For Sale $5,900,000
Property Type Retail - Freestanding
Property Size 7,236 SF
Lot Size 1.79 Acre
Year Built 1973
Year Renovated 2001
Date Updated Mar 7, 2024

Vacancy in the Athens retail market is 3.1% and has decreased 3.1% over the past 12 months. During this period, 450,000 SF has been absorbed, and 86,000 SF has delivered. Total availability, which includes sublease space, is 3.3% of all inventory. Within this market, General Retail is the largest subtype, with 6.2 million SF in this category. Rents are around $19.40/SF, which is a 4.4% increase from where they were a year ago. In the past three years, rents have increased a cumulative 14.8%. There is nothing currently under construction. In the past 12 months, 56 sales have taken place. Sales have averaged $220/SF, and the estimated value for the market as a whole is $185/SF. Over the past three years, there have been 223 sales, which have traded for approximately $247 million. The market cap rate for Athens is 7.2%, slightly below its trailing three-year average of 7.4%. Although both employment and population have grown in the past year, employment growth has outpaced population growth. The number of jobs has increased 4.8% in the past year, while the population has grown by 0.5%..

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Highlights

Absolute NNN Lease: Zero landlord responsibilities.
Long Lease Term: 16 years remaining in the original lease term, ensuring stability and consistent income.
Annual Rent Increases : 2% annual increases provide built-in inflation protection for your investment.
Corporate Guarantee: Backed by the reliability of a corporate guarantee, offering financial security.
High Population Density: Located within a five-mile radius of 110,765 residents, ensuring a steady customer base.
Vibrant College Town: Athens consistently ranks among America's best college towns, attracting a young and energetic demographic.
Prime Location: Excellent visibility with a high traffic count of over 24,600 cars per day on W Broad St.

Contacts

Brandon Abdelnour

Encore Real Estate Investment Services

(248) 702-0291

Location

Getting Around

Walk Score ®
68/100 Somewhat Walkable
Bike Score ®
65/100 Bikeable

City Athens, GA
Neighborhood Athens
Zip Code 30606

Points of Interest

Marathon

0.09 miles
Shell

0.68 miles
Texaco

0.85 miles
Shell

0.89 miles
Valero’s

1.07 miles
Golden Pantry

1.24 miles
Shell

1.30 miles
Chevron

1.31 miles
RaceTrac

1.45 miles
ChargePoint

1.54 miles

Talmadge Parking

0.70 miles
Prince Parking

0.77 miles
Visitor Parking

0.79 miles
W14

0.82 miles
W08

1.12 miles
W07

1.16 miles
West Campus Deck

1.25 miles
W10

1.26 miles
W07

1.27 miles
W15

1.33 miles

Red Lobster

0.00 miles
Food for the Soul

0.08 miles
Steak 'n Shake

0.08 miles
Tamez BBQ

0.25 miles
LongHorn Steakhouse

0.30 miles
Checkers

0.38 miles
Internation House of Pancakes

0.38 miles
Taco Bell

0.38 miles
Chipotle

0.45 miles
Subway

0.46 miles

Kroger

0.42 miles
Earth Fare

1.35 miles
Bells Supermarket

1.42 miles
Target

1.58 miles
Lay-Z-Shopper Convenience Store

1.73 miles
Target

2.29 miles
Walmart Neighborhood Market

2.45 miles
ALDI

2.94 miles
Publix

3.10 miles
Kohl's

3.12 miles

Frequently Asked Questions

What is the lease rate for Red Lobster?

Rental asking rate at Red Lobster is $2,950,000.00/YR.

What is the total square footage of Red Lobster?

Red Lobster totals 7,236 square feet.

When was this property built?

Red Lobster was built in 1973.

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