Listed by SURMOUNT
$2,384,250
Red Lobster
Details
Property Type Retail
Sub Type Restaurant - casual dining
Square Footage 6,641
Cap Rate 7%
NOI $166,898
Occupancy 100%
Tenancy Single
Brand/Tenant Red Lobster
Lease Type NNN
Lease Term 27
Lease Expiration 12/31/2041
Remaining Term 15.5
Rent Bumps Yes
Lease Options 4, 5-Year Options
Year Built 2008
Acreage 1.590
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 07/01/2014
Ground Lease No
About This Property for Sale
Marketing description
Surmount is pleased to present the exclusive listing for a Red Lobster located at 223 West McGalliard Road, Muncie, IN 47303. The site consists of roughly 6,641 rentable square feet of building space on an estimated 1.59-acre parcel of land. Red Lobster is subject to a 27-year Triple Net (NNN) lease, which commenced 7/1/2014. The current annual rent is $166,897 and has scheduled increases of 2.00% Annually.
Investment highlights
- Long-Term NNN Lease | Approximately 15+ years remain on the original Triple Net (NNN) lease with minimal landlord responsibilities.
- Annual Rental Increases | Contractual 2% annual rent increases provide consistent income growth throughout the lease term.
- Established National Tenant | Occupied by Red Lobster, a nationally recognized casual dining brand with decades of operating history.
- Strong Regional Draw | Positioned within Muncie's primary retail corridor serving a growing trade area of nearly 88,000 residents.
- Dominant Retail Corridor | Located along West McGalliard Road among Muncie's highest concentration of national retailers and restaurants.
- Excellent Traffic Exposure | Benefits from frontage on West McGalliard Road with traffic counts exceeding 24,500 vehicles daily.
- Regional Shopping Destination | Surrounded by Target, Kohl's, ALDI, Dick's Sporting Goods, Five Below, and Muncie Mall.
- Growing Consumer Base | Population within three miles has grown over 20% since 2020, supporting long-term retail demand.
Listing Contacts
Listed by SURMOUNT
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$166,898.00
$13,908.17/mo
Valuation Metrics
0
DSCR
7%
Cap Rate
7%
ROI
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