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Restaurant

Applebee's (Absolute NNN)

1006 NY-36, Hornell, NY 14843

Listing Price: $3,560,302

Cap Rate
7.00%
Tenant Name
TLC Central, LLC
Years Remaining On Lease
16.2
Guarantor
Franchisee Guarantee
Rentable SF
5,168
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$48.22

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 11-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. OUTPARCEL TO A WALMART-ANCHORED SHOPPING CENTER The subject property is situated on an outparcel to a Walmart-anchored shopping center with Dollar Tree, Verizon, Wegman’s, and several other nationally recognized tenants. It has excellent visibility and direct street frontage along Highway 21, with average daily traffic counts of 9,754 VPD. 69,991 VPD). Other nationally recognized tenants in the immediate trade area include Lowe’s Home Improvement, AutoZone, Dunkin’ Donuts, GameStop, Advance Auto Parts, McDonald’s, and many more. WELL-ESTABLISHED APPLEBEE’S FRANCHISEE The Lease is guaranteed by TLC West, 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
  • OUTPARCEL TO A WALMART-ANCHORED SHOPPING CENTER
  • WELL-ESTABLISHED LOCATION WITH OFF-PREMISE SERVICES

Exclusively Listed By

Restaurant

Applebee's (Absolute NNN)

Listing Price: $3,560,302

Cap Rate
7.00%
Tenant Name
TLC Central, LLC
Years Remaining On Lease
16.2
Guarantor
Franchisee Guarantee
Rentable SF
5,168
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$48.22

Investment Highlights

  • ABSOLUTE NNN LEASE WITH ANNUAL RENT INCREASES
  • OUTPARCEL TO A WALMART-ANCHORED SHOPPING CENTER
  • 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 11-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. OUTPARCEL TO A WALMART-ANCHORED SHOPPING CENTER The subject property is situated on an outparcel to a Walmart-anchored shopping center with Dollar Tree, Verizon, Wegman’s, and several other nationally recognized tenants. It has excellent visibility and direct street frontage along Highway 21, with average daily traffic counts of 9,754 VPD. 69,991 VPD). Other nationally recognized tenants in the immediate trade area include Lowe’s Home Improvement, AutoZone, Dunkin’ Donuts, GameStop, Advance Auto Parts, McDonald’s, and many more. WELL-ESTABLISHED APPLEBEE’S FRANCHISEE The Lease is guaranteed by TLC West, 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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