3130 Us Hwy 98th N Lakeland, FL 33805-2104
- Turn key restaurants
- 5,142 SF
- 1.08 lot acres
Current Use by Public Records
- Bob Evans / Breakfast Restaurant / Takeout Restaurant
Property Details for 3130 Us Hwy 98th N
- Year built
- 1985
- Lot size
- 1.08 lot acres
- Property size
- 5,142 SF
- Zone code
- C-2
- Property type
- Turn key restaurants
- APN
- 232801000000031190
- APU
- 232801000000031190
Description
This exceptional investment opportunity presents a fee-simple, single-tenant, absolute NNN leased Bob Evans restaurant located at 3130 US Hwy 98 N, Lakeland, FL 33805. The property boasts a 5,142 square foot building on a 1.08-acre lot, constructed in 1985 and renovated in 2009. With 88 parking spaces, it benefits from a prime location fronting US Hwy 98 (58,000 vehicles per day) and directly off I-4 (111,500 vehicles per day), within the rapidly growing I-4 corridor connecting Tampa and Orlando. The current lease, commencing May 1, 2018, and expiring April 30, 2037, offers a remaining term of 12.4 years with 2% annual rent bumps and six 5-year lease options. The property generates a strong NOI of $205,040, representing a 5.50% cap rate on the $3,728,000 asking price. The property's strong performance is further supported by Lakeland's robust demographics, including an average household income of $75,928 and a 2.28% annual population growth rate. Polk County, where Lakeland is located, is the fastest-growing county in Florida, experiencing significant population influx due to affordable housing and proximity to major metropolitan areas. The property's APN is 232801000000031190. This is a rare opportunity to acquire a stable, high-performing asset in a thriving market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lakeland
- County
- Polk
- State
- Florida
- Longitude
- -81.9674
- Latitude
- 28.0817
- CBSA code
- 29460
- CBSA name
- LAKELAND, FL METROPOLITAN STATISTICAL AREA
