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Restaurant

Applebee's

609 Kimmell Rd, Vincennes, IN 47591

Listing Price: $3,350,000

Cap Rate
6.56%
Tenant Name
Applebee's
Years Remaining On Lease
5.6
Guarantor
No Guarantee
Rentable SF
5,940
Lease Type
Triple Net (NNN)

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, Applebees 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 50 unit operator. The lease has over nine years remaining. The current rent will increase by 10% on July 1, 2023. Applebees, with more than 2,000 restaurants in 50 U.S. States, Puerto Rico and 15 countries around the world, is one of the worlds largest casual dining brands. Founded in 1980 in Atlanta, Georgia, Applebees 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 Applebees to maintain the brands position at the top of the casual dining segment. The company expects to generate sustainable same-restaurant sales momentum for the Applebees brand by significantly increasing the effectiveness of Applebees 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 interchange. 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 Wal-Mart and Dollar General located in the Kimmel crossing Shopping Center. Other major retail operations include Kohls, J.C. Penny, Office Max, among others. Aside from the predominate retail use, the subjects primary market area is intermixed with hotel facilities that surround the subject property.

Investment Highlights

  • Long Term Absolute NNN Lease
  • Zero Landlord Obligations
  • 100% fee Simple Interest

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s) IN: RB14034355

    Indiana

Restaurant

Applebee's

Listing Price: $3,350,000

Cap Rate
6.56%
Tenant Name
Applebee's
Years Remaining On Lease
5.6
Guarantor
No Guarantee
Rentable SF
5,940
Lease Type
Triple Net (NNN)

Investment Highlights

  • Long Term Absolute NNN Lease
  • Zero Landlord Obligations
  • 100% fee Simple Interest

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, Applebees 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 50 unit operator. The lease has over nine years remaining. The current rent will increase by 10% on July 1, 2023. Applebees, with more than 2,000 restaurants in 50 U.S. States, Puerto Rico and 15 countries around the world, is one of the worlds largest casual dining brands. Founded in 1980 in Atlanta, Georgia, Applebees 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 Applebees to maintain the brands position at the top of the casual dining segment. The company expects to generate sustainable same-restaurant sales momentum for the Applebees brand by significantly increasing the effectiveness of Applebees 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 interchange. 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 Wal-Mart and Dollar General located in the Kimmel crossing Shopping Center. Other major retail operations include Kohls, J.C. Penny, Office Max, among others. Aside from the predominate retail use, the subjects primary market area is intermixed with hotel facilities that surround the subject property.

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s): IN: RB14034355

    Indiana

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