Outback Steakhouse

777 East Merritt Island Causeway, Merritt Island, FL 32952

$3,869,000

Cap Rate 5.00%

Views: 80 Updated: 12.13.23 Posted: 05.14.23 Status: Inactive

Summary

Price $3,869,000	Built/Renov 1973/2006	Tenant Outback Steakhouse
Cap Rate 5.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 8,963	Lease Start 03-01-2013	#Units 1,001
Price/SF $431.66	Expiration 02-29-2028	Tenant Type Casual Dining
NOI $193,437	R. Term 4.90	Ownership Fee Simple
Rent/SF $21.58	Increases 2.0%/1/yrs	Pop 5Mi 89,359
Lot/AC 0.50	Options 1/5yrs/2%	AHHI 5Mi $94,370

Lease Highlights

Outback Steakhouse has been operating in this location since 2013
Tenant has over 4 years remaining on its current lease term with 1 (5-year) options to extend
Lease features a 2% rent increase throughout the initial term and options
Absolute NNN lease | Zero landlord responsibilities
Corporate guarantee by Bloomin’ Brands

Location Description

The subject property, an Outback Steakhouse, is located near the signalized hard corner intersection of E Merritt Island Causeway (42,000 VPD) and S Sykes Creek Pkwy (12,200 VPD.) Merritt Island Causeway is a major retail corridor with many national/credit tenants such as Publix, Macy’s, Starbucks, Walgreens, and more. The property is located on an outparcel of Merritt Square Mall, which is...

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Key Features

Signalized intersection
Shopping Ctr out-parcel
Highway location
Affluent suburb location
Income tax free state
Absolute NNN
Annual rent increases
Top performing store
Traded and rated company
Corporate Guarantee

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Links

Outback Steakhouse Wikipedia Outback Steakhouse Wikipedia Merritt Island, Florida Zip Code 32952 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Outback Steakhouse
Guarantor:Corp T and Rated
Company:Bloomin' Brands
# Units:1,001
Tenant S&P: BB-
Moody’s: Baa3
Stock: NASDAQ: BLMN

About Tenant

Outback Steakhouse is a chain of Australian-themed casual dining restaurants, serving American cuisine. The chain specializes in a wide variety of dishes; including prime steak cuts, chicken,...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	4,086	31,649	87,187
2023 Total Population :	4,196	32,436	88,457
2023 Employed Civilian Pop :	2,082	15,969	43,208
2023 Total Businesses :	820	2,457	4,971
2023 Average Household Income :	$ 77,095	$ 104,036	$ 99,677
2023 Total Consumer Spending :	$ 123 M	$ 1325 M	$ 3299 M
2023 Median Age :	52	51	49
2023 Total Households :	1,840	14,703	38,251
2023 Pop Age 25+: Bachelor's Degree :	685	6,148	14,871
2023 Average Home Value :	$ 448,083	$ 445,024	$ 400,492

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
E Merritt Island Cswy	Amsdell Rd	2009	33,300	0.19 mi
S Sykes Creek Pkwy	Fortenberry Rd	2009	5,860	0.25 mi
Fortenberry Road	Harbor Woods Blvd	2021	7,300	0.25 mi
S Plumosa St	E Merritt Island Cswy	2009	5,730	0.30 mi
N Sykes Creek Pkwy	E Merritt Ave	2009	12,180	0.34 mi
South Plumosa Street	Bimini Dr	2021	4,100	0.38 mi
North Plumosa Street	Enola Pl	2021	4,900	0.40 mi
E Merritt Island Cswy	Kiwanis Island PkRd	2009	31,840	0.41 mi
E Merritt Ave	del Rio Way	2009	14,810	0.42 mi
E Merritt Island Cswy	Imperial St	2009	32,280	0.44 mi

Listing Broker

Patrick Nutt

SRS National Net Lease Group

Contact

250 Listings
20797 Views
83 Sold

William Wamble

SRS National Net Lease Group

Contact

174 Listings
15585 Views
40 Sold

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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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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