555 Babcock St, Melbourne, FL 32901-1264
- Drive through restaurants
- 1,582 SF
- 1.26 lot acres
Current Use by Public Records
- Sonic Drive-In / Restaurant / Take-out & Catering
Property Details for 555 Babcock St
- Year built
- 2001
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 1.26 lot acres
- Zone code
- CP
- Property type
- Drive through restaurants
- APN
- 27-37-34-00-00284.0-0000.00
- APU
- 9223372036854775807
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Feb 17, 2026 | $2,153,900 | Rnl 2025e Owner LLC | Cmg Sonic Re LLC | Special Warranty Deed | — |
| Jan 27, 2026 | — | Rnl 2025e Owner LLC | Cmg Sonic Re LLC | Special Warranty Deed | — |
| Jan 2, 2025 | $1,504,400 | Cmg Sonic Re LLC | Store Master Funding Xxii LLC | Special Warranty Deed | — |
| Feb 24, 2022 | $1,360,000 | Store Master Funding Xxii LLC | Texida Fast Foods INC | Special Warranty Deed | $136k · Citibank NA |
| Oct 26, 2016 | — | Texida Fast Foods INC | — | Deed · related | $750k · Regions Bk |
| — | — | Burgreen Trust | — | Deed Of Trust · related | $104k · Huntington National Bank |
| — | — | Texida Fast Foods INC | — | Deed Of Trust · related | $750k · Regions Bk |
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.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,410,000
- ML approach
- $1,390,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $884,000
Market price range: $287k - $944k
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- 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
