|Gross Leasable Area (GLA)||6,115 Sq.Ft.|
|Price Per Square Foot (GLA)||$421|
|Lot Size||1.31 Acres|
Marcus & Millichap is pleased to exclusively offer for sale this 6,115-square foot freestanding Carrabba’s located in Venice, Florida. OSI Restaurant Partners, LLC DBA Carrabba’s has 8 years remaining on the base term of the lease with Four Five-Year Option Periods. There are 10 percent rent increases throughout the initial term and the option periods. This rate schedule provides a new investor with a blended average unleveraged return of 5.54 percent during the base term of the lease.
The property lies on busy Tamiami Trail South with easy access and a daily average traffic count of 45,600 cars. The property caters to the local residents and businesses with an average household income of $67,530. The property is an outparcel to a Lowe’s Home Improvement store in a major retail corridor. Other retailers in the area include Denny’s, AutoZone, ABC Fine Wine & Spirits, Checkers, Subway, McDonalds, PNC Bank, Dunkin’ Donuts, Advance Auto Parts and more.
Venice is a principal city of the Bradenton-Sarasota-Venice area. This area is home to various employment centers, beaches, coastline, and the Port of Bradenton. The area is noted for its large tourist and snowbird population. Venice was voted as a top ten happiest seaside towns by Coastal Living.
Net Leased Properties Group | National Retail Group