Red Lobster

3801 Cleveland Avenue, Fort Myers, FL 33901

$5,587,880

Cap Rate 7.00%

Views: 25 DOM: 121 Updated: 05.10.24 Posted: 01.16.24 Status: Active

Summary

Price $5,587,880	Built/Renov 1973	Tenant Red Lobster
Cap Rate 7.00%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 9,587	Lease Start 09-28-2016	#Units 700
Price/SF $582.86	Expiration 07-31-2039	Tenant Type Casual Dining
NOI $391,152	R. Term 15.2	Ownership Fee Simple
Rent/SF $40.80	Increases 2.0%/1/yrs	Pop 5Mi 165,616
Lot/AC 1.86	Options 4/5yrs/2%	AHHI 5Mi $80,421

Lease Highlights

Red Lobster has been operating at this location for decades
Red Lobster has 15 years of primary term remaining with 4 (5-year) options to extend
The lease features 2% rental increases annually
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Red Lobster strategically occupies a prime location on Cleveland Avenue, benefiting from a robust daily traffic count of 60,000 vehicles. The property is conveniently situated just minutes away from Interstate 75, providing easy access to various amenities such as hospitals, schools, and shopping centers. The surrounding area is home to prominent national tenants, including Publix, Sam’s Club,...

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Key Features

In location for years
High traffic 50M+ VPD
Dense retail corridor
Dense 100M+ pop 5 mi
Top 100 MSA
Income tax free state
Absolute NNN
Long 10+ yr lease
Annual rent increases
Corporate Guarantee

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Links

Red Lobster Wikipedia Red Lobster Wikipedia Fort Myers, Florida Zip Code 33901 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 :	12,523	68,199	170,838
2023 Total Population :	12,035	64,960	168,122
2023 Employed Civilian Pop :	5,919	27,935	73,753
2023 Total Businesses :	1,267	5,875	12,348
2023 Average Household Income :	$ 68,751	$ 79,811	$ 86,283
2023 Total Consumer Spending :	$ 312 M	$ 1956 M	$ 5553 M
2023 Median Age :	40	39	45
2023 Total Households :	5,145	27,895	73,714
2023 Pop Age 25+: Bachelor's Degree :	1,546	8,486	24,514
2023 Average Home Value :	$ 312,965	$ 357,593	$ 364,578

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Winkler Ave	Broadway	2001	8,200	0.22 mi
Broadway	Solomon Blvd	2001	5,600	0.23 mi
Cleveland Avenue	Earl Rd	2021	44,000	0.36 mi
Cleveland Avenue	Stella St	2022	45,500	0.36 mi
Cleveland Avenue	Mildred Dr	2022	46,500	0.44 mi
Solomon Boulevard	Residence Dr	2022	6,100	0.46 mi
Hill Avenue	Princeton St	2022	1,900	0.48 mi
Broadway	Maravilla Ln	2022	5,000	0.60 mi
Cleveland Ave	State Hwy 45	2005	55,000	0.61 mi
Hill Dr		2001	1,700	0.68 mi

Listing Broker

Kevin Puder

Matthews REIS

Contact

22 Listings
685 Views
0 Sold

Chad Kurz

Matthews REIS

Contact

26 Listings
807 Views
0 Sold

Kevin Puder

Kevin Puder is an Associate Vice President at Matthews Real Estate Investment Services™ and works with Chad Kurz to oversee his and his mentee’s transactions. He is an integral part of the mentee process, providing knowledge and insight to help grow young agents within the firm. Kevin leverages his extensive knowledge and significant expertise to ensure a successful and seamless transaction on all deals. His ability to maintain relationships with clients, owners, and agents in the industry

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Chad Kurz

Chad Kurz is ranked as one of the top investment sales brokers nationwide, more specifically, Chad ranks within the top 3 brokers at Matthews™. As seen in Chad’s extensive advisorial work with private clients and integral role in the development of the 1031 Private Client Advantage Program™, he is a driving force for an innovative, client-focused approach to brokerage. His deep-seeded knowledge of the industry and aptitude for outworking the competition has earned him the respect of some of the

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