Red Lobster
Corpus Christi, TX
Key Details
| Price: | $6,768,557 |
|---|---|
| Cap Rate: | 7.00% |
| Annual Rent: | $473,799 |
| Address: | 5825 South Padre Island Drive, Corpus Christi, Texas 78412 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 30 Years |
|---|---|
| Lease Commencement: | 7/27/2016 |
| Lease Expiration: | 1/31/2047 |
| Lease Term Remaining: | 22.4 Years |
| Rental Increases: | Variable |
| Lot Size: | 1.61 Acres |
| Building Size: | 8,224 SF |
NNN Pro is pleased to present the exclusive listing for a Red Lobster located at 5825 South Padre Island Drive, Corpus Christi, Texas 78412. The site consists of roughly 8224 rentable square feet of building space on an estimated 1.61-acre parcel of land. This Red Lobster is subject to a 30-year Triple Net (NNN) lease, which commenced 7/27/2016. The current annual rent is $473,799 and has scheduled increases of Variable.
About the Investment
- Long-Term, Absolute Triple Net (NNN) Lease
- Over 20 Years Remaining on the Base Term
- Attractive Two Percent (2%) Annual Rental Increases Starting in August 2026
Key Details
| Price: | $6,768,557 |
|---|---|
| Cap Rate: | 7.00% |
| Annual Rent: | $473,799 |
| Address: | 5825 South Padre Island Drive, Corpus Christi, Texas 78412 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 30 Years |
|---|---|
| Lease Commencement: | 7/27/2016 |
| Lease Expiration: | 1/31/2047 |
| Lease Term Remaining: | 22.4 Years |
| Rental Increases: | Variable |
| Lot Size: | 1.61 Acres |
| Building Size: | 8,224 SF |
Talk to the Pros
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Matthew Anuszkiewicz
manuszkiewicz@nnnpro.com
License: NY: 10401294046
Robert Stein
rstein@nnnpro.com
License: NY: 10401341647
Andrew Darby
adarby@nnnpro.com
License: NY: 10401380956
Broker of Record
Brian Brockman
Bang Realty-Texas, Inc
License: 701472
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This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.