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Restaurant

Red Lobster

3217 N Vermilion St, Danville, IL 61832

Listing Price: $2,526,350

Cap Rate
6.00%
Tenant Name
Red Lobster Restaurants, LLC
Years Remaining On Lease
19.6
Gross SF
8,565
Guarantor
Corporate Guarantee
Rentable SF
8,565
Price/Gross SF
$294.96
Lease Type
Absolute Net
Rent Per Square Feet
$17.70

Investment Overview

Marcus & Millichap is pleased to present the exclusive offering for a Red Lobster located at 3217 Vermilion Street in Danville, IL. The site consists of roughly 8,565 rentable square feet of building space on an estimated 1.42-acre parcel of land. This Red Lobster is subject to a 25-year absolute triple-net (NNN) lease, which commenced July 28, 2014. The current annual rent is $170,000 and is scheduled to increase by two percent annually throughout the remainder of the base term and in each of the four, five-year tenant renewal options. At Closing, the seller will escrow six months of rent.

Investment Highlights

  • Long-Term, 25-Year Absolute Triple-Net (NNN)Lease with Approximately 19 Years Remaini
  • Corporate Tenant | Corporate Guaranty
  • Attractive Rental Increases of Two Percent Annually

Exclusively Listed By

  • Glen D. Kunofsky

    Licensed Associate Real Estate Broker

    (212) 430-5115

    Email Glen

    License(s): NY: 10301203289, NY: 109940808

    Manhattan

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s) IL: 471.011175

    Illinois

Listing Price: $2,526,350

Cap Rate
6.00%
Tenant Name
Red Lobster Restaurants, LLC
Years Remaining On Lease
19.6
Gross SF
8,565
Guarantor
Corporate Guarantee
Rentable SF
8,565
Price/Gross SF
$294.96
Lease Type
Absolute Net
Rent Per Square Feet
$17.70

Investment Highlights

  • Long-Term, 25-Year Absolute Triple-Net (NNN)Lease with Approximately 19 Years Remaini
  • Corporate Tenant | Corporate Guaranty
  • Attractive Rental Increases of Two Percent Annually

Investment Overview

Marcus & Millichap is pleased to present the exclusive offering for a Red Lobster located at 3217 Vermilion Street in Danville, IL. The site consists of roughly 8,565 rentable square feet of building space on an estimated 1.42-acre parcel of land. This Red Lobster is subject to a 25-year absolute triple-net (NNN) lease, which commenced July 28, 2014. The current annual rent is $170,000 and is scheduled to increase by two percent annually throughout the remainder of the base term and in each of the four, five-year tenant renewal options. At Closing, the seller will escrow six months of rent.

Exclusively Listed By

  • Glen D. Kunofsky

    Licensed Associate Real Estate Broker

    (212) 430-5115

    Email Glen

    License(s): NY: 10301203289, NY: 109940808

    Manhattan

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s): IL: 471.011175

    Illinois

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