Cap Rate: 5.15%
Net Operating Income: $317,820
Square-Footage: 7,695 SF
Lot Size: 2.29 AC
Year Built: 1994
Jeff Gates of The Kase Group is pleased to present this 7,695 square-foot Red Lobster for sale in Spring Hill, Florida. There are over 21 years remaining on the original lease with four, five year options to renew. The site benefits from its location on a major commercial thoroughfare, outparcel to a grocery center. There are rare 2% annual increases in rent. The tenant boasts long term tenancy at this location, tenant has been operating here for 28 years and this is the 2nd 25 year lease they’ve signed.
Spring Hill is a census-designated place in Hernando County, Florida. The population was 98,621 at the 2010 census, up from 69,078 at the 2000 census. The American Community Survey estimated the population in 2015 to be 103,197. Spring Hill belongs to Florida’s Nature Coast region and is in the Tampa-St. Petersburg-Clearwater metro area. It is east of Hernando Beach, southwest of Brooksville, and north of Tampa.
Spring Hill is located in southwestern Hernando County. It is bordered to the west by Timber Pines; to the north by Weeki Wachee, North Weeki Wachee, High Point, Brookridge, and Wiscon; and to the east by South Brooksville, Garden Grove, and Masaryktown. To the south it is bordered by Shady Hills and Heritage Pines in Pasco County.