632 Park Avenue
632 Park Avenue, Worcester, MA 01603
Marketing description
632 Park Avenue is a passive investment leased to Applebee's on an absolute NNN ground lease. The tenant carries all obligations, including taxes, insurance, maintenance, repairs and replacements, leaving the landlord with zero management responsibility and zero capital expenditure exposure.
The lease is guaranteed by Apple New England LLC/ The Flynn Group. The current term runs through January 2030, followed by four 5-year renewal options that extend potential occupancy to 2045. Rent escalates 5% every five years, lifting income from $95,721 today to $116,349 at full term, a built-in hedge against inflation across the hold.
At a $1,475,000 list price, the in-place rent reflects a 6.5% cap rate. The building was renovated in 2023 and sits on a 1.03-acre parcel in the dense Webster Square retail corridor, where single-tenant restaurant pads are tightly held and rarely come to market.
Investment highlights
- 632 Park Avenue is a single-tenant Applebee's on an absolute NNN ground lease, anchoring well known Webster Square that has drawn restaurant traffic since 1948.
- Truly passive: absolute NNN ground lease with zero landlord obligations
- Corporate-guaranteed income from Apple New England LLC
- Built-in 5% rent increases every five years
- Term extends to 2045 via four 5-year options
- Tenant covers taxes, insurance, maintenance, repair and replacement responsibilities
- 2023 renovation in dense Webster Square retail corridor
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
