Cap Rate: 4.00%
Net Operating Income: $48,000
Square Footage: 2,988
Lot size: 0.81
Market: Florida Panhandle
The subject property is a freestanding Pizza Hut located in the Blountstown, Florida. Pizza Hut has a brand new 11 year absolute net lease with two, five-year options to renew. The lease calls for rent escalations of 10% every 5 years. The premises will undergo a remodel in 2022 to Pizza Hut’s current brand standards. The property is operated by Hut Florida LLC a strong operator of 100 units. The asset is located near several retailers including Tractor Supply Co, Burger King, AutoZone, McDonald’s, Family Dollar and many more.
Located in the Florida panhandle, the City of Blountstown offers a peaceful lifestyle while enjoying the convenience of close proximity to services from neighboring larger municipalities. Blountstown is only a few minutes from interstate 10 and less than an hour from the beach, Panama City, Tallahassee (the state capital), as well as the Alabama and Georgia state lines.
In 1880, Blountstown became the County seat of Calhoun County and a courthouse was built near the river. In 1903, another courthouse was constructed in new Blountstown. This courthouse was used until 1973 when the new courthouse was constructed. However, the old courthouse has been restored and is listed as a historic Florida landmark.