Investment Overview

Marcus & Millichap is pleased to offer an opportunity to acquire the fee simple interest (land and building), of an absolute NNN, franchisee guaranteed, Applebee’s investment property located in Vincennes, which is the County Seat of Knox County, Indiana. Vincennes is a city located 115 miles Southwest of Indianapolis and 116 miles northwest of Louisville, Kentucky. The appeal is that the region benefits from 1) a Low cost of doing business and 2) a Low cost of living. The franchisee Apple Central is a 32-unit operator. The lease has over 3+ years remaining. The current rent increased by 10% on July 1, 2023 and is currently paying $20,139 monthly. Applebee’s, with more than 2,000 restaurants in 50 U.S. States, Puerto Rico, and 15 countries around the world, is one of the world’s largest casual dining brands. Founded in 1980 in Atlanta, Georgia, Applebee’s offers classic Grill-and-Bar menu items featuring high-quality ingredients, reasonable prices, and quality service in a neighborhood setting. Today, they are further differentiating Applebee’s to maintain the brand’s position at the top of the casual dining segment. The company expects to generate sustainable same-restaurant sales momentum for Applebee’s brand by significantly increasing the effectiveness of Applebee’s marketing efforts, making improvements to the operational performance of restaurants, and introducing fresh, innovative dishes for guests to enjoy. The subject property is a 5,940-square-foot building, situated on 1.32 acres. The restaurant is located in the heart of Vincennes Retail Hub. The subject property is well positioned at the intersection of Kimmel and Hart Road on the Southeast corner, immediately south of the U.S. Highway 41 corridor. This places the subject and primary market area on the Southeast side of Vincennes. Kimmel Road runs parallel with U.S. Highway 41. This heavily traveled Highway has a daily traffic count of approximately 22,000 vehicles per day. The subject and primary market area are located approximately 2.0 miles west of the U.S. Highway 50 and 150 interchanges. This primary market area includes diverse land use, including mostly general retail including restaurants, convenience gas stations, and automobile dealerships. Major retail operations include a Walmart and Dollar General located in the Kimmel Crossing Shopping Center. Other major retail operations include Kohl's, J.C. Penny, and Office Max, among others. Aside from the predominant retail use, the subject's primary market area is intermixed with hotel facilities surrounding the subject property.