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Wendy's
3783 Cleveland Avenue, Fort Myers, FL 33901
$2,347,000
Cap Rate 4.75%
Summary
| Price $2,347,000 | Built/Renov 1976/2018 | Tenant Wendy's |
| Cap Rate 4.75% | Lease Type
Abs NNN | Guarantor Franchisee |
| Size/SF
3,068
| Lease Start
07-01-2023
| #Units
80
|
| Price/SF $764.99 | Expiration
12-01-2043
| Tenant Type Fast Food/QSR |
| NOI $111,500 | R. Term 19.12 | 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...
...Features
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High traffic 50M+ VPD
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Dense retail corridor
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Top 100 MSA
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Strong demographics
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Income tax free state
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Long 15+ yr lease
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Absolute NNN
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Annual rent increases
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Traded and rated company
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50+ unit franchisee backed
...
Maps
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...
...
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 |
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 |
