Red Lobster

5015 Kietzke Lane, Reno, NV 89509

$5,642,000

Cap Rate 6.25%

Views: 189 DOM: 551 Updated: 08.06.24 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 19.11	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...

...

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

...

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+...

...

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

Disclaimer & Confidentiality

All information, content, data, and other materials on this Platform (“Content”) is made available to you on an “AS IS” basis without warranties of any kind, express or implied. All such Content is made available for informational purposes only and should not be relied on by you for any purpose. Content may contain errors, may be inaccurate or incomplete and/or, due to changing circumstances or other causes, may change or ultimately prove to be inaccurate or incomplete. Other than as set forth in our Terms of Service we do not have any control over your use of our Services or any Content. You should not use any such Services or any Content without validating the results through independent research, obtaining up-to-date information, and considering all relevant facts and circumstances, including your specific situation (financial or otherwise). We do not recommend, guarantee, or represent that the Services or any Content will predict the future performance of real estate assets or other assets of any kind. Moreover, we do not warrant the performance or results that may be obtained by using any of the foregoing. WE ARE NOT ENGAGED IN RENDERING TAX, LEGAL, INVESTMENT, FINANCIAL OR RISK MANAGEMENT ADVICE, AND THE RESULTS OF USE OF OUR SERVICES AND ANY CONTENT MUST NOT BE REGARDED OR REPRESENTED AS CONSTITUTING SUCH ADVICE. WE DO NOT MAKE ANY REPRESENTATIONS OR WARRANTIES REGARDING THE ACCURACY OF ANY CONTENT AND/OR PROJECTIONS GENERATED BY THE SERVICES OR ANY CONTENT