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Views: 41 DOM: 35 Updated: 06.25.24 Posted: 06.07.24 Status: Active

Summary

Price $1,862,000
Built/Renov 2007
Tenant Red Robin (GL)
Cap Rate 7.15%
Lease Type Abs NNN
Guarantor Corp Traded
Size/SF 4,402
Lease Start 09-01-2014
#Units 506
Price/SF $422.99
Expiration 09-01-2029
Tenant Type Casual Dining
NOI $133,100
R. Term 5.1
Ownership Ground Lease
Rent/SF $30.24
Increases 10.0%/5/yrs
Pop 5Mi 37,539
Lot/AC 2.22
Options 3/5yrs/10%
AHHI 5Mi $87,005

Lease Highlights

  • Red Robin has 5+ years remaining on the current ground lease term with 3 (5-year) options to extend
  • The lease features 10% rental escalations throughout the initial term and option periods
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Red Robin is strategically located on County Road 64, with access to 13,600 vehicles passing by daily. The property benefits from nearby direct on/off ramp access to Interstate 86, a major thoroughfare seeing 37,000 VPD. Additionally, it serves as an outparcel to a Walmart Supercenter, which ranks in the 96th percentile in visits nationwide, and is anchored by well-known national tenants...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Red Robin
  • Guarantor:Corp Traded
  • Company:Red Robin Gourmet Burgers, Inc.
  • # Units:506
  • Stock: NASDAQ: RRGB

About Tenant

Red Robin Gourmet Burgers, Inc. “Red Robin” (NASDAQ: RRGB) together with its subsidiaries, primarily operates, franchises, and develops casual dining restaurants in North America famous for...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 2,372 17,163 36,535
2023 Total Population : 2,419 17,579 37,438
2023 Employed Civilian Pop : 1,036 8,180 15,984
2023 Total Businesses : 208 941 1,553
2023 Average Household Income : $ 113,899 $ 89,886 $ 84,934
2023 Total Consumer Spending : $ 88 M $ 608 M $ 1143 M
2023 Median Age : 50 47 43
2023 Total Households : 912 7,799 15,483
2023 Pop Age 25+: Bachelor's Degree : 404 2,352 4,465
2023 Average Home Value : $ 265,707 $ 232,341 $ 210,758
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Southern Tier Expressway Corning Rd 2021 36,983 0.08 mi
CR 64 Big Flats Rd 2021 14,279 0.11 mi
Southern Tier Expressway Chambers Rd 2021 36,983 0.19 mi
Commerce Center Rd 2021 1,900 0.37 mi
2018 1,922 0.37 mi
Co Rd 64 2021 3,351 0.62 mi
I- 86 2021 1,869 0.67 mi
CR 64 Co Rd 64 2021 17,966 0.68 mi
Presidential Dr 2021 344 0.68 mi
Fairfield Dr 2021 3,374 0.71 mi

Listing Broker

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