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Red Lobster

Harrisonburg, Virginia

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NNN Pro Group is pleased to present the exclusive offering for a Red Lobster located at 2121 E Market Street, in Harrisonburg, VA. The site consists of roughly 6,170 rentable square feet of building space on an estimated 0.93-acre parcel of land. This Red Lobster is subject to a long-term, absolute triple-net (NNN) lease, which commenced July 28, 2014. The current annual rent is $159,7811 and is scheduled to increase by 2.00% annually throughout the remainder of the base term and in each of the four (4), five (5)-year tenant renewal options.

About the Investment:

✓ Long-Term, Absolute Triple Net (NNN) Lease
✓ Over 20 Years Remaining on the Base Term
✓ Attractive Two Percent (2%) Annual Rental Increases
✓ Four (4), Five (5)-Year Tenant Renewal Options
✓ Red Lobster Corporate Guarantee (700+ Restaurants)

Key Details

Price:
$2,366,969
Cap Rate:
6.75%
Annual Rent:
$159,781
Address:
2121 E Market Street, Harrisonburg, Virginia 22801
Property Type:
Restaurant - Casual Dining
Lease Type:
Absolute Triple Net (NNN)

Lease Commencement:
July 28, 2014
Lease Expiration:
July 31, 2044
Lease Term Remaining:
+/- 20.5 Years
Rental Increases:
2.00% annually
Lot Size:
+/- 0.93 Acres
Building Size:
6,170 SF
Year Built:
1993
Tenant:
Red Lobster

Talk to the pros

Glen Kunofsky

License: 49KU1129178

Matthew Anuszkiewicz

License: 10401294046

Robert Stein

License: 10401341647

Andrew Darby

Broker of record

Brian Brockman

Bang Realty, Inc

License: 225245999


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