Applebee's Cheyenne
Retail | 6.50% CAP | 5,685 SqFt
Marketing description
Cbre is pleased offer the opportunity to purchase a single-tenant building 100% leased to applebee’s. (the “offering” or “the property”). The offering features an Absolute triple-net lease with an existing expiration date of december 2032, inclusive of four (4) five-year renewal options and contractual rent increases throughout Both the initial term and option periods. Flynn group, the world’s largest applebee’s franchisee with 460 locations across 25 states, recently took over this location As the franchisee and lease guarantor.
The 5,685-square-foot freestanding retail facility was constructed in 1992, with applebee’s occupying the site since its inception. This applebee’s location benefits From its adjacency to the frontier mall, a 524,000-square-foot regional shopping destination. The mall, drawing 2.9 million annual visits, offers a diverse range of Daily necessities, discount apparel, entertainment, and quick-service dining, thereby fostering significant synergy and cross-over consumer traffic
Strategically situated in the heart of wyoming’s state capital, the cheyenne applebee’s is just a 15-minute drive north of downtown cheyenne and 10 minutes from The regional airport. The property enjoys a prominent position along dell range boulevard, the primary retail corridor within the cheyenne msa, surrounded by Major national retailers such as dillard’s, walmart, target, lowe’s, kohl’s, jc penney, ross dress for less, sam’s club, and hobby lobby.
Applebee’s stands as one of the world’s leading casual dining brands, boasting over 1,500 restaurants across the united states and 11 other countries, operated by 53 franchisees as of december 31, 2024. headquartered in glendale, california, the brand is renowned for its welcoming, family-friendly atmosphere and distinctive Menu.
The applebee’s cheyenne property is being offered free and clear of existing debt on an “as-is/where is” basis
Investment highlights
- Long-term occupancy with store renovation plans
- Applebee’s at cheyenne has successfully operated at this location since 1992
- Tenant planning a refresh of the building and site in 2026, which will include: new signage, exterior and interior paint, new fixtures, wallpaper and artwork in the interior,
- Landscaping upgrade and foundational and concrete repairs
- Attractive absolute nnn lease structure with annual rent growth
- Current lease expiration of december 2032 with four (4) 5-year options to renew
- Annual contractual rent increases -- see lease abstract for more information.
- Anchored by a strong regional shopping center destination
- Frontier mall accounts for over 2.9 m visits over the past twelve months (placer.ai, jan 2026)
- Shadow anchored by national tenants: dillard’s, jc penney, bomgaars, target, ross, petco, planet fitness and hobby lobby
- Dense trade area and consumer traffic to property
- Over 53,665 residents with average household incomes of $94,815 within a 3-mile radius
- Over 84,330 residents with average household incomes of $94,019 within a 5-mile radius (per cbre location intelligence, jan 2026)
- Irreplaceable real estate fundamentals in an infill location
- Strategic location just over 2 miles from interstate-25, the primary north-south traffic artery through cheyenne and wyoming, along the primary retail corridor in the trade area
- Drive by exposure to over 24,800 vpd on dell range boulevard 4 neighborhood
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