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Views: 82 DOM: 129 Updated: 10.10.24 Posted: 08.14.24 Status: Active

Summary

Price $2,449,300
Built/Renov 1997
Tenant Outback Steakhouse
Cap Rate 6.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 6,559
Lease Start 03-01-2017
#Units 935
Price/SF $373.43
Expiration 02-28-2037
Tenant Type Casual Dining
NOI $159,205
R. Term 12.2
Ownership Fee Simple
Rent/SF $24.27
Increases 1.8%/1/yrs
Pop 5Mi 88,231
Lot/AC 3.08
Options 3/5yrs/1.8%
AHHI 5Mi $79,596

Lease Highlights

  • Outback Steakhouse has 12+ years remaining on the current lease term with 3 (5-year) options to extend
  • The lease features 1.8% annual rental increases throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease (NASDAQ: BLMN)

Location Description

Outback Steakhouse is strategically located on Albert Lankford Drive, with access to 37,000 vehicles passing by daily. The property is situated just feet from its rotary junction with Odd Fellows Road, which sees 6,800 VPD, and is directly connected to the Lynchburg Expressway, which handles 37,000 VPD. It is also immediately adjacent to Liberty NorthPoint student housing and the Genworth...

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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. Best known for grilled steaks, chicken, and seafood, Outback also offers a wide variety of...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 5,362 46,752 89,582
2024 Total Population : 5,467 46,694 88,564
2024 Employed Civilian Pop : 2,716 20,749 42,249
2024 Total Businesses : 256 2,124 3,768
2024 Average Household Income : $ 66,178 $ 62,758 $ 72,238
2024 Total Consumer Spending : $ 141 M $ 930 M $ 2221 M
2024 Median Age : 35 29 33
2024 Total Households : 2,394 16,577 34,578
2024 Pop Age 25+: Bachelor's Degree : 603 4,956 12,194
2024 Average Home Value : $ 230,526 $ 235,846 $ 270,175
*ESRI data is presented for informational purposes only

Listing Broker

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