Red Lobster 320 Cincinnati Mills Rd

320 Mills Rd , Cincinnati, Ohio, 45240 | 7,103 sq.f | $ 5,198,474

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About This Restaurant

Investment Highlights

15+ Year Absolute NNN Lease ? Stable Cash Flow Asset?Zero Landlord Responsibilities ? Four (5-Year) Options To Renew 2% Annual Rent Increases Throughout the Initial Term and Option Periods, Providing a Strong Hedge Against Inflation Adjacent to On/Off Ramps to Interstate 275 - Visible to over 120,000 VPD+| Ideal Visibility and Easy Access from Major Interstate Corporate Guaranty (Red Lobster Intermediate Holdings LLC - 640+ Units) High Volume Traffic Location & Visibility From Gilmore Ave With Over 33,266 VPD+ Densely Populated, Infill Location with Excellent Demographics?Over 155,000 People in a 5-Mile Radius

Executive Summary

15+ Year Absolute NNN Lease ? Stable Cash Flow Asset?Zero Landlord Responsibilities ? Four (5-Year) Options To RenewCorporate Guaranty (Red Lobster Intermediate Holdings LLC - 640+ Units)2% Annual Rent Increases Throughout the Initial Term and Option Periods, Providing a Strong Hedge Against InflationHigh Volume Traffic Location & Visibility From Gilmore Ave With Over 33,266 VPD+Adjacent to On/Off Ramps to Interstate 275 - Visible to over 120,000 VPD+| Ideal Visibility and Easy Access from Major InterstateThai Union Group (TUG) Has a Long, Successful Track Record and Significant Experience Servicing Consumers, Supermarkets, Restaurants, Hospitality, and OthersDensely Populated, Infill Location with Excellent Demographics?Over 155,000 People in a 5-Mile RadiusAverage Household Income In 5 Miles Exceeds $81,000Food & Alcohol Spending Exceeded $487,696,208 In 2023 Within a 5-Mile Radius1.3 Miles To Mercy Health Fairfield Hospital I 211 Bed FacilityLocated at The Entrance To The Former Cincinnati Mall, Which Has Plans For a $150MM Mixed-Use RedevelopmentDense Retail Corridor With Major National Brands: Meijer, Chick-Fil-A, Bob Evans, Dunkin', Chipotle Mexican Grill, McDonald's, Tire Discounters, The Home Depot, Kroger, Carmax, and Many More

Property Details

  • Sale Type    Investment
  • Property Type    Retail
  • Property Subtype    Restaurant
  • Building Size    7,103
  • Building Class    C
  • Year Built    2007
  • Price    5,198,474
  • Price Per SF    732
  • Cap Rate    7.80
  • NOI    405,481
  • Tenancy    Single
  • Building Height    1 Story
  • Building FAR    0.12
  • Land Acres    1.37 AC

Nearby Amenities & Transportation

Retail Red Lobster
Retail The Old Spaghetti Factory
Retail Bob Evans Restaurants
Retail Meijer
Retail Fifth Third Bank
Retail First Financial Bank
Retail Bank of America
Retail PNC Bank
Retail Starbucks
Retail IHOP

Property Taxes

Parcel Number 591-0028-0287 Improvements Assessment $96,159
Land Assessment $327,306 Total Assessment $423,465
Date Created: 2024-07-16 04:18:05 Last Updated: 2024-07-16 04:18:05
Address: 320 Mills Rd , Cincinnati, Ohio, 45240