Restaurant

Applebee's (Absolute NNN)

555 Troy Schenectady Road, Latham, NY 12110

Listing Price: $2,809,175

Cap Rate
7.00%
Tenant Name
TLC Central, LLC
Years Remaining On Lease
16.6
Guarantor
Franchisee Guarantee
Rentable SF
4,858
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$40.48

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 16-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. DENSE INFILL LOCATION OFF INTERSTATE 87 NEAR ALBANY INTERNATIONAL AIRPORT The subject property is located in a dense infill area of the Albany MSA. The property is situated just off of US Highway 87 (121,505 VPD) with excellent visibility and direct street frontage along Troy Schenectady Road with average daily traffic counts of 43,831 VPD. Nationally recognized retailers in the immediate area include Home Depot, Starbucks, Dick’s Sporting Goods, La-Z Boy, Red Robin, Walmart Supercenter, Lowe’s, AutoZone, Hobby Lobby, PetSmart, Target, CVS, Sam’s Club, Denny’s, Wendy’s, Dunkin’ Donuts, Chipotle, and many others. Albany International Airport, which serves the entire Capital Region, is located one mile west of the property. PROXIMITY TO MAJOR NORTHEAST MARKETS Albany county constitutes the economic and cultural core of the Capital District of the Empire State, which comprises the Albany-Schenectady -Troy, NY MSA, the third most populous metro region in the state. Geographically located equidistant between New York City to the south and Montreal to the north, Buffalo to the west and Boston to the east, Latham is conveniently situated along Interstate 87 (121,505 VPD) and the famous Hudson River. 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
  • DENSE INFILL LOCATION OFF INTERSTATE 87 NEAR ALBANY INTERNATIONAL AIRPORT
  • WELL-ESTABLISHED LOCATION WITH OFF-PREMISE SERVICES

Exclusively Listed By

Broker of Record

  • John Krueger

    Broker of Record

    License(s): NY: 10311205789

    New York

Listing Price: $2,809,175

Cap Rate
7.00%
Tenant Name
TLC Central, LLC
Years Remaining On Lease
16.6
Guarantor
Franchisee Guarantee
Rentable SF
4,858
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$40.48

Investment Highlights

  • ABSOLUTE NNN LEASE WITH ANNUAL RENT INCREASES
  • DENSE INFILL LOCATION OFF INTERSTATE 87 NEAR ALBANY INTERNATIONAL AIRPORT
  • 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 16-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. DENSE INFILL LOCATION OFF INTERSTATE 87 NEAR ALBANY INTERNATIONAL AIRPORT The subject property is located in a dense infill area of the Albany MSA. The property is situated just off of US Highway 87 (121,505 VPD) with excellent visibility and direct street frontage along Troy Schenectady Road with average daily traffic counts of 43,831 VPD. Nationally recognized retailers in the immediate area include Home Depot, Starbucks, Dick’s Sporting Goods, La-Z Boy, Red Robin, Walmart Supercenter, Lowe’s, AutoZone, Hobby Lobby, PetSmart, Target, CVS, Sam’s Club, Denny’s, Wendy’s, Dunkin’ Donuts, Chipotle, and many others. Albany International Airport, which serves the entire Capital Region, is located one mile west of the property. PROXIMITY TO MAJOR NORTHEAST MARKETS Albany county constitutes the economic and cultural core of the Capital District of the Empire State, which comprises the Albany-Schenectady -Troy, NY MSA, the third most populous metro region in the state. Geographically located equidistant between New York City to the south and Montreal to the north, Buffalo to the west and Boston to the east, Latham is conveniently situated along Interstate 87 (121,505 VPD) and the famous Hudson River. 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

Broker of Record

  • John Krueger

    Broker of Record

    License(s): NY: 10311205789

    New York

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