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First Watch | Brand New 15 Yr Lease 2514 Santa Barbara Blvd

5,663 SF Retail Building Cape Coral, FL 33914 $7,034,634 CAD ($1,242 CAD/SF) 4.75% Cap Rate

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Investment Highlights

Brand New 15-Year Lease | Options To Extend | Scheduled Rental Increases | Q2 2025 Grand Opening
Signalized, Hard-Corner Intersection (86,200 VPD) |Excellent Visibility | Significant Street Frontage
Direct, Affluent Consumer Base | Strong Demographics In 5-Mile Trade Area

Absolute NNN | Leased Fee Ownership | Zero Landlord Responsibilities
Outparcel to Publix & Target Anchored Center | Retail Corridor | Strong National/Credit Tenant Presence

Executive Summary

SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, First Watch investment property located in Cape Coral, Florida. The tenant, First Watch Restaurants, Inc., recently signed a brand new 15-year lease with 5 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 7.50% rental increase after year 5 and 10% rental increases every 5 years thereafter throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. The property is scheduled to open in May of 2025.