Destin, Florida – Net Lease Properties information for the day is from Destin, Florida. one of the most beautiful areas in the Country. This Net Lease Investment was sold with Pizza Hut as the net leased property Tenant. Pizza Hut has leased some of the premier Net Leased Properties in Florida with some having views of the Gulf of Mexico, or Florida Intracoastal Waterways. This Florida Net Leased Property that sold is located at 1027 Highway 98 East, in Destin, Florida. The Destin Net Leased Property with Pizza Huts has the zip code of 32541 and sits in Okaloosa County. Destin has world class beaches and is known a fishing resort town.
A large NNN Commercial Real Estate broker helped procure the sale of this Pizza Hut Net Leased Property. This absolute triple net lease investment sold for $1.4 Million. This Florida Net Leased Property had approximately 16 years left on a 20 year absolute NNN Lease. The Building with Pizza Hut on the absolute NNN Lease is approximately 3,371 square feet. This NNN Retail Property is obviously used as a Restaurant currently with Pizza Hut using 100% of the Florida structure. The Seller of this NNN Lease Investment was a private investor. This Florida Net Leased Property was previously marketed with a Cap Rate of 8.25%.
This Pizza Hut Net Leased Property had the building constructed in 2000. The Pizza Hut Net Leased Property is situated on a Lot that is about 30,057 square feet or about .69 Acres. The signing party on the absolute NNN Lease for the Pizza Hut Net Leased Property is Panhandle Pizza, LLC. Panhandle Pizza, LLC is a subsidiary of the South Carolina Pizza Holdings, LLC. The Net Lease Property Tenant possesses a management team which currently oversees 61 Pizza Hut Restaurants in the Southeast. The Net Lease Property Tenant has management that is comprised of a very experienced Pizza Hut Restaurant Chief Operating Officer (COO). This southeast Pizza Hut Chief Operating Officer has over 20 years experience with the Yum Brands Company.
This Pizza Hut Net Leased Property sits on the busy Highway 98, which is the main retail business district in Destin. The NNN Lease Investment sits on a trophy location, across the street from the gorgeous Gulf of Mexico. The Pizza Hut Net Leased Property is positioned in front of a Days Inn Hotel and next to a retail strip center and a Chick Fil-A restaurant.
The Florida Net Leased Investment owns a retail location with High Traffic Counts of more than 50,0000 Cars per Day (VPD). There are more Net Lease Properties in the vicinity that include the Waffle House, Wendy’s, Joe’s Crab Shack Restaurant, Shell Gas station, Amoco Gas station, Bank of America, Ruth’s Chris Steak House, Florida Insurance, Holiday Inn, and an exciting water park. This Pizza Hut Net Leased Property belongs to Destin which is fast becoming one of America’s top family beach vacation hot spots. This area of Florida is well known for its strong seasonal and demographic characteristics.
Below are some factors to consider when evaluating whether to purchase a NNN Lease Property or to acquire any Commercial Real Estate.
• geographic location and current property type;
• condition, zoning and use of the property;
• historical performance and current and projected cash flow;
• potential for capital appreciation on value-added property;
• potential for economic growth in the area where the property is located;
• presence of existing competition and potential future competition;
• prospects for liquidity through sale, financing or refinancing of the property;
• possible 1031 Exchange and tax considerations.
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