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Red Lobster

Livonia, Michigan

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NNN Pro Group is pleased to present the exclusive offering for a Red Lobster located at 29980 Plymouth Road, in Livonia, MI. The site consists of roughly 8,141 rentable square feet of building space on an estimated 1.94-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 $199,0561 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.

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) Oversized 1.94 Acre Lot

Key Details

Price:
$3,185,000
Cap Rate:
6.25%
Annual Rent:
$199,056
Address:
29980 Plymouth Road, Livonia, Michigan 48150
Property Type:
Retail
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:
+/- 1.94 Acres
Building Size:
0 SF
Year Built:
1987
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-Michigan, Inc.

License: 6502428679


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