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Applebee's 400 Old Franklin Turnpike 4,008 SF Retail Building Rocky Mount, VA 24151 $3,106,000 ($774.95/SF) 7% Cap Rate

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INVESTMENT HIGHLIGHTS

Absolute NNN Lease with No Landlord Responsibilities
Less than 1/2 mile off Hwy 220 (27,000 VPD), a major thoroughfare from Roanoke to Martinsville
Strategically Positioned at a Primary Crossroads, Located at the Center of Franklin County, Virginia

Only Applebee’s Restaurant Within 25-Mile Radius
Over 9,300 Visits on Average per Month, per Placer.ai
Among the World’s Largest Casual Dining Brands; 1,600+ Locations

EXECUTIVE SUMMARY

This Absolute NNN Applebee’s asset is an outparcel to Kroger anchored shopping center, Rocky Mount Marketplace, which has over 2MM visits per year, per Placer.ai. The property is less than 1/2 mile off Hwy 220 (27,000 VPD), a major thoroughfare from Roanoke to Martinsville. Applebee’s sits on a 1.32 acre lot with ample parking and is strategically placed in a main retail corridor near several national retailers including CVS, Kroger, Walmart, Holiday Inn, Starbucks, and more. The site is less than 1 mile from Rocky Mount Plaza, a 127,683 SF shopping center with numerous national retailers and is nearby multiple hotels with 130 rooms combined within a 3 mile radius. The property has excellent visibility and frontage on Old Franklin Turnpike with over 17,000 VPD.
This location has over 9,300 visits on average per month, per Placer.ai and is the only Applebee’s Restaurant within a 25-mile radius. It’s 40+ year brand operating history places it among the world’s largest casual dining brands with 1,600+ locations. Original 24-year lease in place with ±9 years remaining and four 5-year options.
Watch Property Video: https://vimeo.com/944718739?share=copy

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PROPERTY FACTS

Sale Type

Investment NNN

Property Type

Retail

Property Subtype

Restaurant

Building Size

4,008 SF

Building Class

Year Built

2003

Price

$3,106,000

Price Per SF

$774.95

Cap Rate

NOI

$217,417

Tenancy

Single

Building Height

1 Story

Building FAR

0.07

Lot Size

1.32 AC

Zoning

GB - General Business

Parking

60 Spaces (14.97 Spaces per 1,000 SF Leased)

Frontage

190’ on Old Franklin Tpke

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Accommodation and Food Services
99,999 SF
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There's a lot to love about Applebee's. Founded over 4 decades ago on the principles of exceptional value and family fun, they take pride in having a friendly, welcoming, neighborhood environment. They continue to set the standards for best practices in the restaurant industry. People Report has awarded them the Heart of the Workplace Award, Top Performer in Management Retention Award, Excellence in Retention Award, and Catalyst Award. Forbes named them One of America's Best Managed Companies, and Restaurant Hospitality Magazine named them Chain of the Year. They are proud of these accomplishments and believe when thousands of people embrace their responsibility to their neighborhoods, the results can be astounding.