8333 Mikajack Ave Navarre, FL 32566

Property Details for 8333 Mikajack Ave

Year built

2024

Lot size

0.71 lot acres

Property size

2,375 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional investment opportunity presents a brand-new, 2,375 square foot Chipotle restaurant in Navarre, Florida, built in 2024. Located on a 0.71-acre lot at 8333 Mikajack Ave, this property boasts a prominent position along U.S. Route 98/Navarre Parkway, a major thoroughfare with an impressive 46,000 AADT. The 15-year absolute NNN lease, commencing October 15, 2024, and expiring October 15, 2039, features built-in rent bumps every five years, ensuring a passive, long-term income stream. The property benefits from a corporate guarantee and a strong co-tenancy lineup including Walmart Supercenter, Publix Supermarkets, Winn-Dixie, and other national retailers. Situated less than a mile from pristine beaches and numerous amenities, this trophy property is part of a thriving community with an average household income exceeding $117,415 within a five-mile radius. Projected household income growth of over 12% within the next five years further solidifies this investment's potential. The site's proximity to Baptist Hospital (326 beds, 6,500 employees) adds to its strategic value. The inclusion of a "Chipotlane" drive-thru enhances customer convenience and operational efficiency. With a 4.50% cap rate and a net operating income (NOI) of $188,999, this offering presents a compelling opportunity for passive investors seeking a secure, high-growth investment in a prime Florida location. The asking price is $4,200,000. This is a 1031 exchange eligible property.