Listed by SURMOUNT
$2,857,000
Red Lobster
Details
Property Type Retail
Sub Type Restaurant
Square Footage 8,355
Cap Rate 7%
NOI $200,000
Occupancy 100%
Tenancy Single
Brand/Tenant Red Lobster
Lease Type NNN
Lease Term 22.6
Lease Expiration 02/28/2037
Remaining Term 10.6
Price per SqFt $342
Year Built 1991
Acreage 1.870
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 07/28/2014
Ownership Fee Simple
Retail | 7.00% CAP | 8,355 SqFt
Marketing description
Surmount is pleased to present the exclusive listing for a Red Lobster located at 3501 South Memorial Drive, Greenville, NC 27834. The site consists of roughly 8,355 rentable square feet of building space on an estimated 1.87-acre parcel of land. Red Lobster is subject to a 22.61-year Triple Net (NNN) lease, which commenced 7/28/2014 and has more than 10.75 years remaining on the lease. The current annual rent is $200,000 and has scheduled increases of 2.00% annually starting 8/1/2027.
Investment highlights
- High-Traffic Retail Corridor | Strategically positioned along S Memorial Dr at a signalized intersection with approximately 45,000 vehicles per day, the property benefits from exceptional visibility, convenient ingress/egress, and strong traffic flow driven by surrounding retail and daily commuter patterns.
- Dominant Regional Retail Node | Located within Greenville’s primary retail corridor, surrounded by national anchors including Walmart, Target, Kohl’s, and Best Buy.
- Strong Daytime Population Drivers | Nearby East Carolina University (~27,000 students) and Pitt Community College (~9,800 students) drive consistent daily demand.
- Growing 5-Mile Population Base | The population within a 5-mile radius is projected to exceed 120,000 by 2029, reflecting steady long-term growth.
Listing Contacts
Listed by SURMOUNT
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$200,000.00
$16,666.67/mo
Valuation Metrics
0
DSCR
7%
Cap Rate
7%
ROI
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