4208 North Road #98 - Restaurant FOR SALE


Lakeland, FL 33809- City of Lakeland
$1,936,000 USD
813-434-8278
4208 North Road #98, Lakeland, FL for Sale
$1,936,000 USD
Restaurant - FOR SALE
1/11
null | 5% Cap Rate

4208 North Road #98
Lakeland, FL 33809
City of Lakeland


HIGHLIGHTS

  • 18 Year Operating History | 2 Years Remain | 10% Rental Increases | Established Brand | Well Below Replacement Cost | Strong Sales
  • Absolute NNN Ground Lease | Zero Landlord Responsibilities | No State Income Tax | Land Ownership
  • Signalized, Hard Corner Intersection | Directly Off I-4 |Surrounding Retailers | Lakeland - High Growth Trade Area
  • Polk County is the Fastest Growing County in Florida | Top Migrating City | Downtown Lakeland - New Development
  • Strong Demographics & Trade Area | Annual Population Growth

OVERVIEW

• Outback has operated at this location for 18 years and has 2+ years remaining on their lease with 2 (5-year) options to extend • The lease features 10% rental increases every 5 years throughout the option periods, increasing NOI and hedging against inflation • There are 678 Outback Steakhouse locations in the U.S. • The tenant had exceptional sales in 2024 of $4.6M • Outback has a contractual right to be on the pylon sign on the hard corner of US-98 & Sleepy Hill • A future investor would be purchasing this property at well below replacement cost as the tenant is paying below market rent at $15/SF

FOR SALE DETAILS

PRICE

$1,936,000 USD

PRICE/SF

$314 USD /SF

CAP RATE

5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

ON GROUND LEASE

Yes

BUILDING DETAILS

PROPERTY NAME

Outback Steakhouse - Lakeland FL

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

ADD'L SUBTYPES

Freestanding, Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2007

SPRINKLERS

-

PARKING SPACES

31

LAND DETAILS

LAND ACRES

0.84 AC

LAND SF

36,590 SF

ZONING

PUD Commercial

APN/PARCEL ID

23-27-35-000000-011000

ASK ABOUT THIS PROPERTY

William WambleSRS Real Estate PartnersMore Info
813-434-8278

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William WambleSRS Real Estate PartnersMore Info
813-434-8278

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.