Overview

Description

SRS Real Estate Partners, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, drive-thru equipped, freestanding, Rally’s investment property located in North Las Vegas, Nevada. The tenant, Rally’s, recently signed a brand new 15-year lease, demonstrating their long-term commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor in an income tax free state. Founded in 1985, as of 2022, the company operates 878 Checkers and Rally’s restaurants in 28 states.

Rally’s is located near the signalized, hard corner intersection of Cheyenne Ave. and Torrey Pines Drive which serves over 52,000 vehicles per day. Rally’s will share the site with a new Human Bean Coffee. The site is ideally positioned blocks from Cheyenne Commons, a 445,000 SF community center that’s home to Walmart, Floor & Decor, Ross, Goodwill, and more. Other nearby national/credit tenants include Target, Dollar Tree, Best Buy, Whole Foods, Walgreens, Smith’s, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. The subject property is in close proximity to Mountainview Hospital, (425 Beds). Moreover, the site is situated among multiple recently developed apartment complexes including North Park Living (380 units), Parq at Camino (417 units), Sedona at Lone Mountain (321 units), and more, providing a direct residential consumer base from which to draw. Located 10 miles from the Las Vegas Strip, the 5-mile subject trade area is supported by more than 433,000 residents and 125,000 daytime employees. Residents within a 5-mile radius earn an average household income of more than $88,000.

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