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1545 Palm Bay Rd 5,564 SF Retail Building Melbourne, FL 32905 $3,082,065 ($553.93/SF) 6.45% Cap Rate
Investment Highlights
- Applebee's has continuously operated at this location since 1993, demonstrating a long-term commitment to the trade area.
- Absolute NNN lease structure provides for no landlord operating responsibilities.
- The restaurant occupies a freestanding location with frontage along Palm Bay Road, a major commercial corridor.
- The property is leased to Applebee's Restaurants Mid-Atlantic, LLC, a subsidiary of Dine Brands Global, Inc. (NYSE: DIN).
- Contractual 1% annual rent increases are included throughout the primary lease term and most renewal periods.
- The site benefits from visibility to approximately 37,000 vehicles per day along Palm Bay Road.
Executive Summary
SLN Capital Markets, a division of S.L. Nusbaum Realty Co., is pleased to exclusively present for sale the Applebee’s Neighborhood Grill + Bar property located at 1545 Palm Bay Road in Melbourne, Florida. Applebee’s has been operating at this location since 1993 and is a well-established, nationally recognized casual dining brand with a strong presence throughout the United States and abroad. The property consists of an approximately 5,564 SF freestanding, purpose-built restaurant situated on 1.04 AC. The site offers excellent visibility and frontage along Palm Bay Road, a major east-west thoroughfare serving the Melbourne and Palm Bay trade area, with strong daily traffic counts of 37,000 VPD (ESRI 2025). Applebee’s Restaurants Mid-Atlantic, LLC, a subsidiary of Dine Brands Global, Inc (NYSE: DIN) operates the store and guarantees the lease which features 1% annual rent increases throughout the term and throughout most of the option periods.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Restaurant
Building Size
5,564 SF
Building Class
B
Year Built
1993
Price
$3,082,065
Price Per SF
$553.93
Cap Rate
6.45%
NOI
$198,793
Tenancy
Single
Building Height
1 Story
Building FAR
0.12
Lot Size
1.04 AC
Zoning
C1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 28-37-21-00-00009.0-0000.00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,496,680 |
Property Taxes
Parcel Number
28-37-21-00-00009.0-0000.00
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,496,680
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1545 Palm Bay Rd