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5015 Kietzke Ln 7,303 SF Retail Building Reno, NV 89511 $5,200,000 ($712.04/SF) 6.51% 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 increases 2% annually for the remaining term, compounding NOI and hedging inflation
- 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
$5,200,000
Price Per SF
$712.04
Cap Rate
6.51%
NOI
$338,351
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
Red Lobster began as a single family-owned restaurant in Lakeland, Florida, and was founded in 1968 by Bill Darden. The company grew into a casual dining restaurant chain focused on seafood, with menus built around dishes such as shrimp, crab, lobster, and other coastal classics. Red Lobster emphasizes seafood sourcing standards, with a focus on traceability, sustainability, and responsible supply practices across its restaurant business.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Accommodation and Food Services | 7,303 SF | $3.66 | Triple Net | Oct 2049 |
Moderately walkable
70/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
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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5015 Kietzke Ln