FOR SALE:: Ground Lease Red Lobster | Elyria OH

6935 Midway Mall Elyria, OH 44035

  • 7,172 Square Feet
  • Retail
  • For Sale

Summary Description

Colliers International is pleased to present the opportunity to acquire a ground-leased Red Lobster in Elyria, Ohio. The Property is 1.2 acres and has a 7,172 SF Red Lobster with 9.5 years remaining.

Property Status: Available for Sale

Price: $1,755,000.00

Area Available: 7,172 Square Feet

CAP RATE:

5.5%

Terms:

10 Years

NOI:

$96,630

Features:

  • LOW RISK: Low Risk: Red Lobster (corporate guarantee) currently has 9.5 Years left on their lease ground lease
  • UPSIDE: Tenant Options on the ground lease expire in 2032, which will allow the future owner the ability to increase rent or take possession of the property
  • TENANT INVESTMENT: Red Lobster showed commitment to the site by recently renovating the building including a full new façade
  • INCREASING RETURN: There is a 10% rent increase in 4.5 years and an additional 10% rent increase in the remaining tenant option to extend
Related Documents:

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