For Sale
$16,376,420

3917 Airport BlvdMobile, AL 36608

Four-state, NNN-leased restaurant portfolio

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a portfolio of four Carrabba's Italian Grill restaurants, strategically located across Alabama, Maryland, Michigan, and Ohio. The portfolio totals 26,707 square feet situated on 7.63 acres of land, boasting a strong 100% occupancy rate. Each location benefits from its position within thriving retail corridors, ensuring consistent customer traffic. The current lease, an absolute NNN lease with a corporate guarantee from Bloomin' Brands, Inc., commenced March 14, 2012, and expires March 31, 2032, providing a substantial remaining lease term of approximately 7.4 years. The lease includes attractive annual rent increases, calculated as the lesser of 1.75% or 1.7 times the CPI increase, offering built-in protection against inflation. Furthermore, four five-year renewal options provide long-term stability and growth potential. The portfolio generates a substantial net operating income (NOI) of $1,115,435, representing a compelling 6.81% cap rate on the asking price of $16,376,420, or $613.19 per square foot. This portfolio offers a rare opportunity to acquire a diversified, high-performing restaurant investment with significant upside potential. The financial strength and brand recognition of Bloomin' Brands, Inc., a leading casual dining company with a substantial national presence, further enhances the security and appeal of this investment. Offers on individual properties and the entire portfolio are welcome.

Highlights

  • $16,376,420 asking price for a portfolio of four Carrabba's Italian Grill restaurants.
  • Absolute NNN lease structure with corporate guarantee from Bloomin' Brands, Inc.
  • Approximately 7.6 years remaining lease term with four 5-year options.
  • Totaling 26,707 square feet on 7.63 acres across four states (AL, MD, MI, OH).
  • $1,115,435 in year-one net operating income (NOI) and a 6.81% cap rate.
  • Annual rent increases of the lesser of 1.75% or 1.7 times the CPI increase.

Property Details for 3917 Airport Blvd

Property type
Retail properties, Restaurants
Square Feet
26,707 SF
Lot Size (sq. ft)
332,363 SF

Location Insight

City
Mobile
County
Mobile
State
Alabama
Latitude
30.6754259
Longitude
-88.145341
3917 Airport Blvd, Mobile, Alabama

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3917 Airport Blvd
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