Main Content
- Price $1,360,000
- Cap Rate 7%
- Status Investment Sales Sold
About This Property
For sale to qualified investors is a triple-net ground lease with Applebee’s in Mentor, Ohio. Situated on 1.12 acres of prime retail land at the entrance to a nearly 200,000 square foot Meijer grocery store, this investment provides a tenant with 31 years of longevity at this location plus incredible future upside potential. The operator, Flynn Restaurant Group, is the largest restaurant franchisee in the US and is the largest owner of Applebee’s in the entire chain with over 460 locations. Additionally, with low in place rent of $95,198 per year ($18 psf), this is also a value play as rents for similar freestanding buildings consistently exceed $35 psf in this corridor. Applebee’s currently has just under 5 years remaining on their current term with one remaining 5-year option at a 12% increase. The property is situated in one of the most dynamic commercial markets in all of Ohio. Nearby businesses include the LakeHealth Medical and Surgery Center, UH Medical Center, Memorial Middle School, Chipotle, Panda Express, Panera, Brueggers, Starbucks, Applebee’s, Bob Evans, Taco Bell, Meijer, Walmart, Petsmart, Walgreens, Lowe’s, Dick’s, Kohl’s, Homegoods, and many more.