LongHorn Steakhouse Ground Lease
Closed4721 Lower Roswell Rd, Marietta, GA 30068
Property type
Retail
Unit / Space count
1
Price
$1,700,000
Building size
4,056 sf
Rentable area
4,056 SF
Year built
1997
Year renovated
Occupancy
Zoning code
Lot size
1.05 Acres
Sold/status
Sold · Date unknown
Sale price
$1700000
CAP
4.92%
Net Operating Income
$83,648
Property description
Franklin Street is pleased to present the opportunity to acquire this LongHorn Steakhouse ground lease in Marietta, Georgia. Marietta is a northern suburb of Atlanta and one of the most affluent trade areas of the metropolitan. Household incomes surround the site average $180,000+, granting the consumers significant wealth to support the area restaurants. This particular location is in the East Cobb community, where residents flock due to the strong school system. The site is located near the major intersection of Lower Roswell Rd & Johnson Ferry Rd with 50,900 VPD traveling through the intersection. At the intersection is also the popular Parkaire Landing shopping center anchored by a top performing Kroger with shop tenants including Ted's Montana Grill, Cyclebar, Dollar Tree, Davita, McCray's Tavern, Gusto!, Taco Bell, Johnny's New York Pizza, among many others. The LongHorn Steakhouse lease is corporately guaranteed by Darden Restaurants. Darden operates 1,850+ locations and is a multi-brand restaurant operator that is the parent of international dining chains including Olive Garden, LongHorn Steakhouse, Bahama Breeze, the Capital Grille, Eddie V's, and Yard House.. The rent at the location is significantly below market for a single tenant asset in this trade area, creating a significant upside opportunity should the tenant exercise their next option period or an investor replaces the tenant with a market rate.
Property highlights
- Longhorn Steakhouse Ground Lease in One of the Most Affluent Trade Areas of Atlanta MSA
- Rental Upside: Rent Significantly Below Market and Scheduled to Increase 37.5% Next Option Period
- Dense Submarket: 221,915 Residents within 5 Miles of the Property
- Average Household Net Worth of $1.41M within 5 Minutes of the Site
- Darden Restaurant Concept with Over 550 Locations Nationwide and $9.63B in Revenue
- Longhorn Steakhouse's 4Q 2022 Same Store Sales Increases 10.6%
- Surrounded by Schools and Large Churches Creating Daily Traffic
- Strong Access Off Lower Roswell Rd and Cross Access Through Stonewood Village Shopping Center To Woodlawn Dr