Listed by Matthews
$1,341,463
Checkers
Details
Property Type Retail
Sub Type QSR/Fast Food, Restaurant
Square Footage 953
Cap Rate 6.15%
NOI $82,500
Tenancy Single
Brand/Tenant Taco Bell, Wendy's
Lease Type Absolute NNN
Lease Expiration 07/28/2035
Remaining Term 9.2
Price per SqFt $1,408
Year Built 2016
Buildings 1
Stories 1
Acreage 0.320
Ownership Fee Simple
Absolute NNN Checkers – 9 Years Remaining, Prime Tallahassee Retail Corridor
Marketing description
Single-tenant Checkers in Tallahassee, FL. Absolute NNN lease with ±9 years remaining and 10% rent increases every 5 years. 953 SF building on 0.32 acres at a high-traffic signalized corner. Surrounded by national retailers and near Florida State University. Priced at $1,341,463 with a 6.15% cap rate and $82,500 NOI.
Investment highlights
- National Renowned Brand: Checkers Drive-In Restaurants is a nationally renowned quick-service brand that has been serving customers for nearly four decades. Since its founding in 1986, the company has grown to approximately 800 locations across 30+ states, operating under both the Checkers and Rally's banners.
- Absolute NNN Lease: The tenant is responsible for all expenses providing an investor with passive income and no landlord responsibilities.
- Synergistic Retail: The asset benefits from its placement within a dense retail corridor featuring a strong mix of national tenants, including Costco, Publix, Walmart, Academy Sports + Outdoors, Bass Pro Shops, Boot Barn, Starbucks, Dunkin’, Jersey Mike’s, Applebee’s, Wells Fargo Take 5 Oil Change, Circle K, and AT&T to name a few.
- Attractive Fundamentals: The property benefits from being situated at a signalized corner along Mahan Drive, which sees approximately ±38,500 vehicles per day. Additionally, the surrounding trade area includes ±141,725 residents and ±56,944 households within a 5-mile radius, supporting consistent consumer traffic.
- University Town: The subject property is situated near Florida State University (FSU), which enrolls ±44,597 students. Covering more than 500 acres, FSU has maintained stable enrollment over the years, providing a dependable population. The university consistently receives strong national recognition, ranking #10 in Niche’s 2025 report of Top Public Universities in America and placing within the Top 25 public universities in U.S. News & World Report.
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$82,500.00
$6,875.00/mo
Valuation Metrics
0
DSCR
6.15%
Cap Rate
6.15%
ROI
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