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Corporate Applebee's-Melbourne, FL 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
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
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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Corporate Applebee's-Melbourne, FL | 1545 Palm Bay Rd