555 Babcock St Melbourne, FL 32901-1264

Property Details for 555 Babcock St

Year built

2001

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.26 lot acres

Property size

1,582 SF

Zone code

CP

Property type

Drive through restaurants

APN

27-37-34-00-00284.0-0000.00

APU

9223372036854775807

Description

This exceptional investment opportunity presents a portfolio of three master-leased Sonic Drive-In restaurants located in Brevard County, Florida. The portfolio totals 4,460 square feet situated on 2.97 acres of land. Built between 2001 and 2006, these properties benefit from a 15-year absolute NNN lease, commencing February 1, 2022, and expiring February 27, 2037, leaving a substantial 12.3 years remaining on the primary term. The lease includes four 5-year renewal options and features annual rent bumps, the lesser of 1.75% or 1.25 times the CPI. The portfolio boasts a strong NOI of $286,163, resulting in a 5.75% cap rate and a price per square foot of $1,116.59. The asking price for this exceptional investment is $4,980,000. The properties are fully cross-collateralized and guaranteed by a substantial multi-concept franchisee operating approximately 450 restaurants, hotels, and retail outlets across 30 states. Brevard County, known as the "Space Coast," offers a robust economy with a low unemployment rate and projected high job growth. This portfolio provides a compelling combination of strong tenant performance, long-term lease security, and attractive financial metrics in a desirable location.

Location Insight

City

Melbourne

County

Brevard

State

Florida

Longitude

-80.6214

Latitude

28.0995

CBSA code

37340

CBSA name

PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments