1375 Elliot Rd Tempe, AZ 85284-1104

Property Details for 1375 Elliot Rd

Year built

1991

Construction

CONCRETE

Lot size

1.26 lot acres

Property size

6,858 SF

Zone code

C-C

Property type

Turn key restaurants

APN

301-53-059

APU

30153059

Description

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.