820 Washington Blvd Sarasota, FL 34236
- Drive through restaurants
- 2,326 SF
- 0.54 lot acres
Current Use by Public Records
- Popeyes Louisiana Kitchen / Restaurant / Seafood Restaurant
Property Details for 820 Washington Blvd
- Year built
- 1981
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.54 lot acres
- Property size
- 2,326 SF
- Zone code
- DTE
- Property type
- Drive through restaurants
- APN
- 2026-01-0056
- APU
- 2026010056
Description
This exceptional investment opportunity presents a 2,330-square-foot Popeyes restaurant situated on a 0.54-acre lot at 820 N Washington Blvd, Sarasota, FL 34236. The property benefits from a new 20-year absolute NNN lease commencing June 1, 2024, and expiring May 31, 2044, with four 5-year renewal options. The lease includes 10% rent increases every five years, ensuring consistent income growth. The tenant, Sailormen, Inc., operates over 150 units, demonstrating financial strength and operational expertise. The absolute NNN lease structure eliminates landlord responsibilities for property maintenance and management, making this an ideal investment for both local and out-of-state investors. The property underwent a complete renovation in 2024, featuring a drive-thru that accounts for 80% of Popeyes' business. This prime location along a major thoroughfare connecting Sarasota to surrounding areas like Bradenton, Venice, St. Petersburg, Clearwater, and Tampa, benefits from high visibility and accessibility. The property's proximity to densely populated residential areas, Downtown Sarasota, Sarasota High School, Sarasota Memorial Hospital, Booker High School, and Sarasota Military Academy ensures a consistent customer base. Sarasota's thriving tourism industry, attracting over three million visitors annually, further enhances the property's investment potential. The asking price is $3,901,000, with a current NOI of $195,047 and a 5.00% cap rate. This offering presents a compelling opportunity to acquire a strong, long-term investment in a prime Florida location. The property is offered as a 1031 exchange opportunity.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $2,205,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $2,275,000
- 6.5%
- $1,985,000
- 7%
- $2,075,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $2,290,000
- Geo Method
- $1,815,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $2,235,000
- Retail
- $2,255,000
- Mixed-Use
- $1,890,000
- Hospitality
- $2,105,000
- Educational
- $2,060,000
- Residential Income
- $1,725,000
- Energy
- $2,090,000
- Income-Based Land
- $1,860,000
- Food Service
- $2,020,000
Location Insight
- Map
- Local Demand
- City
- Sarasota
- County
- Sarasota
- State
- Florida
- Longitude
- -82.5306
- Latitude
- 27.3432
- CBSA code
- 35840
- CBSA name
- NORTH PORT-SARASOTA-BRADENTON, FL METROPOLITAN STATISTICAL AREA
