Applebee’s - Adrian, MI 1396 S Main St 6,133 SF Retail Building Adrian, MI 49221 For Sale 6.50% Cap Rate

Marcus & Millichap is pleased to present Applebee’s Neighborhood Grill and Bar, a single-tenant restaurant located at 1396 South Main Street in Adrian, Michigan. The property is situated within the Adrian Crossroads Plaza area, a long-established retail destination serving the greater Lenawee County submarket. The offering consists of a 6,133-square-foot freestanding building positioned on a 0.79-acre parcel with direct frontage and strong visibility along South Main Street, one of Adrian’s primary commercial corridors. The tenant has operated continuously at this location since September 2012, demonstrating long-term commitment and durability within the market.
This Applebee’s location is a high-performing site positioned within a dominant retail corridor, supported by a combined traffic count of approximately 35,220 vehicles per day along South Main Street and US 223. According to Placer.ai traffic data, the location ranks within the top 2 percent statewide and top 4 percent nationwide. Store-level performance is further supported by low 4.80 percent rent-to-sales ratio, providing meaningful operating cushion and reinforcing the long-term sustainability of the site.
Applebee’s is one of the world’s largest casual dining brands, operating approximately 1,600 restaurants across the United States, two U.S. territories, and 11 international markets. The brand is franchised by subsidiaries of Dine Brands Global Inc. (NYSE: DIN), one of the world’s leading full-service restaurant companies. The subject property is operated by TSFR Apple Venture which is owned by TEAM Schostak Family Restaurants, a family-owned franchise operator headquartered in Livonia, Michigan, operating a substantial multi-brand portfolio statewide, including approximately 60 Applebee’s locations, 23 Olga’s Kitchen restaurants, and a growing MOD Pizza platform. TEAM Schostak has been recognized by USA Today as a Top Workplace for the fifth consecutive year, underscoring the strength, stability, and employee-focused culture of the operator.
Adrian serves as the county seat of Lenawee County and functions as a historic college town and regional commercial center supported by education, health care, manufacturing, and established retail corridors. The subject property benefits from strong national tenant synergy and consistent traffic flow along South Main Street, the city’s primary retail and commercial corridor. The surrounding area is anchored by major national retailers including Walmart Supercenter, Meijer, Lowe’s, and ALDI, with additional traffic drivers such as Dunham’s Sports, Hobby Lobby, Harbor Freight, and Tractor Supply Co., reinforcing the long-term appeal, visibility, and commercial strength of the trade area.
This Applebee’s may be acquired individually or as part of a two-property Applebee’s portfolio that includes an additional location in Kalamazoo, Michigan, which has also been continuously operated by the tenant since September 2012. Together, the portfolio comprises 11,754 square feet of gross leasable area across approximately 1.95 acres.
The property is scheduled to undergo a Greenhouse Remodel in 2026 in alignment with current Applebee’s brand standards. Planned improvements include exterior enhancements, updated interior finishes, modernized seating and bar areas, To-Go program enhancements, renovated restrooms, and parking lot improvements, further strengthening the tenant’s long-term commitment to the site and enhancing the overall quality and competitiveness of the asset.
With strong store-level performance, more than a decade of continuous operation, favorable operating economics, an experienced and award-winning franchise operator, a long-term absolute net lease structure, and positioning along Adrian’s primary retail corridor surrounded by established national retailers, this offering presents an opportunity to acquire a passive, net-leased investment in a stable Michigan market.