Applebee's-15+ Yr Corp Absolute Net (NNN) 4040 Lagniappe Way 5,540 SF Retail Building Tallahassee, FL 32317 $2,439,000 ($440.25/SF) 6.15% Cap Rate

Marcus & Millichap is pleased to present the opportunity to acquire a net leased investment consisting of an Applebee’s Neighborhood Grill + Bar. It is located on Lagniappe Way on a high-traffic retail corridor in Tallahassee, Florida. This Applebee’s is subject to a newly executed, corporate-guaranteed, absolute triple net (NNN) lease with 15+ years remaining in the current term and (4) 5-year renewal options, offering a secure long-term income stream with 1.5% annual rent escalations. It is a well-established store that has operated at this location since 2016. The offering provides significant long-term value as the rent is at a competitive price point compared to similar casual dining leases.
The subject property features a 5,540 SF building situated on an oversized 1.36-acre parcel of land (59,242 SF). The site benefits from strong visibility and access along Lagniappe Way (8,000+ VPD) and is proximate to Mahan Dr (32,000+ VPD), a key thoroughfare, as well as Buck Lake Rd (10,000+ VPD). It includes ample parking to support the casual dining format along with high-visibility signage.
This Applebee’s is strategically positioned within the Fallschase Village Center, a premier and expanding open-air retail destination in Tallahassee’s primary eastern retail corridor along Mahan Drive. When fully built out, Fallschase Village Center will be Tallahassee’s largest open-air shopping center, encompassing approximately 750,000 SF of prime retail and restaurant space. The center enjoys excellent visibility and strong traffic counts, anchored by major national retailers including Costco, Walmart Supercenter, Bass Pro Shops, CMX Cinemas, and Boot Barn.
Immediately behind the center, the Fallschase residential community is actively under development, delivering hundreds of new single-family homes and townhomes by D.R. Horton and Premier Fine Homes, plus a new 288-unit multifamily community (Fallschase Apartments) directly adjacent to the Costco anchor. Fallchase Village Center continues to evolve as a premier mixed-use development with a pedestrian-friendly environment featuring interconnected walkways, bike paths, and open spaces—capitalizing on the historically underserved eastern Tallahassee market while benefiting from the city’s steady growth.
The surrounding trade area draws from a robust demographic base, with a population of 50,391 within a 3-mile radius and 121,116 within a 5-mile radius, and AHHIs of $90,482 and $88,621, respectively. Tallahassee, the capital city of Florida and home to Florida State University and other major institutions, continues to experience steady population and economic growth, driving increased commercial density and consumer demand across its key retail corridors.
Applebee’s—a flagship brand of Dine Brands Global, Inc.—is one of the largest casual dining restaurant chains in the United States, with approximately 1,600 domestic locations and strong consumer recognition for its neighborhood grill-and-bar concept. The brand offers reliable investment security through its established franchised model and loyal customer base.