2828 Monroe St Tallahassee, FL 32303-3635

Property Details for 2828 Monroe St

Year built

2020

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.38 lot acres

Property size

3,535 SF

Property type

Community centers

APN

21-14-51-000-032-0

APU

2114510000320

Description

This exceptional investment opportunity presents a free-standing KFC restaurant in Tallahassee, Florida, secured by a 20-year absolute triple-net (NNN) lease commencing October 1, 2024, and expiring September 30, 2044. The 3,790 square foot building, constructed in 2020, sits on a 1.38-acre lot and boasts a strong 5.50% cap rate with a net operating income (NOI) of $171,288. The lease includes four 5-year renewal options and features annual rent increases of 1.50% starting in year seven. The tenant, a franchisee, is backed by a significant 80-unit operator guarantor, providing substantial financial security. This prime location at 2828 N Monroe St, Tallahassee, FL 32303, benefits from high visibility, being less than a mile from The Centre of Tallahassee, a major regional mall with over 3.1 million annual visitors. The property enjoys excellent access, situated at the intersection of FL I-10 and N Monroe St, a high-traffic area with over 106,000 vehicles per day. The surrounding area is densely populated, with over 68,656 households within a 5-mile radius and numerous hotels providing a substantial customer base. The asking price is $3,114,000, translating to $821.64 per square foot. This is a rare opportunity to acquire a stable, high-performing asset with significant long-term growth potential in a thriving market.