- Corporate guarantee by Red Lobster Hospitality LLC
- Absolute NNN lease, no landlord responsibilities – passive and management-free asset for investor
- Tenant pays for property taxes, insurance, CAM and maintains all aspects of the premises
- Long-term lease with over 23.5 years remaining due to a recent 5- year extension with 4 (5-year) options to extend
- 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 hedging inflation
- Recent 5-year extension demonstrates Red Lobster’s commitment to the site
- Strong Performing Site According to Placer AI Sales and Visitor Analytics
- $4,227,529 in sales, trailing 12 months – $578.88 sales PSF
- Top 73% performing restaurant nationwide
- #1 Red Lobster in Nevada
- 114,800 annual visitors
- 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)
- Direct access and clear visibility from S. McCarran Blvd with a designated right hand lane to enter the shopping center
- Within 1 block of the on/off ramps to Interstate 580 (132,000 VPD), the main north/south highway going through Reno
Red Lobster
5015 Kietzke Ln, Reno, NV
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Property Details
- Price $5,300,000
- Cap Rate 6.38%
- Tenancy Single
- Property Type Retail
- Property Subtype Restaurant
- Building Size 7,303 SF
- Year Built 2007
Investment Highlights
Team
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Michael Cisternino
CA Broker License: 01708023
NV Broker License: 1002492
ID Broker License: PR59295
Phone: 925.388.0888
