For Sale
$3,708,000

1375 Elliot RdTempe, AZ 85284

High-traffic Tempe restaurant, strong NOI.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a 7,200 square foot Red Robin restaurant located at 1375 W Elliot Rd, Tempe, AZ 85284. The property boasts a prime location in a major retail corridor, situated on a 1.26-acre lot (APN 301-53-059) with excellent visibility on Elliot Road, experiencing over 56,000 vehicles daily and less than a mile from I-10. This Costco outparcel benefits from its proximity to numerous national retailers including Walmart, Ikea, Life Time Fitness, and many more, ensuring high foot traffic and brand recognition. The property features a 12-year remaining lease term (NNN) with a strong tenant history exceeding 30 years, guaranteeing consistent income. With a current NOI of $222,480 and a 6.00% cap rate, this represents a compelling investment at an asking price of $3,708,000 ($515/sq ft). The area boasts a dense residential population of over 216,000 residents within minutes, exhibiting a high household income exceeding $98,000, and a substantial daytime employment base of over 170,000 within a 2-mile radius, including major employers like Swire Coca-Cola, Honeywell, and American Airlines. The property is currently 100% occupied, offering immediate and substantial returns. This is a rare opportunity to acquire a well-established, high-performing asset in a thriving retail environment.

Highlights

  • Excellent visibility on Elliot Road, with over 56,000 vehicles per day and less than a mile from I-10.
  • Prime retail location in a Costco outparcel, surrounded by national retailers including Walmart, Ikea, and Life Time Fitness.
  • High daytime employment, with over 170,000 employees within a 2-mile radius, including major employers like Honeywell and American Airlines.
  • Dense residential population of over 216,000 residents within minutes, boasting average household incomes exceeding $98,000.

Property Details for 1375 Elliot Rd

Property type
Retail properties, Restaurants
Square Feet
7,200 SF
Lot Size (sq. ft)
54,886 SF

Location Insight

City
Tempe
County
Maricopa
State
Arizona
Latitude
33.348606
Longitude
-111.9604932
1375 Elliot Rd, Tempe, Arizona

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1375 Elliot Rd
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