Absolute NNN Red Lobster
3002 Saint Michael Drive Texarkana, TX 75503
3002 Saint Michael Drive, Texarkana, TX, 75503
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For Sale
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Red Lobster on an estimated 1.79-acre site with a 25-year absolute triple-net lease in place.
Property Size7,422 SF
Lot Size1.79 Acres
Price / SF$404.20
Days on Market78
Property Features for 3002 Saint Michael Drive
General Information
- Standard status
- Active
- Size
- 7,422 SF
- Lot size
- 1.79 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1986
Listing agency
SURMOUNT
Listed by
Judson Kauffman · License #NY 10401296108
Source
Crexi
Added: May 6 Updated: Jul 21 at 2:49PM Checked: Jul 21 at 2:49PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SURMOUNT
Investment Insights
Based on property information with market context.
This property is an income-producing Red Lobster restaurant offered for sale as an absolute triple-net investment. The site includes approximately 7,422 rentable square feet of building space on an estimated 1.79-acre parcel. The property is subject to a 25-year absolute triple-net (NNN) lease that commenced on 08/01/2014, with scheduled 2.00% annual rent increases.
The asset is located at 3002 Saint Michael Drive in Texarkana, Texas. The current annual rent is listed as $211,908, and the lease term is 25 years from commencement.
The listing is presented as a conventional restaurant specialty asset operated under an absolute NNN structure, with the building and site held under the existing long-term lease.
The asset is located at 3002 Saint Michael Drive in Texarkana, Texas. The current annual rent is listed as $211,908, and the lease term is 25 years from commencement.
The listing is presented as a conventional restaurant specialty asset operated under an absolute NNN structure, with the building and site held under the existing long-term lease.
Key Highlights
- Red Lobster at 3002 St. Michael Dr, Texarkana, TX 75503
- Approximately 7,422 rentable SF building on an estimated 1.79‑acre parcel
- 25‑year absolute triple‑net (NNN) lease in place
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $185.3k | $24.96 |
| − Vacancy | −$9.3k | −$1.25 |
| EGI | $176.0k | $23.71 |
| − OpEx | −$44.0k | −$5.93 |
| NOI | $132.0k | $17.78 |
7,422 SF · lease $24.96/SF/yr · vacancy 5.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.89M
$1.65M – $2.20M
NOI $131,993 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$5.59M
$4.89M – $6.52M
NOI $391,325 @ 7.0% cap · market cap 13.04%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Conventional restaurants
Similar For Sale Nearby
FAQs
What type of property is this?
Conventional restaurant - Red Lobster on an estimated 1.79-acre site with a 25-year absolute triple-net lease in place.
Where is this conventional restaurant located?
The property is located at 3002 Saint Michael Drive Texarkana, TX.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Red Lobster at 3002 St. Michael Dr, Texarkana, TX 75503; Approximately 7,422 rentable SF building on an estimated 1.79‑acre parcel; 25‑year absolute triple‑net (NNN) lease in place
