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Scottsboro, AL - Ruby Tuesday
252 Micah Way | Scottsboro, AL 35769
$1,614,000
Price7.25%
Cap Rate5,150 SF
± SF Building SizeDescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Ruby Tuesday investment property located in Scottsboro, AL. The tenant, Ruby Tuesday, Inc., has approximately 16 years remaining in their initial term with 4 (5-year) options to extend. The lease features a 10% rental increase in January 2023 and 2% annual rental increases thereafter throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for an out of state investor. This site is one of 230+ locations Ruby Tuesday has elected to remain operational after filing for Chapter 11 bankruptcy in July 2020, evidencing the brand’s commitment to the site. As of December 21, 2017, NRD Capital, an Atlanta-based private equity firm, acquired Ruby Tuesday. Collectively, the team at NRD Capital has been involved in 20 brands including Popeyes, Burger King, Subway, and more.
Location
The Ruby Tuesday site is positioned at the intersection of 72 U.S. Highway and State Highway 35 (45,000 combined VPD) with on/off ramp access, thereby providing ease of access to the subject property. The subject property is across from a Home Depot Center, and within close proximity to Austin Spring Apartments (56 Units). Nearby national/credit tenants include a 24-hour Walmart Supercenter, Home Depot, Sherwin Williams, First Southern State Bank, Shoe Depot, and more, further increasing consumer draw to the subject trade area. The property site is equipped with a large pylon sign providing excellent visibility. The 5-mile trade area is supported by a population of over 15,000 with an average household income of $55,000.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215