720 Altamonte DrAltamonte Springs, FL 32701

Property Details for 720 Altamonte Dr

Year built

1973

Construction

CONCRETE BLOCKS

Lot size

2.74 AC

Property size (Sq ft)

56,710 SF

Property type

Retail properties

Property subtype

Community centers

APN

12-21-29-5BE-0000-4270

APU

1221295BE00004270

Description

This exceptional investment opportunity presents a newly built, 3,900 square foot First Watch restaurant located at 720 E Altamonte Dr, Altamonte Springs, FL 32701. The property boasts a prime location in a high-traffic area with excellent visibility on SR 436, benefiting from over 75,000 vehicles daily. This Class A, fee-simple asset features a 10-year absolute NNN lease with a corporate guarantee, commencing December 16, 2024, and expiring January 1, 2035. The lease includes a 10% rent increase every five years, ensuring consistent income growth. The property's strong financial performance is reflected in its 5.25% cap rate and a Net Operating Income (NOI) of $230,100. Situated within the Shoppes at Altamonte, an infill redevelopment project, this First Watch location benefits from the synergy of other high-profile national tenants. The surrounding area boasts a dense population with above-average household incomes, further enhancing the investment's appeal. The property's proximity to major roadways, including Interstate 4 and US 17-92, and its adjacency to AdventHealth Altamonte Springs hospital campus and Altamonte Mall, contribute to its exceptional location and strong tenant demographics. This is a rare opportunity to acquire a high-performing, passively managed investment with significant long-term growth potential.

• CAP approach

  CAP return

  Valuation

  6%

  $14,190,219

  6.5%

  $13,098,664

  7%

  $12,163,045

• Comparable approach

  Method

  Valuation

  Relative Method

  $15,952,954

  Geo Method

  $15,952,954

• Alternative Use

  Use

  Valuation

  Residential

  $11,049,213

  Hospitality

  $10,121,020

  Educational

  $8,420,570

  Medical

  $8,710,166

  Retail

  $13,098,664

Location Insight

City

Altamonte Springs

County

Seminole

State

Florida

Latitude

28.6638

Longitude

-81.3694

CBSA code

36740

CBSA name

ORLANDO-KISSIMMEE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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