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Restaurant

Applebee's (Absolute NNN)

877 County Road 64, Elmira, NY 14903

Listing Price: $2,964,892

Cap Rate
7.00%
Tenant Name
TLC Central, LLC
Years Remaining On Lease
16.2
Guarantor
Franchisee Guarantee
Rentable SF
5,396
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$38.46

Investment Overview

ABSOLUTE NNN LEASE WITH ANNUAL RENT INCREASES The subject property operates under a 20-year Absolute NNN Lease, with approximately 17-years remaining. The lease offers 1.5% annual rent increases during the primary term and the 4, 5-year option periods. There are no landlord management or maintenance responsibilities whatsoever. WELL-ESTABLISHED LOCATION WITH OFF-PREMISE SERVICES The Applebee’s Neighborhood Grill & Bar has a 24-year operational history at this location. Dine Brands and their franchisees have taken precautionary measures and swiftly pivoted to an off-premise business model to adapt to local and state government mandates. CarsideTo-Go services have also contributed to positive comparable traffic and off-premise sales growth. MAIN RETAIL CORRIDOR IMMEDIATELY OFF OF I-86 The subject property is located in a dense retail corridor of Elmira with average household incomes of $114,121 within a 1-mile radius. The property is situated immediately off of I-86 (30,144 VPD) with excellent visibility and direct street frontage along County Road 64 and Chambers Road. Nationally recognized retailers in the immediate area include Target, Lowe’s, Sam’s Club Petco, Hobby Lobby, Panera Bread, Best Buy, Michael’s, Taco Bell, Wendy’s, Five Guys, Sportman’s Warehouse, Dollar Tree, Verizon Wireless, Staples, and many more. The Subject Property is located less than one mile from the Elmira Corning Regional Airport, the only airport within a 30-mile radius of the Southern Tier and Finger Lakes Region. LOCATED IN MARK TWAIN COUNTRY IN THE FINGER LAKES REGION Greater Elmira and the Southern Tier of New York along the Pennsylvania border is an area rich in history for the United States. Mark Twain penned several of his literary classics and summered in Elmira for more than 20 years. Propelled by price-conscious buyers of all generations interested in urban living, Elmira is known for its housing affordability compared to New York City and other nearby larger cities, its population density, accessibility, higher education, quality of life, commute times, health care costs, arts vibrancy and a budding wine destination in the picturesque Finger Lakes Region. WELL-ESTABLISHED APPLEBEE’S FRANCHISEE The Lease is guaranteed by TLC Central, LLC (28 units), which is a part of T. L. Cannon Companies. T.L. Cannon Companies (TLC West, LLC, TLC Central, LLC, TLC East, LLC) is a private franchisee of 60 Applebee’s Neighborhood Grill & Bar restaurants in Upstate New York, Connecticut and Sayre, Pennsylvania. Please see agent for further details.

Investment Highlights

  • ABSOLUTE NNN LEASE WITH ANNUAL RENT INCREASES
  • MAIN RETAIL CORRIDOR IMMEDIATELY OFF OF I-86
  • WELL-ESTABLISHED LOCATION WITH OFF-PREMISE SERVICES

Exclusively Listed By

Restaurant

Applebee's (Absolute NNN)

Listing Price: $2,964,892

Cap Rate
7.00%
Tenant Name
TLC Central, LLC
Years Remaining On Lease
16.2
Guarantor
Franchisee Guarantee
Rentable SF
5,396
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$38.46

Investment Highlights

  • ABSOLUTE NNN LEASE WITH ANNUAL RENT INCREASES
  • MAIN RETAIL CORRIDOR IMMEDIATELY OFF OF I-86
  • WELL-ESTABLISHED LOCATION WITH OFF-PREMISE SERVICES

Investment Overview

ABSOLUTE NNN LEASE WITH ANNUAL RENT INCREASES The subject property operates under a 20-year Absolute NNN Lease, with approximately 17-years remaining. The lease offers 1.5% annual rent increases during the primary term and the 4, 5-year option periods. There are no landlord management or maintenance responsibilities whatsoever. WELL-ESTABLISHED LOCATION WITH OFF-PREMISE SERVICES The Applebee’s Neighborhood Grill & Bar has a 24-year operational history at this location. Dine Brands and their franchisees have taken precautionary measures and swiftly pivoted to an off-premise business model to adapt to local and state government mandates. CarsideTo-Go services have also contributed to positive comparable traffic and off-premise sales growth. MAIN RETAIL CORRIDOR IMMEDIATELY OFF OF I-86 The subject property is located in a dense retail corridor of Elmira with average household incomes of $114,121 within a 1-mile radius. The property is situated immediately off of I-86 (30,144 VPD) with excellent visibility and direct street frontage along County Road 64 and Chambers Road. Nationally recognized retailers in the immediate area include Target, Lowe’s, Sam’s Club Petco, Hobby Lobby, Panera Bread, Best Buy, Michael’s, Taco Bell, Wendy’s, Five Guys, Sportman’s Warehouse, Dollar Tree, Verizon Wireless, Staples, and many more. The Subject Property is located less than one mile from the Elmira Corning Regional Airport, the only airport within a 30-mile radius of the Southern Tier and Finger Lakes Region. LOCATED IN MARK TWAIN COUNTRY IN THE FINGER LAKES REGION Greater Elmira and the Southern Tier of New York along the Pennsylvania border is an area rich in history for the United States. Mark Twain penned several of his literary classics and summered in Elmira for more than 20 years. Propelled by price-conscious buyers of all generations interested in urban living, Elmira is known for its housing affordability compared to New York City and other nearby larger cities, its population density, accessibility, higher education, quality of life, commute times, health care costs, arts vibrancy and a budding wine destination in the picturesque Finger Lakes Region. WELL-ESTABLISHED APPLEBEE’S FRANCHISEE The Lease is guaranteed by TLC Central, LLC (28 units), which is a part of T. L. Cannon Companies. T.L. Cannon Companies (TLC West, LLC, TLC Central, LLC, TLC East, LLC) is a private franchisee of 60 Applebee’s Neighborhood Grill & Bar restaurants in Upstate New York, Connecticut and Sayre, Pennsylvania. Please see agent for further details.

Exclusively Listed By

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