Cancun's Sports Bar and Grill
About This Property for Sale
Marketing description
RIPCO Real Estate is pleased to offer for sale 6800 Thomasville Road, Suite 102, a 4,432 SF commercial condominium located on the westside of Thomasville Road in Tallahassee, FL. The property is part of the Bradfordville Commons, a 10-unit neighborhood center of which the property comprises 15% of the project. The unit is currently being renovated for Cancun’s Sports Bar, a popular Tallahassee sports bar that recently signed a 10-year absolute NNN lease. The lease includes one 10-year option to extend with 15% rental increases in Year 1 and Year 6 of the option period, providing protection against inflation. This stretch of Thomasville Road where the property is located has an AADT of 12,700. Within 3 miles of 6800 Thomasville Road, there is a population of 28,009 and an average household income of $162,849.
The asset would be an attractive investment opportunity for investors looking for minimal landlord responsibilities, a popular local brand, long term lease providing stable cash flow, and located in Florida, a state with no state income tax.
Investment highlights
- The property is currently leased on an Absolute NNN lease, requiring minimal landlord responsibilities, with 8.7 years of term remaining
• The lease includes 15% rental increases every 5 years including the 10-year option period, providing protection against inflation
• The property is located in Florida, a state with no state income tax
The asset is located on the westside of Thomasville Road in Tallahassee, FL with an AADT of 12,700
• Located across the street from Publix-anchored Bradfordville Center and a 124,000 SF Target
• The property is located in Tallahassee, FL, the state capital of Florida. With a student population exceeding 70,000, Tallahassee is a college town home to
Florida State University, Florida A&M University, and Tallahassee State College
• Strong local operator with multiple successful concepts
Approximately 1,000 new homes are underway immediately behind the site, utilizing Rhea road, immediately adjacent with designated access to the plaza, as
an access road, strengthening local density and demand for restaurants in the immediate trade area
• 790 Market Rate Multifamily units - The Grove at Bradford Hills
- 756 Multifamily Units
- 34 Townhomes
• 160 Assisted Living Units - Bradford Hills Assisted Living Facility - The proposed project is a 75,939 sq. ft. assisted living facility with 160 units
• 32 Single Family Residential units – Bradford Hills Townhomes - The proposed project is a replat of the Bradford Hills Land Plat to create 32 lots for townhomes
28,997 population within a 3-mile radius
• $162,744 average household income within a 3-mile radius
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