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3838 Westown Pky
West Des Moines, IA 50266
Retail Property For Sale
Investment Highlights
- Long-Term Absolute NNN Lease
- Within Valley West Corridor Redevelopment
- Attractive Annual Rent Growth & Inflation Hedge
- Oversized Parcel Providing an Ideal Covered Land Play
Executive Summary
Bang Realty is pleased to present the exclusive listing for a Red Lobster located at 3838 Westown Parkway, West Des Moines, IA 50266. The site consists of roughly 8,568 rentable square feet of building space on an estimated 1.93-acre parcel of land. Red Lobster is subject to a 23-year Triple Net (NNN) lease, which commenced 9/28/2018. The current annual rent is $394,485 and has scheduled increases of 2.00% Annually.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Restaurant
Building Size
8,568 SF
Building Class
B
Year Built
1995
Price
$5,090,129
Price Per SF
$594.09
Cap Rate
7.75%
NOI
$394,485
Tenancy
Single
Building Height
1 Story
Building FAR
0.10
Lot Size
1.93 AC
Zoning
PUDBC
Property Taxes
| Parcel Number | 320-04883304201 | Improvements Assessment | $460,000 |
| Land Assessment | $1,740,000 | Total Assessment | $2,200,000 |
Property Taxes
Parcel Number
320-04883304201
Land Assessment
$1,740,000
Improvements Assessment
$460,000
Total Assessment
$2,200,000
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