15 Year Absolute NNN Corporate Guaranteed Applebee’s

281 Commonwealth Blvd W, Martinsville, VA 24112, USA
$3,099,000

Description

Marcus & Millichap is pleased to present for sale this freestanding Applebee’s located in Martinsville, Virginia.
This Rare Corporate Guaranteed Applebee’s is located across the street from a recently remodeled Power Center anchored by Kroger, Belk, Dunham Sports OfficeMax, and Marshalls. There are 15 years remaining on the original lease with a 1.5 percent annual increases until 2022 and then 10% increases every five years starting in July 2023. This site experiences strong, steady sales due to its strategic location on Commonwealth Boulevard, a main thoroughfare for the county of Martinsville.
There are over 33,321 full-time residents with an above average house hold income exceeding $49,305, annually. Well known for the Martinsville Speedway and NASCAR racing, Martinsville, Virginia is equally inviting for outdoor recreation, arts, cultural events and just plain relaxation. Visit trails, historic sites and scenic landscapes. Enjoy natural history, arts, music and theatrical performances. Experience sports with NASCAR, soccer, lacrosse, golf and baseball. Trout-filled rivers, quiet lakes and gentle mountains surround this beautiful location that’s full of rich history. Home to some of the finest recreational and cultural activities in the country, Martinsville-Henry County also boasts a climate just right for those who enjoy all four seasons with cool winters and pleasant summers. With a scenic backdrop of the Blue Ridge Mountains, the spring and autumn seasons are simply breathtaking.
As featured in the Martinsville Bulletin of June 2018, the unemployment rate in Martinsville, Virginia (Henry County) has reached an 18 Year Low. The average unemployment rate across the United States is 3.7 percent, but in Virginia (Martinsville) it is at an all-time low of 2.8 percent as of April. According to the website www.bestplacestolive.com Martinsville, Virginia has seen the job market increase by 1.1 percent over the last year. The future job growth in this area of the country is expected to be 24.3 percent over the next ten years.

  • Rare Corporate Guaranteed Applebee’s with Strong, Increasing Year over Year Sales
  • 15 Years Remaining on the lease with attractive 1.5% Annual Increases until 2023 and then 10% Increases every 5 Years
  • Located Across the street from a Remodeled Power Center Anchored by Kroger, Marshalls, Dunham Sports, Office Max and Belk
  • Martinsville’s Unemployment Rate has reached an 18 year low

Property Documents

  • City: Martinsville
  • State/county: Virginia
  • Zip/Postal Code: 24112
  • Country: United States

Detail

  • Price: $3,099,000

Additional details

  • CAP Rate: 6.54%
  • NOI: $202,785

Features

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