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31632474

12906 Cortez Blvd, Brooksville, FL 34613 For Sale

MR
FL BK3241423
Centergys Development - Mike Rich - Intelligence
Listed by Centergys Development - Mike Rich - Intelligence
$3,100,000
100 days on market
Updated 26 days ago

Bonefish Grill

Details
Property Type Retail
Sub Type Restaurant
Square Footage 5,277
Net Rentable (SqFt) 5,277
Cap Rate 4.68%
NOI $145,200
Occupancy 100%
Tenancy Single
Lease Type NNN
Lease Term 30.1
Lease Expiration 01/31/2045
Rent Bumps Yes
Lease Options 4 Five Year Options
Price per SqFt $587
Broker Co-Op Yes
Buildings 1
Stories 1
Acreage 1.500
Zoning GC
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 01/15/2015
Occupancy Date 01/15/2015
Ground Lease Yes

Retail | 4.68% CAP | 5,277 SqFt

Marketing description

The retail corridor surrounding 12906 Cortez Boulevard in Brooksville, Florida is part of the primary commercial spine serving western Hernando County. The site is positioned along Cortez Boulevard (SR-50/US-98), a major east–west arterial connecting the Spring Hill residential population with downtown Brooksville and regional highways. Traffic volumes along this corridor are over 42,000 vehicles per day, making it one of the most heavily traveled retail corridors in the county and supporting strong retail visibility and accessibility.

Nearby retailers include ALDI, Hobby Lobby, Dicks’s Sporting Goods, Bealls and Walmart Supercenter, along with additional restaurants and big-box tenants along Cortez Boulevard. The surrounding trade area benefits from a large residential base within Spring Hill and Brooksville, with Hernando County population exceeding 200,000 residents and typical household incomes in the $55,000–$65,000 range, supporting neighborhood and community retail demand. Major economic drivers include healthcare employment (notably Oak Hill Hospital), regional commuter access to the Suncoast Parkway and I-75, and continued residential growth throughout western Hernando County, all of which contribute to sustained retail demand and new development opportunities along the corridor.

Investment highlights

  • Ground Lease
  • Asking Price: $3,100,000
  • NOI: $145,200
  • Cap Rate: 4.68%
  • Initial Lease Term expired. Tenant is in first of 4 Five-year options. 19 years remaining.
  • 10% rent increases at every option renewal.
  • Below market rent
  • Rare Bonefish/Bloomin Brands Ground Lease
  • Located in THE retail hub of Hernando County

Listing Contacts

MR
FL BK3241423
Centergys Development - Mike Rich - Intelligence
Listed by Centergys Development - Mike Rich - Intelligence

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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$145,200.00
$12,100.00/mo

Valuation Metrics

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DSCR
4.68%
Cap Rate
4.68%
ROI

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Additional Information

Name
Mike Rich
License
BK3241423
Brokerage
Centergys Real Estate Services
Brokerage Phone
4074965335
Title
Broker
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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