Red Lobster

120 Disk Drive, Rapid City, SD

$1,889,000

Price

6.3%

Cap Rate

$119,000

NOI

Gallery
Street
Map
Overview
Cap Rate
6.3%
NOI
$119,000
Building Size
8,300 sqft
Lot Area
1.58 sqft
Lease Type
Ground
Tenancy
Single
Year Last Renovated
2014
Description

A Red Lobster with 11+ years remaining on an absolute NNN ground lease and below market rents located in Rapid City, SD.

Highlights
  • 11+ years remaining on absolute NNN ground lease with 10% rental increases every 5 years (zero LL expense/maintenance obligations)
  • Top 12% Red Lobster location in the country (per Placer.ai)
  • Corporate lease: Red Lobster Hospitality LLC
  • 35+ year operating history at the site
  • Extremely low rent – $13.86/SF
  • Red Lobster is the world’s largest seafood chain with 700+ locations worldwide
  • Standalone outparcel of Uptown Rapid Mall – the only enclosed shopping mall within 250 miles
  • Subject property located at the main ingress/egress point of the mall – an 830K+ SF lifestyle shopping center that averages 4M visitors per year
Documents
Title
RedLobster_RapidCitySD.pdf
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Location
Gallery