710 State Rd 19 Palatka, FL 32177-3947

Property Details for 710 State Rd 19

Year built

1997

Construction

STEEL FRAME

Lot size

2.08 lot acres

Property size

2,469 SF

Property type

Drive through restaurants

APN

11-10-26-0000-051.0-001.1

APU

111026000005100011

Description

This exceptional investment opportunity presents a freestanding Popeyes restaurant located at 710 S State Rd 19, Palatka, FL 32177, in Putnam County. The property boasts a 2,274 square foot building situated on a 2.07-acre lot, constructed in 1997 and renovated in 2011. Currently operating under a 20-year absolute NNN lease with a franchisee tenant, the lease commenced May 31, 2024, and expires May 30, 2044, leaving 19.5 years remaining. The lease includes four 5-year renewal options, each with a 10% rent increase. Further rent bumps of 10% are built into the lease every 5 years, starting June 1, 2029. The property enjoys a 100% occupancy rate, generating a strong Net Operating Income (NOI) of $140,048, resulting in a compelling 5.15% cap rate. The asking price is $2,719,380, translating to $1,195.86 per square foot. The tenant is backed by a reputable operator managing approximately 150+ units. This location benefits from high traffic counts exceeding 37,000 vehicles per day at a nearby intersection and is conveniently located near major retailers such as Walmart, Winn-Dixie, and Walgreens, as well as St. John's River State College and Saint Leo University, ensuring strong customer traffic and visibility. This is a rare opportunity to acquire a stable, high-performing QSR investment with significant long-term growth potential.