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Red Lobster
104 TX-332, Lake Jackson, TX 77566
$3,837,000
Cap Rate 5.00%
Summary
| Price $3,837,000 | Built/Renov 1984/2002 | Tenant Red Lobster |
| Cap Rate 5.00% | Lease Type
Abs NNN | Guarantor Corporate |
| Size/SF
7,778
| Lease Start
08-01-2014
| #Units
700
|
| Price/SF $493.31 | Expiration
07-31-2039
| Tenant Type Casual Dining |
| NOI $191,829 | R. Term 15.7 | Ownership Fee Simple |
| Rent/SF
$24.66
| Increases 2.0%/1/yrs | Pop 5Mi 50,785 |
| Lot/AC 1.21 | Options 4/5yrs/2% | AHHI 5Mi $113,520 |
| | |
Lease Highlights
- The tenant currently has over 16 years remaining in their lease term with 4 (5-year) options to extend
- The lease features 2% annual rental increases during the initial term and option periods
- The subject property benefits from limited competition as the only Red Lobster serving the community, with the next location over 40 miles away
- Absolute NNN lease features zero landlord responsibilities
Location Description
The subject property is strategically located near the signalized, hard corner intersection of Texas State Highway 332 and Texas 288 Frontage Rd, and benefits from nearby access to Nolan Ryan Expressway, a major thoroughfare averaging over 57,000 vehicles per day. The asset also benefits from excellent visibility and access via a large monument sign and multiple points of ingress/egress....
...Features
-
In location for years
-
Dense retail corridor
-
Highway location
-
Affluent AHHI $100K 5 Mi
-
Income tax free state
-
Long 15+ yr lease
-
Absolute NNN
-
Limited competition
-
Annual rent increases
-
Corporate Guarantee
...
Maps
Tenant
- Tenant: Red Lobster Restaurants, LLC
- Guarantor:Corporate
- Company:Red Lobster Intermediate Holdings, LLC
- # 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 | |
| 2027 Total Population : | 822 | 7,057 | 34,478 |
| 2022 Total Population : | 816 | 6,911 | 33,977 |
| 2022 Employed Civilian Pop : | 378 | 2,929 | 16,006 |
| 2022 Total Businesses : | 18 | 342 | 1,064 |
| 2022 Average Household Income : | $ 206,165 | $ 152,775 | $ 120,938 |
| 2022 Total Consumer Spending : | $ 48 M | $ 305 M | $ 1251 M |
| 2022 Median Age : | 52 | 43 | 40 |
| 2022 Total Households : | 287 | 2,360 | 12,199 |
| 2022 Pop Age 25+: Bachelor's Degree : | 267 | 1,712 | 5,983 |
| 2022 Average Home Value : | $ 396,378 | $ 322,742 | $ 249,446 |
Traffic
| Collection Street | Cross Street | Year | Traffic Vol | Distance |
| Bayou Dr | North Rd | 2006 | 1,250 | 0.40 mi |
| Bayou Dr | North Rd | 2006 | 1,210 | 0.42 mi |
| Brazoria Road | Jered Rd | 2020 | 11,311 | 0.48 mi |
| Craig Rd | Co Rd 532 | 2006 | 290 | 0.89 mi |
| Bayou Rd | Lakewood Ln | 2001 | 1,955 | 1.48 mi |
| Bayou Rd | 856 | 2006 | 2,280 | 1.64 mi |
| I 20-N Business | Hwy 332 W | 2020 | 7,571 | 1.95 mi |
| TX 45;RM 620 | Hwy 332 W | 2020 | 8,008 | 1.99 mi |
| TX 45;RM 620 | Eucalyptus St | 2020 | 14,242 | 2.01 mi |
| Lake Road | Bayou Rd | 2020 | 3,484 | 2.28 mi |
