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Red Lobster

$ 4,919,700
Dover, Delaware
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Newly Listed

Address: 271 North Dupont Highway, Dover, Delaware, United States 19901

Type: Restaurant

Cap Rate: 6.00%

Lease Type: Absolute Triple-Net (NNN)

Annual Rent: $295,182

Net Operating Income: $295,182

Rentable Sq/Ft: 9,283 SF

Rent Sq/Ft: $31.8

Price Sq/Ft: $530

Lot Size: +/- 1.10 Acres

Marcus & Millichap is pleased to present the exclusive listing for a Red Lobster located at 271 North Dupont Highway in Dover, Delaware. The site consists of roughly 9,283 rentable square feet of building space on an estimated 1.10-acre parcel of land.
This Red Lobster is subject to a long-term absolute triple-net (NNN) lease, which commenced December 17th, 2015. The current annual rent is $295,182 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.

This Red Lobster investment property is situated on North Dupont Highway, which boasts an average daily traffic count exceeding 61,000 vehicles. There are more than 10,000 individuals residing within a one-mile radius of the subject property, more than 42,500 individuals within a three-mile radius, and over 70,000 within a five-mile radius.

The subject property is strategically situated in a highly dense retail corridor that consists of numerous regional and national tenants, shopping centers and hospitality accommodations, all within close proximity of this site. Major national tenants in the immediate area include: CVS Pharmacy, Home Depot, Aldi, Kohl’s, TD Bank, Starbucks, McDonald’s, Wawa, and Target in addition to many others. This Red Lobster benefits from a strong academic presence in the immediate area with both Wesley College and Delaware State University servicing over 7,000 students within two-miles of the property. The subject property also benefits from being only four-miles from the Dover Air Force Base. Dover Air Force Base is a 3,900-acre property that is home to over 9,000 airmen and service members, it is the busiest & largest air freight terminal in the Department of Defense. Two weekends a year, NASCAR races are held at Dover International Speedway, attracting over 65,000 spectators.

Dover is the capital and second-largest city in the U.S. state of Delaware. Dover is one of the fast-growing areas in the state of Delaware, due in large part to the relatively low cost of living. Consequently, the Kent County government is a major employer in the area as well. Apart from the state and county governments, Dover’s significant employers include Dover Air Force Base, located within the southeast corporate limits of the city.

 

Broker of Record:Donald MacLaren Jr.License #: RB-0002461

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Glen Kunofsky

President, Founder
(212) 430-5115

Russell Wachtler

Senior Managing Director, Investments
(212) 430-5132