Located in the heart of the famous Little Havana’s Calle Ocho in Miami, Florida, this Wendy’s property is a brand new construction. The restaurant is likely to open in April 2020. The property size is 2,163 sq.ft., and consists of a restaurant with a drive-up window and ample parking. The property sits on a huge 0.40-acre parcel of land and sees a traffic count of more than 21,874 vehicles per day. This is an affluent market having a population of more than 543,099 residents with an average annual household income of $66,870. This new 20 years lease agreement includes a 7.5 percent rent hike every five years, plus four, five – year option periods. A 210 unit operating company with stores in Florida,Texas, and Tennessee, backs the lease. This Wendy’s restaurant is situated at just a five minutes walking distance from Miami Dade College – Interamerican Campus that has a student count of approximately 6,500. Several national and regional retailers also situated in the immediate area, including Sedano’s, El Dorado Furniture, Bank of America, Pep Boys, Regions bank, Chase, CVS Pharmacy, and Taco Bell.
Founded by Dave Thomas on Nov 15, 1969, in Columbus, Ohio, Wendy’s is an international fast-food restaurant chain. Till January 2019, the company was operational at 6,711 locations, out of which the company owned 353 restaurants. A total of 6,358 restaurants are franchised, and North America has 77 percent of them. In 2016, second only to Burger King and McDonald’s, Wendy’s was the world’s third-largest hamburger fast-food chain.
This investment property qualifies for a 1031 exchange.
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