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Red Lobster 5015 Kietzke Ln 7,303 SF Retail Building Reno, NV 89511 $5,300,000 ($725.73/SF) 6.05% Cap Rate
Investment Highlights
- Corporate guarantee by Red Lobster Hospitality LLC - Recent 5-year extension demonstrates Red Lobster’s commitment to the site
- Long-term lease with over 23.5 years remaining due to a recent 5- year extension with 4 (5-year) options to extend
- Excellent location as a pad to a Lowe’s Home Improvement at the southwest corner of S. McCarran Blvd (39,100 VPD) and Kietzke Lane (25,700 VPD)
- Absolute NNN lease, no landlord responsibilities - Passive and management-free asset for investor
- The lease features a rent increase of 5% in August, 2026 and thereafter increases 2% annually for the remainder of the term, compounding NOI and hedgi
- Within 1 block of the on/off ramps to Interstate 580 (132,000 VPD), the main north/south highway going through Reno
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
7,303 SF
Building Class
B
Year Built
2007
Price
$5,300,000
Price Per SF
$725.73
Cap Rate
6.05%
NOI
$320,543
Tenancy
Single
Building Height
1 Story
Building FAR
0.13
Lot Size
1.29 AC
Zoning
PD
Parking
70 Spaces (9.59 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Dedicated Turn Lane
- Restaurant
- Signage
- Signalized Intersection
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Accommodation and Food Services
- 7,303 SF
- $3.66
- Triple Net
- Oct 2049
Before there was Red Lobster, there was Bill Darden, a man passionate about making delicious, high-quality seafood available and affordable to everyone, including people who lived far from the coast and regardless of race, gender, religion or economic means. What was once a single, family-owned restaurant in Lakeland, Florida, now has locations around the world.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Accommodation and Food Services | 7,303 SF | $3.66 | Triple Net | Oct 2049 |
Bike Score®
Very Bikeable (76)
Nearby Major Retailers
Property Taxes
| Parcel Number | 040-951-07 | Improvements Assessment | $429,089 |
| Land Assessment | $373,185 | Total Assessment | $802,274 |
Property Taxes
Parcel Number
040-951-07
Land Assessment
$373,185
Improvements Assessment
$429,089
Total Assessment
$802,274
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Red Lobster | 5015 Kietzke Ln
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