaurants and retail, creating synergistic tenant relationships. The site benefits from its proximity to the newly constructed Legacy Union Square Apartments, providing a substantial resident base. Furthermore, the area shows significant growth potential, supported by numerous nearby residential developments adding thousands of homes and apartments, and a high average household income of $100,284 within a 5-mile radius. Davenport's population is experiencing rapid growth, currently at a rate of 13.15% annually. Two high-performing Publix shopping centers are within 1.5 miles. This offering presents a compelling combination of strong tenant, favorable lease terms, and significant growth potential in a high-demand location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Davenport
- County
- Polk
- State
- Florida
- Longitude
- -81.6061
- Latitude
- 28.2586
