Restaurant

Applebee's (Absolute NNN)

856 NY-13, Cortland, NY 13045

Listing Price: $3,747,253

Cap Rate
7.00%
Tenant Name
TLC Central, LLC
Years Remaining On Lease
16.90
Guarantor
Franchisee Guarantee
Rentable SF
4,510
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$58.16

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 19-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. SYNERGISTIC RETAIL LOCATION IDEALLY POSITIONED BETWEEN A LOWE’S AND A WALMART SUPERCENTER The subject property is located on an outparcel to a Price Chopper anchored shopping center that is stradled by a Lowe’s Home Improvement and a Walmart Supercenter. The property has direct street frontage along Highway 13 with average daily traffic counts of 10,794 VPD. There are favorable demographics in the region with 31,499 residents having an average household income of $66,666 within a 5-mile radius of the subject property. Nationally recognized retailers in the immediate area include Walmart Supercenter, Lowe’s, ALDI, McDonald’s, Dunkin’, Moe’s Southwest Grill, Marshall’s, Maurices, A&W Restaurant, AT&T, Verizon, Dollar Tree, KeyBank and more. LOCATED WITHIN CLOSE PROXIMITY TO STATE UNIVERSITY OF NEW YORK AT CORTLAND The city of Cortland is a college town, hosting the State University of New York at Cortland, one of the top four-year institutions in New York’s State University system with 6,834 students. Cornell University, Syracuse University, SUNY Binghamton, and Ithaca College are also all within an easy 35-minute drive of the City of Cortland. In addition, local Community Colleges contribute to the cultural and economic fabric of central New York. 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
  • SYNERGISTIC RETAIL LOCATION IDEALLY POSITIONED BETWEEN A LOWE'S AND A WALMART SUPERCENTER
  • WELL-ESTABLISHED LOCATION WITH OFF-PREMISE SERVICES

Exclusively Listed By

Restaurant

Applebee's (Absolute NNN)

Listing Price: $3,747,253

Cap Rate
7.00%
Tenant Name
TLC Central, LLC
Years Remaining On Lease
16.90
Guarantor
Franchisee Guarantee
Rentable SF
4,510
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$58.16

Investment Highlights

  • ABSOLUTE NNN LEASE WITH ANNUAL RENT INCREASES
  • SYNERGISTIC RETAIL LOCATION IDEALLY POSITIONED BETWEEN A LOWE'S AND A WALMART SUPERCENTER
  • 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 19-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. SYNERGISTIC RETAIL LOCATION IDEALLY POSITIONED BETWEEN A LOWE’S AND A WALMART SUPERCENTER The subject property is located on an outparcel to a Price Chopper anchored shopping center that is stradled by a Lowe’s Home Improvement and a Walmart Supercenter. The property has direct street frontage along Highway 13 with average daily traffic counts of 10,794 VPD. There are favorable demographics in the region with 31,499 residents having an average household income of $66,666 within a 5-mile radius of the subject property. Nationally recognized retailers in the immediate area include Walmart Supercenter, Lowe’s, ALDI, McDonald’s, Dunkin’, Moe’s Southwest Grill, Marshall’s, Maurices, A&W Restaurant, AT&T, Verizon, Dollar Tree, KeyBank and more. LOCATED WITHIN CLOSE PROXIMITY TO STATE UNIVERSITY OF NEW YORK AT CORTLAND The city of Cortland is a college town, hosting the State University of New York at Cortland, one of the top four-year institutions in New York’s State University system with 6,834 students. Cornell University, Syracuse University, SUNY Binghamton, and Ithaca College are also all within an easy 35-minute drive of the City of Cortland. In addition, local Community Colleges contribute to the cultural and economic fabric of central New York. 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

MM Texture Background
MM Textured Background Lower