402 Main St Apopka, FL 32703

Property Details for 402 Main St

Year built

1988

Lot size

0.68 lot acres

Property size

3,275 SF

Zone code

MU-D

Property type

Turn key restaurants

APN

10-21-28-7800-03-010

APU

102128780003010

Description

This exceptional investment opportunity presents a 3,275 square foot Popeyes restaurant located at 402 E Main St, Apopka, FL 32703. The property sits on a 0.68-acre lot in a high-traffic area at the intersection of East Main Street (46,000 AADT) and Oakland Avenue. This absolute NNN lease boasts a 20-year term commencing June 1, 2024, and expiring May 31, 2044, with four 5-year renewal options. The lease includes 10% rent bumps every five years, ensuring consistent income growth. The current asking price is $3,681,000, representing a 5.00% cap rate and a net operating income (NOI) of $184,048. The tenant, Sailormen, Inc., operates over 150 units, demonstrating financial strength and expansion. The property benefits from its proximity to Apopka High School, Apopka Memorial Middle School, and Apopka Elementary, serving a combined 5,500+ students and families. Furthermore, its location near major thoroughfares, including U.S. Route 441/South Orange Blossom Trail, and surrounded by national retailers like a newly constructed Winn-Dixie shopping center, ensures high visibility and customer traffic. The strong demographics within a 5-mile radius, with 148,012 residents and an average annual household income of $102,010 (projected to increase by at least 17% in five years), further enhance the investment potential. This Popeyes is situated less than 15 miles northwest of downtown Orlando, benefiting from the city's significant tourism and economic activity. This is an ideal investment for both local and out-of-area investors seeking a low-management, high-return opportunity. The property is offered as a 1031 exchange eligible property.

Location Insight

City

Apopka

County

Orange

State

Florida

Longitude

-81.5028

Latitude

28.6726

CBSA code

36740

CBSA name

ORLANDO-KISSIMMEE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments