402 Main St, Apopka, FL 32703-5352
- Turn key restaurants
- 3,275 SF
- 0.68 lot acres
Current Use by Public Records
- Popeyes Louisiana Kitchen / Restaurant
Property Details for 402 Main St
- Year built
- 1988
- Lot size
- 0.68 lot acres
- Zone code
- MU-D
- Property type
- Turn key restaurants
- APN
- 10-21-28-7800-03-010
- APU
- 102128780003010
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jun 5, 2024 | $3,260,000 | 402 Main LLC | Store Spe Conquest 2021 2 LLC | Special Warranty Deed | $18.1M · Cerco Bridge Loans 6 LLC |
| Aug 19, 2021 | $540,000 | Conquest Income Holdings LLC | Store Master Funding II LLC | Warranty Deed | — |
| Jul 3, 2012 | $540,000 | Store Master Funding II LLC | Sailormen INC | Special Warranty Deed | $540k · Citibank NA |
| Sep 19, 2000 | $618,200 | Sailormen INC | Cnl Income Fund II Ltd | Grant Deed | — |
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.
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Location Insight
- Map
- Local Demand
- City
- Apopka
- County
- Orange
- State
- Florida
- Longitude
- -81.5028
- Latitude
- 28.6726
- CBSA code
- 36740
- CBSA name
- ORLANDO-KISSIMMEE, FL METROPOLITAN STATISTICAL AREA
