Red Lobster Restaurant
For Sale
Contact for pricing
3501 S Memorial Dr, Greenville, NC 27834
Freestanding restaurant occupied under a long-term Triple Net lease.
Property Size8,355 SF
Lot Size1.87 Acres
Price / SF$341.95
Days on Market145
Property Features for 3501 S Memorial Dr
General Information
Standard status
Active
Size
8,355 SF
Lot size
1.87 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$200,000
Building Details
Year Built
1991
Buildings
1
Tenancy
Single
Listing Agency:
SURMOUNT
(332) 345-4222
Listed By:
Josh Kanter · License #NY 10401294056
Source:
Crexi
Added: Apr 8
Changed: Aug 29
Last Checked: Aug 29 at 6:58PM
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.
The property is a Red Lobster restaurant comprising approximately 8,355 rentable square feet on an estimated 1.87-acre parcel. The building was constructed in 1991 and is subject to a Triple Net lease that began 7/28/2014.
The lease has a 22.61-year original term, with more than 10.75 years remaining. Contractual rent increases of 2.00% annually are scheduled to begin 8/1/2027. The property is located at 3501 South Memorial Drive in Greenville, North Carolina.
The lease has a 22.61-year original term, with more than 10.75 years remaining. Contractual rent increases of 2.00% annually are scheduled to begin 8/1/2027. The property is located at 3501 South Memorial Drive in Greenville, North Carolina.
Key Highlights
- Red Lobster restaurant with approximately 8,355 rentable square feet
- Estimated 1.87‑acre parcel
- 22.61‑year Triple Net (NNN) lease
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$108,055
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,161,100
$2.2M
Cap Rate 7%
$1,543,643
$1.5M
Cap Rate 9%
$1,200,611
$1.2M
Market Conditions
NOI Build-Up for 8,355 SF
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.
Gross rent
$150.4K $18.00/SF
− Vacancy
−$6.3K −$0.76/SF
EGI
$144.1K $17.24/SF
− OpEx
−$36.0K −$4.31/SF
NOI
$108.1K $12.93/SF
Area
Pitt County, NC
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,161,100
Cap Rate 7%
$1,543,643
Cap Rate 9%
$1,200,611
Alternative Uses
Best Use
Specialty Retail
$1.54M
$1.35M – $1.80M
NOI $108,055 @ 7.0% cap · market cap 3.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,314 @ 7.0% cap · market cap 4.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
384
Businesses Nearby
538k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 35%
Apparel 27%
Shops & Services 18%
Home Improvements & Furnishings 10%
Academy Sports + Outdoors
Apparel
65,956 visits/mo
0.2 miles
Lowe's
Home Improvements & Furnishings
53,171 visits/mo
0.5 miles
Hobby Lobby
Shops & Services
48,582 visits/mo
0.2 miles
Kohl's
Apparel
41,815 visits/mo
0.2 miles
Texas Roadhouse
Dining
39,972 visits/mo
0.4 miles
Demographics for 27834, NC
55,051
Population
27,368
Households
2
Avg Household Size
34
Median Age
28%
College-Educated
88%
High-School Grad
174.3 sq mi
ZIP Area
316
Density / Sq Mi
$48,081
Median Household Income
$36,755
Median Earnings
$941
Median Rent
$161,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Freestanding restaurant occupied under a long-term Triple Net lease.
Where is this nnn property located?
The property is located at 3501 S Memorial Dr Greenville, NC.
What is the asking price?
The asking price for this property is $2,857,000.
What are key features of this property?
This property features: Red Lobster restaurant with approximately 8,355 rentable square feet; Estimated 1.87‑acre parcel; 22.61‑year Triple Net (NNN) lease
