720 Altamonte Dr Altamonte Springs, FL 32701-4805
- Community centers
- 56,710 SF
- 2.74 lot acres
Current Use by Public Records
- Community centers
Property Details for 720 Altamonte Dr
- Year built
- 1973
- Construction
- CONCRETE BLOCKS
- Lot size
- 2.74 lot acres
- Property size
- 56,710 SF
- Property type
- Community centers
- APN
- 12-21-29-5BE-0000-4270
- APU
- 1221295BE00004270
Description
This exceptional investment opportunity presents a newly built, 3,900 square foot First Watch restaurant located at 720 E Altamonte Dr, Altamonte Springs, FL 32701. The property boasts a prime location in a high-traffic area with excellent visibility on SR 436, benefiting from over 75,000 vehicles daily. This Class A, fee-simple asset features a 10-year absolute NNN lease with a corporate guarantee, commencing December 16, 2024, and expiring January 1, 2035. The lease includes a 10% rent increase every five years, ensuring consistent income growth. The property's strong financial performance is reflected in its 5.25% cap rate and a Net Operating Income (NOI) of $230,100. Situated within the Shoppes at Altamonte, an infill redevelopment project, this First Watch location benefits from the synergy of other high-profile national tenants. The surrounding area boasts a dense population with above-average household incomes, further enhancing the investment's appeal. The property's proximity to major roadways, including Interstate 4 and US 17-92, and its adjacency to AdventHealth Altamonte Springs hospital campus and Altamonte Mall, contribute to its exceptional location and strong tenant demographics. This is a rare opportunity to acquire a high-performing, passively managed investment with significant long-term growth potential.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $4,335,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $4,155,000
- 6.5%
- $3,595,000
- 7%
- $4,125,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $3,980,000
- Geo Method
- $3,730,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $4,835,000
- Retail
- $4,145,000
- Mixed-Use
- $4,045,000
- Hospitality
- $4,465,000
- Educational
- $4,695,000
- Residential Income
- $4,475,000
- Energy
- $3,800,000
- Income-Based Land
- $4,245,000
- Food Service
- $4,325,000
Location Insight
- Map
- Local Demand
- City
- Altamonte Springs
- County
- Seminole
- State
- Florida
- Longitude
- -81.3694
- Latitude
- 28.6638
- CBSA code
- 36740
- CBSA name
- ORLANDO-KISSIMMEE, FL METROPOLITAN STATISTICAL AREA
