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Views: 63 DOM: 220 Updated: 05.08.24 Posted: 10.10.23 Status: Active

Summary

Price $3,609,000
Built/Renov 1997/2008
Tenant Outback Steakhouse
Cap Rate 6.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 6,624
Lease Start 09-15-2016
#Units 1,001
Price/SF $544.84
Expiration 09-30-2031
Tenant Type Casual Dining
NOI $216,535
R. Term 7.4
Ownership Fee Simple
Rent/SF $32.69
Increases 1.0%/1/yrs
Pop 5Mi 106,395
Lot/AC 2.44
Options 4/5yrs/1%
AHHI 5Mi $156,699

Lease Highlights

  • Outback Steakhouse has 7+ years remaining on the current term with 4 (5-year) options to extend
  • The lease features 1% annual rental increases throughout the base term and all option periods
  • The rental rate is reset to FMV at the beginning of option 2 and increases by 1% annually through the balance of options 2, 3, and 4
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Outback Steakhouse is strategically positioned on Northcross Drive, which has a daily traffic count of 13,000 vehicles. The property enjoys a built-in customer base due to its proximity to the Birkdale Business Park, which is located just across the street. Additionally, it is situated adjacent to three hotels - Four Points by Sheraton, Courtyard by Marriott, and Candlewood Suites....

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Outback Steakhouse is a chain of Australian-themed casual dining restaurants, serving American cuisine. The chain specializes in a wide variety of dishes; including prime steak cuts, chicken,...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 7,567 55,137 108,164
2023 Total Population : 7,620 55,187 106,395
2023 Employed Civilian Pop : 4,153 29,525 55,953
2023 Total Businesses : 765 3,306 4,919
2023 Average Household Income : $ 159,244 $ 142,707 $ 156,699
2023 Total Consumer Spending : $ 429 M $ 2749 M $ 5565 M
2023 Median Age : 37 37 38
2023 Total Households : 3,159 22,555 41,732
2023 Pop Age 25+: Bachelor's Degree : 1,996 14,285 27,389
2023 Average Home Value : $ 452,953 $ 461,256 $ 514,137
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Sam Furr Rd 2021 6,100 0.05 mi
I- 77 2021 11,500 0.16 mi
Sam Furr Rd I- 77 2015 38,360 0.18 mi
Sam Furr Rd I- 77 2015 38,120 0.18 mi
Sam Furr Rd I- 77 2015 37,920 0.23 mi
2005 2,100 0.24 mi
Sam Furr Rd 2021 6,300 0.25 mi
Sam Furr Road Northcross Dr 2018 42,000 0.25 mi
Northcross Dr Andy Dr 2016 13,000 0.25 mi
Sam Furr Rd Northcross Dr 2016 45,000 0.26 mi

Listing Broker

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