Red Lobster

5015 Kietzke Lane, Reno, NV 89509

$5,642,000

Cap Rate 6.25%

Views: 70 DOM: 368 Updated: 04.29.24 Posted: 05.14.23 Status: Active

Summary

Price $5,642,000	Built/Renov 2007	Tenant Red Lobster
Cap Rate 6.25%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 7,303	Lease Start 10-28-2015	#Units 700
Price/SF $772.56	Expiration 10-31-2044	Tenant Type Casual Dining
NOI $352,632	R. Term 20.5	Ownership Fee Simple
Rent/SF $48.29	Increases 1.0%/1/yrs	Pop 5Mi 186,125
Lot/AC 1.29	Options 4/5yrs/2%	AHHI 5Mi $86,529

Patrick Luther

SRS National Net Lease Group

Contact

Lease Highlights

Long-term lease with over 21 years remaining due to a recent 5-year extension with 4 (5-year) options to extend
The lease features an annual rental increase of 1% through August 2027 at which point it increases to 2% for the remainder of the term
Absolute NNN lease | Zero landlord responsibilities
Corporate signature by Red Lobster Hospitality LLC

Location Description

The subject property is a pad to a Lowe’s Home Improvement at the southwest corner of S. McCarran Blvd (39,100 VPD) and Kietzke Lane (25,700 VPD), with direct access and clear visibility from S. McCarran Blvd. It is within 1 block of the on/off ramps to Interstate 580 (132,000 VPD), the main north/south highway going through Reno. Red Lobster’s superior location in the primary retail corridor...

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Key Features

In location for years
High traffic 50M+ VPD
Freeway close
Dense 100M+ pop 5 mi
Strong demographics
Major MSA
Income tax free state
Absolute NNN
Annual rent increases
Corporate Guarantee

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Links

Red Lobster Wikipedia Red Lobster Wikipedia Reno, Nevada Zip Code 89509 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Red Lobster
Guarantor:Corporate
Company:Thai Union Group PCL
# Units:700
Stock:Private

About Tenant

Red Lobster is the largest seafood restaurant concept in the world and is an iconic full-service brand with broad demographic appeal. The company was founded in 1968 and today operates 700+...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	12,125	81,436	194,463
2023 Total Population :	11,543	79,389	188,470
2023 Employed Civilian Pop :	5,920	40,548	92,364
2023 Total Businesses :	1,341	5,530	11,683
2023 Average Household Income :	$ 97,005	$ 99,105	$ 101,458
2023 Total Consumer Spending :	$ 433 M	$ 3004 M	$ 7316 M
2023 Median Age :	37	39	39
2023 Total Households :	5,086	34,633	82,658
2023 Pop Age 25+: Bachelor's Degree :	1,602	12,331	29,800
2023 Average Home Value :	$ 557,233	$ 572,064	$ 585,130

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
S McCarran Blvd	Kietzke Ln	2011	32,760	0.06 mi
Kietzke Ln	S McCarran Blvd	2011	15,860	0.12 mi
Kietzke Ln	S McCarran Blvd	2016	25,735	0.13 mi
S McCarran Blvd	Talbot Ln	2015	32,500	0.14 mi
South McCarran Boulevard	Talbot Ln	2021	28,400	0.18 mi
Redfield Pkwy	Kietzke Ln	2011	5,940	0.20 mi
S McCarran Blvd	Hwy 395	2015	22,500	0.22 mi
IR580	S McCarran Blvd	2021	5,700	0.23 mi
Kietzke Ln	Redfield Pkwy	2011	8,990	0.23 mi
South McCarran Boulevard	I- 580	2021	24,400	0.24 mi

Listing Broker

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