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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).
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