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Applebee's - Lakeland FL 230 Arteva Dr 5,096 SF Retail Building Lakeland, FL 33809 $7,098,778 CAD ($1,393.01 CAD/SF) 6.65% Cap Rate
INVESTMENT HIGHLIGHTS
- 7+ Years Remaining | Annual Rental Increases | Established Brand | Strong Operator
- Shoppes of Lakeland | Dense Retail Corridor | Strong National/Credit Tenant Presence
- Strong Demographics in 5-mile Trade Area
- Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
- Located Along County Rd 582 | Interstate 4 | Excellent Visibility & Access
EXECUTIVE SUMMARY
• The tenant currently has 7+ years remaining on their initial lease with 2 (5-year) options to extend, demonstrating their commitment to the site
• The lease features 1% annual rental increases during the initial term and options thereafter, growing NOI and hedging against inflation
• The lease is guaranteed by Neighborhood Restaurant Partners, a 100+ unit franchisee
• Applebee’s franchise operations consisted of 1,567 Applebee’s restaurants in the United States and 47 company-operated U.S restaurants as of December 29, 2024
• The lease features 1% annual rental increases during the initial term and options thereafter, growing NOI and hedging against inflation
• The lease is guaranteed by Neighborhood Restaurant Partners, a 100+ unit franchisee
• Applebee’s franchise operations consisted of 1,567 Applebee’s restaurants in the United States and 47 company-operated U.S restaurants as of December 29, 2024
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
5,096 SF
Building Class
B
Year Built/Renovated
2000/2009
Price
$7,098,778 CAD
Price Per SF
$1,393.01 CAD
Cap Rate
6.65%
NOI
$472,053 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
1.59 AC
Zoning
GC - General Commercial
Parking
88 Spaces (17.27 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Bus Line
- Corner Lot
- Freeway Visibility
- Pylon Sign
- Restaurant
- Signage
NEARBY MAJOR RETAILERS
Fifth Third Bank
PROPERTY TAXES
| Parcel Number | 24-27-30-162010-000010 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,662,855 CAD |
PROPERTY TAXES
Parcel Number
24-27-30-162010-000010
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,662,855 CAD
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Applebee's - Lakeland FL | 230 Arteva Dr
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