6149 Southern AveMesa, AZ 85206

Property Details for 6149 Southern Ave

Year built

1993

Construction

CONCRETE

Lot size

1.08 AC

Property size (Sq ft)

8,411 SF

Zone code

C-G

Property type

Retail properties

Property subtype

Turn key restaurants

APN

141-54-057

APU

14154057

Description

This exceptional investment opportunity presents the fee simple ownership of a Red Lobster restaurant in Mesa, Arizona. The property boasts 8,411 square feet on a 1.08-acre lot, featuring 62 parking spaces. Built in 1993, this single-tenant, absolute NNN leased property offers a substantial remaining lease term of approximately 15.7 years, with four 5-year renewal options. The lease commenced August 1, 2015, and expires August 1, 2040, ensuring long-term income stability. The current asking price is $5,670,000, representing an attractive 8.00% cap rate and a strong NOI of $453,600. The lease includes 2% annual rent bumps, providing inflation protection. The property is located at a signalized intersection on E Southern Ave, a major retail thoroughfare, with high visibility and significant traffic volume. It's an outparcel to a Walmart Supercenter and enjoys proximity to other major retailers, including a shopping mall with anchors like Macy's and Best Buy, as well as Costco and Target. The property's location within a densely populated area with high average household income further enhances its investment appeal. The permitted zoning is LC (Limited Commercial), and the APN is 141-54-057. This is a management-free investment opportunity with significant upside potential. The property is currently 100% occupied.

Location Insight

City

Mesa

County

Maricopa

State

Arizona

Latitude

33.3935

Longitude

-111.698

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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