665 W Fleming Dr
Morganton, NC 28655
Applebee's (Morganton, NC) · Retail Property For Sale

RTP Capital Advisors is pleased to present Applebee’s in Morganton, NC featuring a new 20-year absolute net lease with 1.75% annual increases and operated by Apple Gold Group, one of the largest restaurant operators in the country with over 109 locations throughout seven states. Applebee’s is one of the world’s largest casual dining brands with almost 2,000 locations around the world and is owned by DINE Brands, one of the world’s largest full service dining companies. Applebee’s is part of the Morganton Heights Shopping Center, a recently completed power center featuring anchor tenants such as Walmart, Dick’s Sporting Goods, Belk, and many more, as well as popular restaurants such as Jersey Mike’s, Buffalo Wild Wings, Pizza Hut, in addition to the subject property and more. Morganton Heights Shopping Center is the city’s premier shopping center and was recently constructed in 2013. Applebee’s is located off of Fleming Drive (US Route 70), a primary corridor for the city of Morganton and approximately one mile from Interstate 40, directly accessible via nearby Burkemont Avenue. Morganton, the county seat of Burke County, is part of the Hickory-Lenoir-Morganton MSA, lauded as #1 in the country for lowest business costs by Forbes in 2017. Applebee’s of Morganton, NC presents an excellent opportunity to acquire a new 20-year absolute net lease that is operated by a major Applebee’s franchisee, Apple Gold Group, with 1.75% annual increases. We are pleased to offer this investment opportunity for $3,084,000 at a 6.00% cap rate.