5600 66TH STREET N

Under contract-accepting backup offers. Prime investment opportunity located on highly traveled 66th Street North in the heart of St. Petersburg. This freestanding restaurant property is currently tenant occupied with over four years remaining on the lease, providing immediate cash flow at an attractive 7.5% cap rate. Situated on approximately 0.50 acres, the property features a 1,816± SF restaurant building with a grandfathered drive-thru, approximately 15 parking spaces, and convenient ingress and egress from both 66th Street North and 56th Avenue North. A new roof was installed in 2023, reducing near-term capital improvement costs. The sale also includes all restaurant equipment owned by the Seller. This property offers an excellent opportunity for investors seeking stable income today with long-term upside. Upon lease expiration, the site provides flexibility for an owner-user, local or regional restaurant operator, redevelopment project, or Build-to-Suit opportunity, subject to applicable approvals. The existing grandfathered drive-thru is a valuable feature that is increasingly difficult to obtain through new development. Located within one of Pinellas County’s most established commercial corridors, the property is surrounded by a strong mix of national and regional retailers, restaurants, medical offices, and dense residential neighborhoods, providing excellent visibility and a consistent customer base. Nearby businesses include Publix, Walmart Neighborhood Market, CVS, Walgreens, McDonald’s, Burger King, Taco Bell, Wendy’s, and numerous local businesses. The central location offers convenient access to Tyrone, Kenneth City, Lealman, Pinellas Park, downtown St. Petersburg, and the Gulf Beaches. Whether you’re looking for a stabilized investment with immediate income or a property offering future redevelopment potential, this asset combines a strong location, existing cash flow, a grandfathered drive-thru, and long-term value in one of St. Petersburg’s most active commercial corridors.