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Del Taco 2760 US Highway 331 S

2,300 SF Retail Building Defuniak Springs, FL 32435 £2,381,778 (£1,036/SF) 6% Net Initial Yield

Investment Highlights

  • New 20-Year Absolute NNN Lease to Del Taco
  • Established Del Taco Operator with 80+ Del Taco Units Across Florida & Georgia
  • Adjacent to Country Ridge Estates Subdivision Slated to Include 180+ New Single Family Residences, 120 Townhomes, and 7 Acre Commercial Site
  • Scheduled 7.5% Rental Escalations throughout Primary Term
  • Average Household Income Expected to Grow 21% by 2029
  • 25 Miles from Santa Rosa Beach Tourist Hub - Economic Impact of $7.2 Billion for Walton County

Executive Summary

The subject property is prominently located with excellent access and visibility along US Highway 331 (31,500 AADT) in close proximity to its junction with I-10 (20,157 AADT). The site benefits from rapidly growing demographics in the surrounding area with strong income and home value growth due to extensive development activity. Total daytime population within a 5 mile radius is 12,733, and average household income within 3 miles of the site is expected to grow to $102,759 by 2029, a nearly 21% increase from 2024. Average home value within 5 miles of the site is expected to grow from $312,744 to $539,930, an increase of 72.6%. The annual population growth rate within 1 mile of the site is 2.44%.
The site benefits from a prominent location in close proximity to retail centers, employers, and planned developments. The property is located adjacent to the new Country Ridge Estates subdivision, slated to include 180 new single family residences, 120 townhomes, and a 7-acre commercial site, and is across the street from the planned Veteran’s Lodge development, a 300-acre veterans rehabilitation community featuring a state of the art brain injury rehabilitation and research center, education and workforce training center, activity center, residential cabins, recreational areas, chapels, and gardens. The property is located outparcel to a new Tractor Supply Company location with additional new retail tenants in the surrounding area including Chick-fil-A, Wendy’s, Whataburger, KFC, Zaxby’s, and McDonald’s.
This property is listed in conjunction with Florida-licensed real estate broker Robert Long.

Property Facts

Sale Type
Investment NNN
Sale Condition
Design & Build
Property Type
Retail
Property Subtype
Restaurant
Building Size
2,300 SF
Building Class
B
Year Built
2024
Price
£2,381,778
Price Per SF
£1,036
Net Initial Yield
6%
NOI
£142,916
Tenancy
Single
Number of Floors
1
Building FAR
0.02
Lot Size
3.50 AC
Frontage
155 ft on US Highway 331

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
10-2N-19-18000-001-0090
Land Assessment
£505,294
Improvements Assessment
£0
Total Assessment
£505,294
  • Listing ID: 33197173

  • Date on Market: 16/09/2024

  • Last Updated:

  • Address: 2760 US Highway 331 S, Defuniak Springs, FL 32435

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