Absolute NNN – Applebee’s
4717 Dixie Highway, Louisville, Kentucky 40216, USA Map
Absolute Net Leased Midwest Applebee’s in Prime Retail Corridor with 19 Years Term, Annual Rent Increases (Inflation Hedge)
Listing Price $2,277,250
| Status | Active |
| Lease Type | Absolute Net |
| Property Type | Retail |
| CAP Rate | 5.85% |
| GLA (Sq. Ft.) | 4,371 |
| NOI | $133,219 |
| Lease Term Remaining | 19 Years |
| Increases | 1.5% Annual Escalation |
| Options | Four (4) Every 5 Years |
| State (BOR) | KY |
| Broker of Record | Colby Haugness |
| License # (BOR) | 242197 |
Investment Highlights
- Subject is an Applebee’s with a Total of 4,371 Square Feet of Leasable Space. Uniquely, There are Nineteen Years Left on This Absolute NNN Lease with Zero Landlord Responsibilities and Four Five-Year Options. 1.5% Yearly Rent Escalations Ensure Long-Term Cash Flow, Built 1991
- Successful Applebee’s Operator of Forty Plus Units, Experienced Operator Ensures Safety and Security of the Operations of the Brand | Applebee’s Advertises Heavily on the Radio, on Paper, and on Television
- Strategic Location at Powerful Intersection of Two Major Arterial Thoroughfares with Combined ADT of 143,098 Vehicles per Day | Dixie Highway (51,770 VPD), and Henry Watterson Expressway (91,328 VPD) (Source: CoStar 2021 Estimates)
- Well Established Retail Corridor | Nearby National Tenants Include: Walmart, Kroger, Taco Bell, AutoZone, McDonald’s, Pep Boys, Dunkin’ Donuts, Thorntons, Texas Roadhouse, O’Charley’s, Comfort Inn, Mazda, Ford, Walgreens, Planet Fitness, Wingstop, and Many More
- Subject is Located Fifteen Minutes From Louisville, KY and Has Over 189,307 Residents Living in 75,695 Households with an Average Household Income of $55,374 Within Five Miles, as of 2021 Estimates
- Subject is Close to Major Attractions, Including 1.3 Miles West of Iroquois Park, Three Miles Southwest of Churchill Downs Which Hosts the Kentucky Derby Race, Four miles Southwest of the University of Louisville, and 6.6 Miles West of Louisville Zoo
- Location, Location, Location: This Asset Offers Everything An Investor May Want from a Long Term Triple Net, Income Stream from Investment Grade Tenant, Rare Infill Real Estate in Highly Desirable Retail Corridor, Future Potential Upside in Growing Surrounding Area, Annual Rental Increases, Strong Retailer Sales
- Subject is Four Miles (Ten Minutes) from Louisville Muhammad Ali International Airport, Serving Over 4.2 Million Passengers and 5.7 Billion Pounds of Cargo as the Main Hub For UPS’s Worldwide Shipments | 2021 Was the Busiest Cargo Year in History Mainly Because of the One Billion Covid 19 Vaccines Shipped During the Pandemic
- UPS Worldport is the Second Busiest Cargo Airport in the United States and Fourth Busiest in the World, The Facility is 5.2 Million Square Feet, With a Perimeter of 7.2 Miles, 25,090 Employees, and a Fleet of 290 Aircrafts Moving 5.7 Billions Pounds of Cargo in 2021
- Two Miles East of Subject Asset is UofL Health – Mary & Elizabeth Hospital, a 298-Bed Full-Service Hospital With 12,000+ Employees Offering Full Range of Vascular, Orthopedic, Cardiac, Neurological, Surgical, Rehabilitative, and 24/7 Emergency Services Including 24/7 STEMI Service
- Major Employers in the Greater Louisville Area Include UPS Worldport (25,090), Jefferson County Public Schools (14,484), Norton Healthcare (13,828), Ford Motor Co. (2 Plants – 13,020), Humana Inc. (12,360), UofL Health (12,000), The Kroger Co. (9,300), and Walmart Inc. (6,650)
Investment Overview
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