Investment Offering
New Port Richey, FL - Denny's
4442 US-19 | New Port Richey, FL 34652
$1,652,000
Price5.75%
Cap Rate$95,000
NOI3,873
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, franchisee guaranteed, freestanding, Denny’s investment property located in New Port Richey, Florida (Tampa MSA). The tenant, EYM Diner of Florida, a branch of EYM Diner (60+ unit franchisee), recently executed a 5-year lease extension providing for an initial term through May 2035 with 1 (10-year) option to extend, demonstrating their long-term commitment to the site. The lease features an 8% rental increase every 5 years throughout the initial term and at the beginning of the option period, growing NOI and hedging against inflation. The lease is franchisee guaranteed by EYM Diner of Florida (30+ units in FL), and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor.
Location
Denny’s is strategically positioned at the signalized, hard corner intersection of U.S. Highway 19 and Trouble Creek Road, averaging a combined 75,300 vehicles passing by daily. The restaurant benefits from excellent visibility via significant highway frontage and a large pylon sign along U.S. Highway 19. The building is ideally situated as an outparcel to a Sam’s Club anchored shopping center, significantly increasing consumer draw and promoting crossover retail exposure for the site. U.S. Highway 19 is the primary retail corridor serving the Tampa MSA, featuring a variety of national/credit tenants including Publix Supermarket, Winn Dixie, CVS Pharmacy, Starbucks, Family Dollar, Advance Auto Parts, and more. In addition, Gulf High School (1,600 students) is located just 1.75 miles northeast of the subject property, providing the restaurant with a direct consumer base from which to draw. Moreover, Denny’s is surrounded by several living communities including Gardens of Beacon, Orange Heights Mobile Home Community, and Beacon Lakes Condominium, providing a direct residential consumer base to draw from. The 5-mile trade area is supported by 140,000 residents and 40,000 daytime employees with an average household income of $60,000.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215
Patrick Nutt
Sr Managing Principal & Co-Head of National Net Lease
954.302.7365954.302.7365[email protected]FL #: BK3120739