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Views: 68 DOM: 543 Updated: 04.29.24 Posted: 11.21.22 Status: Active

Summary

Price $2,800,000
Built/Renov 1984/2002
Tenant Red Lobster
Cap Rate 7.13%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 7,778
Lease Start 08-01-2014
#Units 700
Price/SF $359.99
Expiration 07-31-2039
Tenant Type Casual Dining
NOI $199,579
R. Term 15.2
Ownership Fee Simple
Rent/SF $25.66
Increases 2.0%/1/yrs
Pop 5Mi 50,785
Lot/AC 1.21
Options 4/5yrs/2%
AHHI 5Mi $113,520

Lease Highlights

  • The tenant currently has over 16 years remaining in their lease term with 4 (5-year) options to extend
  • The lease features 2% annual rental increases during the initial term and option periods
  • The subject property benefits from limited competition as the only Red Lobster serving the community, with the next location over 40 miles away
  • Absolute NNN lease features zero landlord responsibilities

Location Description

The subject property is strategically located near the signalized, hard corner intersection of Texas State Highway 332 and Texas 288 Frontage Rd, and benefits from nearby access to Nolan Ryan Expressway, a major thoroughfare averaging over 57,000 vehicles per day. The asset also benefits from excellent visibility and access via a large monument sign and multiple points of ingress/egress....

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

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
2027 Total Population : 822 7,057 34,478
2022 Total Population : 816 6,911 33,977
2022 Employed Civilian Pop : 378 2,929 16,006
2022 Total Businesses : 18 342 1,064
2022 Average Household Income : $ 206,165 $ 152,775 $ 120,938
2022 Total Consumer Spending : $ 48 M $ 305 M $ 1251 M
2022 Median Age : 52 43 40
2022 Total Households : 287 2,360 12,199
2022 Pop Age 25+: Bachelor's Degree : 267 1,712 5,983
2022 Average Home Value : $ 396,378 $ 322,742 $ 249,446
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Bayou Dr North Rd 2006 1,250 0.40 mi
Bayou Dr North Rd 2006 1,210 0.42 mi
Brazoria Road Jered Rd 2020 11,311 0.48 mi
Craig Rd Co Rd 532 2006 290 0.89 mi
Bayou Rd Lakewood Ln 2001 1,955 1.48 mi
Bayou Rd 856 2006 2,280 1.64 mi
I 20-N Business Hwy 332 W 2020 7,571 1.95 mi
TX 45;RM 620 Hwy 332 W 2020 8,008 1.99 mi
TX 45;RM 620 Eucalyptus St 2020 14,242 2.01 mi
Lake Road Bayou Rd 2020 3,484 2.28 mi

Listing Broker

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