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400 Old Franklin Turnpike 4,008 SF Retail Building Rocky Mount, VA 24151 $3,106,000 ($774.95/SF) 7% Cap Rate
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 ±8 years remaining and four 5-year options.
Watch Property Video: https://vimeo.com/944718739?share=copy
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 ±8 years remaining and four 5-year options.
Watch Property Video: https://vimeo.com/944718739?share=copy
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Restaurant
Building Size
4,008 SF
Building Class
C
Year Built
2003
Price
$3,106,000
Price Per SF
$774.95
Cap Rate
7%
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
Amenities
- Pylon Sign
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Accommodation and Food Services
-
99,999 SF
- -
-
Lorem Ipsum
-
Jan 0000
Applebee's began in 1980 as a neighborhood-style restaurant concept in Decatur, Georgia, and later evolved into Applebee's Neighborhood Grill + Bar. The company develops, franchises, and operates casual dining restaurants centered on American grill-and-bar fare, including burgers, chicken, salads, pasta, ribs, and drinks. Applebee's maintains a broad presence across North America, Latin America, and the Middle East, with a large global restaurant network and ongoing franchise growth and refranchising activity.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Accommodation and Food Services | 99,999 SF | - | Lorem Ipsum | Jan 0000 |
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 2020001000 | Improvements Assessment | $1,863,200 |
| Land Assessment | $690,000 | Total Assessment | $2,553,200 |
Property Taxes
Parcel Number
2020001000
Land Assessment
$690,000
Improvements Assessment
$1,863,200
Total Assessment
$2,553,200
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400 Old Franklin Turnpike