About This Restaurant
Investment Highlights
Long-Term, Absolute Triple Net (NNN) Lease | Over 15 Years Remaining Corporate Guaranty | Over 640 locations in North America World?s Largest Seafood Restaurant | Serving Customers in 11 Countries
Executive Summary
NNN Pro Group is pleased to present the Red Lobster located 215 E Merritt Island Causeway in Merritt Island, FL. The site consists of roughly 8,336 rentable square feet of building space on an estimated 1.84-acre parcel of land. This property is subject to an absolute triple net (NNN), which expires on July 31, 2039. The rent is scheduled to increase by 2% annually every and in each of the option periods.
Property Details
- Sale Type Investment NNN
- Property Type Retail
- Property Subtype Restaurant
- Building Size 9,414
- Building Class C
- Year Built/Renovated 1973/2012
- Price 4,900,000
- Price Per SF 521
- Cap Rate 6.50
- NOI 318,272
- Tenancy Single
- Building Height 1 Story
- Building FAR 0.12
- Land Acres 1.84 AC
Nearby Amenities & Transportation
| Retail | Publix Super Markets | ||
| Retail | Olive Garden Italian Rstrnt | ||
| Retail | Starbucks | ||
| Retail | Td Bank | ||
| Retail | Five Guys | ||
| Retail | Truist | ||
| Retail | Denny's | ||
| Retail | Bank of America | ||
| Retail | Outback Steakhouse | ||
| Retail | China Max |
Property Taxes
| Parcel Number | 24-36-35-02-00000.0-0041.00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,492,610 |
| Date Created: | 2024-07-16 04:13:31 | Last Updated: | 2024-07-16 04:13:31 |
| Address: | 215 E Cswy , Merritt Island, Florida, 32952 | ||