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Applebee’s1617 US Highway 51 SCovington, TN 38019
EXECUTIVE SUMMARY
Actual Property Photo
APPLEBEE'S - COVINGTON
1617 US Highway 51 S, Covington, TN 38019
OFFERING PRICE
Price: $1,684,107
Cap Rate: 6.25%
NOI: $105,257
Gross Leasable Area (GLA): 4,978 SF
Price/Rentable SF: $338.31
Lot Size: 50,094 SF (1.15 Acres)
Year Built: 2013
LEASE SUMMARY
Lease Type: Triple Net (NNN)
Roof And Structure: Tenant Responsible
Lease Guarantor: Franchisee
Original Lease Term: 15 Years
Rent Commencement Date: COE
Lease Expiration Date: 15 Years
Remaining Lease Term: 15 Years
Options: 4 (5) Year
Increases: 10% Every Five Years
ANNUALIZED OPERATING DATA
RENT INCREASES ANNUAL RENT MONTHLY RENT CAP RATE
Years 1 - 5 $105,257 $8,771 6.25%
Years 6 - 10 $115,782 $9,649 6.88%
Years 11 - 15 $127,361 $10,613 7.56%
Option Period 1 Years 16 - 20 $140,097 $11,675 8.32%
Option Period 2 Years 21 - 25 $154,106 $12,842 9.15%
Option Period 3 Years 26 - 30 $169,517 $14,126 10.07%
Option Period 4 Years 31 - 35 $186,469 $15,539 11.07%
BASE RENT ($21.14/SF) $105,257
TOTAL RETURN 6.25%/$105,257
EXCLUSIVE LISTINGTiktin Real Estate Investment Services is pleased to present this Applebee’s restaurant located at 1617 US Highway 51 South in Covington, Tennessee. The restaurant was built in 2013 and has operated as an Applebee’s since being constructed. This 4,978 SF building sits on a 1.15 acre lot.
At the close of escrow, the seller will sign a 15 year Triple Net (NNN) lease. The lease will provide for zero landlord responsibilities, 10 percent increases every 5 years and four, 5-year options. Annual rent will be initially set at $105,257 per year.
This property offers direct frontage, signage, and access along US Highway 51, which experiences daily traffic counts in excess of 20,000 vehicles per day. This is the main highway which goes through Covington. This location is just under 40 miles from Memphis, TN, the closest major metro.
This newly constructed Applebee’s is surrounded by national retailers including Walmart, The Home Depot, Burger King, & IHOP (see aerial on page 14 for additional surrounding retailers). This Applebee’s is an outparcel to a Walmart Supercenter and just down the street from a Home Depot.
EXECUTIVE SUMMARY
Investment Highlights ■■ Strong Applebee’s Operator - 20 Unit
Guaranty■■ New Construction - 2013■■ New 15-Year Triple Net (NNN) Lease With Zero
Landlord Responsibilities■■ 10% Increases Every 5 Years■■ Ourparcel to a Walmart Supercenter■■ Four 5-Year Options To Renew■■ Available As A Portfolio Or Sold Individually
TIKTIN REAL ESTATE INVESTMENT SERVICESTel: (305) 363-4750 Tel: (844) 4- TIKTINFax: (305) 675-0774 TiktinRealEstate.com
Adam J. TiktinPresident/[email protected]
This information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify for any inaccuracies.
Applebee’s1617 US Highway 51 SCovington, TN 38019
BROKER OF RECORD - LOEB REALTY GROUP, LLCTN License No: 270296
Alejandro SnyderInvestment [email protected]
