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Red Lobster
5015 Kietzke Lane, Reno, NV 89509
$6,348,000
Cap Rate 5.50%
Summary
| Price $6,348,000 | Built/Renov 2007 | Tenant Red Lobster |
| Cap Rate 5.50% | Lease Type
Abs NNN | Guarantor Corporate |
| Size/SF
7,303
| Lease Start
10-28-2015
| #Units
700
|
| Price/SF $869.23 | Expiration
10-31-2044
| Tenant Type Casual Dining |
| NOI $349,141 | R. Term 20.11 | Ownership Fee Simple |
| Rent/SF
$47.81
| Increases 1.0%/1/yrs | Pop 5Mi 186,125 |
| Lot/AC 1.29 | Options 4/5yrs/2% | AHHI 5Mi $86,529 |
| | |
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...
...Features
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In location for years
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High traffic 50M+ VPD
-
Freeway close
-
Dense 100M+ pop 5 mi
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Strong demographics
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Major MSA
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Income tax free state
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Absolute NNN
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Annual rent increases
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Corporate Guarantee
...
Maps
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 |
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 |
