Applebee's | 1617 Highway 51 S
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
Applebee's 1617 Highway 51 S
4,978 SF Retail Building Covington, TN 38019 $1,515,938 ($305/SF) 8% Cap Rate
Executive Summary
Current Real Estate Advisors is pleased to present the opportunity to acquire Applebee’s – Covington, TN (the “Property”), a freestanding ±4,978 SF single-tenant building located on a 1.15 Acre lot in the Memphis MSA. The Property will have an absolute NNN lease executed at COE with Zero Landlord responsibilities and can be acquired individually or as a portfolio (see Page 3).
This Sale-Leaseback offering includes a brand new 7.5 year lease with attractive 10% bumps every 5 years that will be signed at Closing. Further, the lease will also include 4, 5-year Options – demonstrating the operator’s commitment to the location.
Ownership are proven operators that have successfully owned and managed dozens of Applebee’s locations (as well as Burger King, Pizza Hut, TGIF, and IHOPs). They have gained national recognition and have received various awards for their highly successful operating strategy (see Page 7).
This offering presents a unique opportunity for an astute investor to acquire strategically distributed real estate throughout the Midwest or to handpick their desired location(s) for individual acquisitions, from an assortment of assets with long-term stability and stable cash flow from a resilient operator.
Strong Operating History - The Tenant has successfully owned and operated these restaurant businesses for an average of 10+ years (along with a multitude of others), providing proof of concept for these locations
Secure + Steady Income Stream - Each location will benefit from a new Absolute NNN lease that will be signed at Closing, with Zero Landlord responsibilities, providing genuinely passive income
Shadow Anchored Retail - Located just 35 miles from Downtown Memphis, the Property is shadow anchored by a Walmart Supercenter and Home Depot, with adjacent Verizon, Murphy USA and Zaxby’s outparcels
Attractive Yield - This Applebee’s asset provides an investor with a lucrative return on their capital investment, allowing the new owner to maximize their future cash flow and hedge against inflation
This Sale-Leaseback offering includes a brand new 7.5 year lease with attractive 10% bumps every 5 years that will be signed at Closing. Further, the lease will also include 4, 5-year Options – demonstrating the operator’s commitment to the location.
Ownership are proven operators that have successfully owned and managed dozens of Applebee’s locations (as well as Burger King, Pizza Hut, TGIF, and IHOPs). They have gained national recognition and have received various awards for their highly successful operating strategy (see Page 7).
This offering presents a unique opportunity for an astute investor to acquire strategically distributed real estate throughout the Midwest or to handpick their desired location(s) for individual acquisitions, from an assortment of assets with long-term stability and stable cash flow from a resilient operator.
Strong Operating History - The Tenant has successfully owned and operated these restaurant businesses for an average of 10+ years (along with a multitude of others), providing proof of concept for these locations
Secure + Steady Income Stream - Each location will benefit from a new Absolute NNN lease that will be signed at Closing, with Zero Landlord responsibilities, providing genuinely passive income
Shadow Anchored Retail - Located just 35 miles from Downtown Memphis, the Property is shadow anchored by a Walmart Supercenter and Home Depot, with adjacent Verizon, Murphy USA and Zaxby’s outparcels
Attractive Yield - This Applebee’s asset provides an investor with a lucrative return on their capital investment, allowing the new owner to maximize their future cash flow and hedge against inflation
Data Room Click Here to Access
- Offering Memorandum
Property Facts Under Contract
Sale Type
Investment NNN
Sale Conditions
Property Type
Retail
Property Subtype
Restaurant
Building Size
4,978 SF
Building Class
B
Year Built
2013
Price
$1,515,938
Price Per SF
$305
Cap Rate
8%
NOI
$121,275
Tenancy
Single
Building Height
1 Story
Building FAR
0.10
Lot Size
1.15 AC
Zoning
GC - General Commercial
Parking
81 Spaces (10 Spaces per 1,000 SF Leased)
Frontage
175 FT on Us-51 Hwy
Amenities
- Pylon Sign
- Signage
- Signalized Intersection
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 041P-A-005.00 | Improvements Assessment | $299,800 |
| Land Assessment | $231,040 | Total Assessment | $530,840 |
PROPERTY TAXES
Parcel Number
041P-A-005.00
Land Assessment
$231,040
Improvements Assessment
$299,800
Total Assessment
$530,840
1 of 7
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
Applebee's | 1617 Highway 51 S
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.