About This Restaurant
Investment Highlights
Long-Term, Absolute Triple Net (NNN) Lease Attractive Two Percent (2%) Annual Rental Increases Starting in August 2026 Over 20 Years Remaining on the Base Term
Executive Summary
The NNN Pro Group is pleased to present the exclusive listing for the Red Lobster located at 5825 S. Padre Island Dr, Corpus Christi, TX 78412. The site will consist of roughly 8,224 rentable square feet of building space on an estimated 1.61-acre parcel of land. The Red Lobster is subject to an absolute triple-net (NNN) lease that commenced on 7/27/2016. The annual rent will be $473,799 in August 2024.
Property Details
- Sale Type Investment NNN
- Property Type Retail
- Property Subtype Restaurant
- Building Size 8,224
- Building Class C
- Year Built/Renovated 1975/2012
- Price 6,768,557
- Price Per SF 823
- Cap Rate 7
- NOI 473,799
- Percent Leased 100
- Building Height 1 Story
- Building FAR 0.12
- Land Acres 1.61 AC
Nearby Amenities & Transportation
| Retail | Red Lobster | ||
| Retail | H-E-B | ||
| Retail | Jack In The Box | ||
| Retail | Rudy's Country Store | ||
| Retail | Bank of America | ||
| Retail | Chuy's | ||
| Retail | Golden Corral | ||
| Retail | Cheddar's | ||
| Retail | Starbucks | ||
| Retail | Chili's Grill & Bar |
Property Taxes
| Parcel Number | 263297 | Improvements Assessment | $769,890 |
| Land Assessment | $1,288,733 | Total Assessment | $2,058,623 |
| Date Created: | 2024-07-16 04:23:40 | Last Updated: | 2024-07-16 04:23:40 |
| Address: | 5825 S Padre Island Dr , Corpus Christi, Texas, 78412 | ||