Listed by Matthews
$1,813,000
Applebee’s
Details
Property Type Retail
Sub Type QSR/Fast Food, Restaurant
Square Footage 5,309
Cap Rate 5.25%
Tenancy Single
Brand/Tenant Applebee's
Lease Type Absolute NNN
Lease Expiration 12/05/2029
Remaining Term 4
Lease Options One, 5-Year Remaining
Price per SqFt $342
Year Built 1994
Buildings 1
Stories 1
Acreage 1.120
Lease Commencement 12/16/1994
Ground Lease Yes
Ownership Ground Lease
Absolute NNN Applebee’s – Low Rent – Mentor, OH
Investment highlights
- Long-Term Tenancy: Applebee’s has occupied the property since 1994, and has exercised several renewal options demonstrating long-term commitment to the location.
- Low Rent With Significant Upside Potential: Applebee’s is paying well below market rent. An investor can benefit from the potential of increasing rent through a lease negotiation at the end of the lease in eight years, or leasing the property to a new tenant.
- Absolute NNN Ground Lease – Zero Landlord Responsibilities: Featuring an Absolute NNN ground lease, the property offers a true passive investment with zero landlord responsibilities.
- Prime Location in a Dominant Retail Corridor With National Co-Tenancy: Strategically located within Mentor Commons, a Meijer-anchored shopping center along Mentor Avenue, the property benefits from excellent visibility and is surrounded by national retailers including Walmart, Target, Trader Joe’s, Lowe’s, Kohl’s, and Great Lakes Mall, driving sustained customer draw and long-term site viability.
- Strong Demographic Profile: The property is supported by a dense population base of over 105,000 residents within a 5-mile radius and average household incomes exceeding $133,000, reinforcing long-term tenant performance.
Listing Contacts
Listed by Matthews
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