Current Use by Public Records
- Retail properties & Spaces
Property Details for 245 Fl-312
- Lot size
- 1.72 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Restaurants
Description
This exceptional investment opportunity presents a 6,115 square foot, single-tenant, absolute NNN leased retail property in St. Augustine, Florida. The property, located at 245 FL-312, sits on a 1.72-acre lot and is fully occupied by an Outback Steakhouse, part of the Bloomin' Brands portfolio (NASDAQ: BLMN). The lease, commencing May 18, 2016, has a remaining term of approximately 6.5 years with four 5-year option periods, ensuring long-term stability. The property boasts a strong 5.25% cap rate and a Net Operating Income (NOI) of $249,132, with annual rent increases built into the lease. Situated in a prime retail corridor alongside major national retailers such as Walmart, Target, Home Depot, and Lowe's, this location benefits from high visibility and significant traffic volume on Florida State Road 312 (38,500 vehicles per day) and Dixie Highway (41,900 vehicles per day). The property's strong tenant history, coupled with the corporate guarantee and minimal landlord responsibilities, makes this an attractive, low-risk investment with significant potential for long-term, inflation-resistant cash flow. The asking price is $4,745,000, translating to a price per square foot of $775.96. The property's APN is 135075 0060. This is a rare opportunity to acquire a well-established, high-performing retail asset in a thriving Florida market.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- St. Augustine
- County
- St. Johns
- State
- Florida
- Longitude
- -81.3202
- Latitude
- 29.8662
