Reno, NV - Outback Steakhouse
$3,968,000
3645 S. Virginia Street, Reno, NV
5.5
Cap Rate
218,250
NOI
Details:
Description:
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land and building) in an absolute NNN, freestanding, Outback Steakhouse investment property located in Reno, NV. The tenant, Outback Steakhouse, has over 18 years remaining on the initial lease with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features rare 2% annual rental increases throughout the initial term, steadily growing NOI and hedging against inflation. The lease is franchisee guaranteed by Cerca Trova, an experienced Outback Steakhouse Franchisee operator, with over 100 Outback locations across the western United States (approx. 15% of all Outback locations in the US). The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor.
The Outback Steakhouse is strategically located near the signalized, hard corner intersection of South Virginia Street and West Moana Lane, averaging a combined 36,800 vehicles passing by daily. The asset is ideally positioned across from the Reno Town Mall anchored by Food Source and Burlington, promoting crossover traffic to the site. South Virginia Street serves as a major retail corridor for Reno with other nearby national/credit tenants including a Walmart Supercenter, Sam’s Club, Lowe’s Home Improvement, Whole Foods, Ross, Dick’s Sporting Goods, Trader Joe’s, Michaels, Nordstrom Rack, and more. Additionally, the subject property is just under 3 miles from the Reno-Tahoe International Airport, the state’s second busiest commercial airport, providing a direct consumer base from which to draw. Moreover, the asset sits across from the Atlantis Casino Resort Spa, one of Reno’s most profitable and luxurious properties with over 800 rooms. The 5-mile trade area is supported by a dense population of more than 220,000 residents with an average household income of $105,324.
Location
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