Angie's Lobster & Prime Grill Drive-Thru | 1251 S Riordan Ranch St
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Angie's Lobster & Prime Grill Drive-Thru 1251 S Riordan Ranch St
1,340 SF Retail Building Flagstaff, AZ 86001 £2,596,397 (£1,938/SF) 5.50% Net Initial Yield
Executive Summary
- Brand-new, single-tenant investment opportunity with Angie’s Lobster and Prime Grill, a quick-service restaurant concept by the founders of the popular, healthy drive-thru company Salad and Go.
- ±20-year absolute triple-net (NNN) lease with 10% rental increases every five years and three (3), five (5) year option periods. The lease is personally guaranteed by the founders.
- The Property includes two Wells Fargo ATMs on a 5-year lease with 10% rental increases every five years and three (3), five (5) year option periods. The Wells Fargo Bank branch directly across the street has ±$330M in 2023 Deposits (Source: FDIC.gov).
- Angie’s Food Concepts currently has 11 locations open under their concepts Angie’s Lobster, Angie’s Prime Grill, and their newest concept called Angie’s Burger, with a dozen more scheduled to open within the next year.
- Angie’s Lobster is a vertically integrated company. To control costs, they purchased a wharf in Bailey Island, ME to buy lobster direct, as well as a lobster processing facility in Richmond, ME, where they process all lobster for their drive-thru properties. By cutting out the middlemen, Angie’s Lobster is able to profitably serve fresh-caught Maine lobster meals at a fraction of the price compared to their competitors.
- The Property is located just off S Milton Rd, the primary thoroughfare in Flagstaff with ±40,174 VPD (Source: ADOT, 2023).
- The Property is walking distance from Northern Arizona University (±28,194 students) (Source: nau.edu).
- Nearby national retailers include Target, Sprout's Farmers Market, Safeway, Ross Dress for Less, The Home Depot, Wells Fargo, Chick-fil-A, In N Out, Raising Cane's, Starbucks, Chipotle, and many more.
- Flagstaff attracts over 6 million annual visitors largely due to its close proximity to the Arizona Snowbowl ski resort and the Grand Canyon.
- ±20-year absolute triple-net (NNN) lease with 10% rental increases every five years and three (3), five (5) year option periods. The lease is personally guaranteed by the founders.
- The Property includes two Wells Fargo ATMs on a 5-year lease with 10% rental increases every five years and three (3), five (5) year option periods. The Wells Fargo Bank branch directly across the street has ±$330M in 2023 Deposits (Source: FDIC.gov).
- Angie’s Food Concepts currently has 11 locations open under their concepts Angie’s Lobster, Angie’s Prime Grill, and their newest concept called Angie’s Burger, with a dozen more scheduled to open within the next year.
- Angie’s Lobster is a vertically integrated company. To control costs, they purchased a wharf in Bailey Island, ME to buy lobster direct, as well as a lobster processing facility in Richmond, ME, where they process all lobster for their drive-thru properties. By cutting out the middlemen, Angie’s Lobster is able to profitably serve fresh-caught Maine lobster meals at a fraction of the price compared to their competitors.
- The Property is located just off S Milton Rd, the primary thoroughfare in Flagstaff with ±40,174 VPD (Source: ADOT, 2023).
- The Property is walking distance from Northern Arizona University (±28,194 students) (Source: nau.edu).
- Nearby national retailers include Target, Sprout's Farmers Market, Safeway, Ross Dress for Less, The Home Depot, Wells Fargo, Chick-fil-A, In N Out, Raising Cane's, Starbucks, Chipotle, and many more.
- Flagstaff attracts over 6 million annual visitors largely due to its close proximity to the Arizona Snowbowl ski resort and the Grand Canyon.
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Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Fast Food
Building Size
1,340 SF
Building Class
C
Year Built/Renovated
2005/2024
Price
£2,596,397
Price Per SF
£1,938
Net Initial Yield
5.50%
NOI
£142,763
Tenancy
Single
Number of Floors
1
Building FAR
0.05
Land Acres
0.65 AC
Zoning
C-2
Amenities
- Drive Thru
Walk Score ®
Very Walkable (87)
Bike Score ®
Very Bikeable (88)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 103-04-020E | Improvements Assessment | £0 |
| Land Assessment | £0 | Total Assessment | £87,126 |
PROPERTY TAXES
Parcel Number
103-04-020E
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£87,126
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Angie's Lobster & Prime Grill Drive-Thru | 1251 S Riordan Ranch St
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