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170 Wolf Rd 9,415 SF Retail Building Albany, NY 12205 $8,000,000 ($849.71/SF) 6% Cap Rate
Investment Highlights
- Zero Landlord Responsibilities. The tenant is responsible for all taxes, insurance, and maintenance, including the roof and structure.
- Robust New Ownership & Backing. The chain is now owned by Fortress Investment Group, a global powerhouse with over $48 billion in AUM.
- Red Lobster Net Lease (NNN) property is a classic "yield play" in the casual dining sector, especially as the brand stabilizes under new ownership.
- An iconic, corporate-guaranteed seafood concept on Wolf Road — Albany's premier retail corridor
Executive Summary
*Great location, walking distance from multiple Hotels including the Fairfield by Marriott Inn & Suites Albany Airport which is directly next door, as well as the Marriott Albany across the road.
*Albany’s premier retail corridor – with a recently extended absolute net lease through 2043 and embedded contractual rent growth situated on a plot with above average acreage
*Predictable Cash Flow. Built-in rent escalations 2% annually with 4 x 5-year renewal options.
*Defensive "Value" Segment. As a casual dining staple, Red Lobster occupies a defensive niche. While it faces competition, it remains the largest seafood-focused chain in the U.S. In inflationary environments, its "value-oriented" seafood positioning tends to capture diners trading down from higher-end steakhouses and independent seafood venues.
*Albany’s premier retail corridor – with a recently extended absolute net lease through 2043 and embedded contractual rent growth situated on a plot with above average acreage
*Predictable Cash Flow. Built-in rent escalations 2% annually with 4 x 5-year renewal options.
*Defensive "Value" Segment. As a casual dining staple, Red Lobster occupies a defensive niche. While it faces competition, it remains the largest seafood-focused chain in the U.S. In inflationary environments, its "value-oriented" seafood positioning tends to capture diners trading down from higher-end steakhouses and independent seafood venues.
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Restaurant
Building Size
9,415 SF
Building Class
C
Year Built
1999
Price
$8,000,000
Price Per SF
$849.71
Cap Rate
6%
NOI
$480,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Lot Size
2.34 AC
Zoning
12
Parking
127 Spaces (10 Spaces per 1,000 SF Leased)
Frontage
275’ on 170 Wolf Road
Amenities
- Bus Line
- Freeway Visibility
- Pylon Sign
- Signage
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,931,500 | |
| Land Assessment | $1,683,500 | Total Assessment | $3,615,000 |
Property Taxes
Parcel Numbers
Land Assessment
$1,683,500
Improvements Assessment
$1,931,500
Total Assessment
$3,615,000
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170 Wolf Rd