Wendy's

3783 Cleveland Avenue, Fort Myers, FL 33901

$2,230,000

Cap Rate 5.00%

Views: 84 DOM: 261 Updated: 06.20.24 Posted: 11.09.23 Status: Active

Summary

Price $2,230,000	Built/Renov 1976/2018	Tenant Wendy's
Cap Rate 5.00%	Lease Type Abs NNN	Guarantor Franchisee
Size/SF 3,068	Lease Start 07-01-2023	#Units 80
Price/SF $726.86	Expiration 12-01-2043	Tenant Type Fast Food/QSR
NOI $111,500	R. Term 19.4	Ownership Fee Simple
Rent/SF $36.34	Increases 1.5%/1/yrs	Pop 5Mi 168,529
Lot/AC 0.58	Options 4/5yrs/1%	AHHI 5Mi $86,253

Lease Highlights

Wendy’s has 19+ years remaining on a newly executed lease with 4 (5-year) options to extend
The lease features 1.5% rental increases annually in primary term and options
Absolute NNN | Zero landlord responsibilities
The franchisee and guarantor, Tim Cloe, is an experienced operator and currently operates approximately 80 Wendy’s locations

Location Description

Wendy's is strategically located on Cleveland Avenue, a busy thoroughfare with access to 56,000 vehicles passing by daily. The property offers excellent street frontage and accessibility. Additionally, it enjoys a convenient location just half a mile from Edison Mall, a shopping center anchored by well-known stores like Dillard’s and JCPenney, among others. The densely populated trade area...

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Key Features

High traffic 50M+ VPD
Dense retail corridor
Top 100 MSA
Strong demographics
Income tax free state
Long 15+ yr lease
Absolute NNN
Annual rent increases
Traded and rated company
50+ unit franchisee backed

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Links

Wendy's Wikipedia Wendy's Wikipedia Fort Myers, Florida Zip Code 33901 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Wendy's
Guarantor:Franchisee
Company:Tim Cloe
# Units:80
Tenant S&P: B+
Moody’s: B3
Stock: NASDAQ: WEN

About Tenant

Wendy's is an American international fast food restaurant chain founded by Dave Thomas in 1969, in Columbus, OH. The Wendy’s Company, together with its subsidiaries, operates as a...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	12,596	67,351	171,247
2023 Total Population :	12,107	64,104	168,529
2023 Employed Civilian Pop :	5,962	27,659	73,887
2023 Total Businesses :	1,269	5,841	12,228
2023 Average Household Income :	$ 69,120	$ 79,272	$ 86,253
2023 Total Consumer Spending :	$ 315 M	$ 1915 M	$ 5562 M
2023 Median Age :	40	39	45
2023 Total Households :	5,172	27,501	73,864
2023 Pop Age 25+: Bachelor's Degree :	1,554	8,285	24,552
2023 Average Home Value :	$ 314,382	$ 357,081	$ 364,180

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Broadway	Solomon Blvd	2001	5,600	0.24 mi
Winkler Ave	Broadway	2001	8,200	0.26 mi
Cleveland Avenue	Earl Rd	2021	44,000	0.33 mi
Cleveland Avenue	Stella St	2022	45,500	0.33 mi
Hill Avenue	Princeton St	2022	1,900	0.46 mi
Cleveland Avenue	Mildred Dr	2022	46,500	0.47 mi
Solomon Boulevard	Residence Dr	2022	6,100	0.50 mi
Broadway	Maravilla Ln	2022	5,000	0.58 mi
Cleveland Ave	State Hwy 45	2005	55,000	0.64 mi
Hill Dr		2001	1,700	0.71 mi

Listing Broker

William Wamble

SRS National Net Lease Group

Contact

154 Listings
11559 Views
34 Sold

Patrick Nutt

SRS National Net Lease Group

Contact

229 Listings
15704 Views
74 Sold

William Wamble

Will Wamble joined SRS in early 2019 and specializes in the advisory and sale of net leased properties, specifically in the Southeast. With more than $350M worth of transactional experience in his career, Will prides himself on valuing hard work and dedication to his clients. Will emphasizes collaboration and putting the best team together to find creative solutions to getting transactions completed. He started his commercial real estate career in 2013 with Marcus & Millichap where he focus

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Patrick Nutt

Patrick Nutt joined SRS as executive vice president for the National Net Lease Group and market leader in the Fort Lauderdale office in 2019. He leads the Fort Lauderdale office where he is tasked with recruiting and expansion efforts in the region and elevating the SRS brand throughout Florida. Additionally, Patrick Co-heads the National Net Lease Group for SRS, a group of 50 investment sales professionals who in 2020 managed over 500 transactions with an aggregate value of nearly $2 Billion

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