3240 Towne BlvdMiddletown, OH 45044

For Sale
$2,379,000

High-performing Applebee's, strong ROI.

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional investment opportunity presents a fee-simple, single-tenant, absolute triple-net (NNN) leased Applebee's Grill + Bar. Located in Middletown, Ohio, this 5,335 square foot restaurant sits on a 1.69-acre lot and boasts a 7.80% cap rate with a strong NOI of $185,557. The 20-year lease, commencing December 20, 2013, and expiring December 19, 2033, has approximately 9.1 years remaining, featuring 10% rent bumps every five years. The property benefits from its prime location in a high-traffic retail corridor near major retailers like Walmart, Lowe's, Kohl's, Meijer, and Kroger, and is less than two miles from Atrium Medical Center, a significant traffic generator. The lease is guaranteed by RMH Franchise Holdings, the largest Applebee's franchisee in the country. The tenant consistently outperforms national sales averages by over 30%, indicating a robust and successful operation. Furthermore, the property's strategic location benefits from its proximity to the new $200 million Renaissance Pointe development and the recently acquired Towne Mall, both poised for significant future growth and increased foot traffic. This investment offers a secure, passive income stream with substantial upside potential due to the tenant's exceptional performance and the area's promising future development. The asking price is $2,379,000. The property's address is 3240 Towne Blvd, Middletown, OH 45044. Built in 1994, this one-story building is situated in a highly trafficked area, with Roosevelt Blvd seeing over 28,000 cars daily and Highway 75 exceeding 115,000.

Highlights

  • $200M Renaissance Pointe development, a 50-acre mixed-use project (including Class A retail, office, event center, residential, and hotel components), broke ground June 2024, one mile away, expected to draw 400,000 annual visitors.
  • City of Middletown acquired the 32-acre Towne Mall (0.5 miles away) for future development in June 2024.
  • Less than two miles from Atrium Medical Center, a 260-acre Level III Trauma Center, driving significant traffic and sales.
  • Prime retail location in the area's main shopping district, near Walmart, Lowe's, Kohl's, Meijer, Kroger, and Cincinnati Premium Outlets.
  • High traffic area with over 28,000 vehicles daily on Roosevelt Blvd and over 115,000 on Highway 75 (0.5 miles away).
  • Lease guaranteed by RMH Franchise Holdings, the nation's largest Applebee's franchisee (130+ locations).

Property Details for 3240 Towne Blvd

Property type
Other retail properties, Restaurants
Square Feet
5,335 SF
Year Built
1994
Buildings
1
Stories
1
Lot Size (sq. ft)
73,616 SF
Units
1

Location Insight

City
Middletown
County
Warren
State
Ohio
Latitude
39.4915222
Longitude
-84.3295833
3240 Towne Blvd, Middletown, Ohio

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3240 Towne Blvd
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