2885 Cranberry Hwy Wareham, MA 02538
- Retail properties
- 5,780 SF
- 3.99 lot acres
Current Use by Public Records
- Retail properties
Property Details for 2885 Cranberry Hwy
- Year built
- 2003
- Lot size
- 3.99 lot acres
- Property size
- 5,780 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional investment opportunity presents a 5,780 square foot Chili's Grill & Bar located at 2885 Cranberry Highway in Wareham, Massachusetts. The property sits on a 3.99-acre lot and benefits from a strong ground lease with a corporate guarantee from Brinker International, Inc. (NYSE: EAT). The absolute NNN lease commenced March 11, 2004, and has a remaining term of approximately 4.4 years with one 5-year renewal option, including a 10% rent increase at the start of the option period. The property boasts a 6.15% cap rate and a net operating income (NOI) of $85,515. Situated on a pad site at the entrance to Cranberry Plaza, a Stop & Shop-anchored retail center, this location enjoys high visibility and traffic counts exceeding 30,972 vehicles daily on US Route 6, a primary route to Cape Cod. The surrounding area features numerous national retailers, attracting significant consumer traffic. The strong demographics, with over 36,700 people within a 5-mile radius and an average household income exceeding $117,453, further enhance the investment potential. This is a passive investment opportunity with zero landlord responsibilities, offering a compelling combination of strong tenant commitment, favorable lease terms, and a prime retail location. The asking price is $1,390,488.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Wareham
- County
- Plymouth
- State
- Massachusetts
- Longitude
- -70.6683
- Latitude
- 41.7595
