Applebee’s Sale-Leaseback - Kalamazoo, MI 5330 W Main St 5,621 SF Retail Building Kalamazoo, MI 49009 For Sale 6.50% Cap Rate

Marcus & Millichap presents Applebee’s Neighborhood Grill and Bar, a single-tenant absolute net lease investment located at 5330 West Main Street in Kalamazoo, Michigan. The 5,621-square-foot freestanding restaurant is situated on a prominent outlot within Maple Hill Pavilion, a Target-anchored retail center and one of the area’s most established shopping destinations. The property is positioned on a 1.16-acre parcel and offers strong visibility and exposure along West Main Street, a primary retail corridor serving the Kalamazoo market. The tenant has operated continuously at this location since September 2012, demonstrating long-term commitment and durability within the trade area.
This Applebee’s location is a high-performing site positioned within a dominant retail corridor. The property benefits from traffic counts of approximately 28,259 vehicles per day along West Main Street and ranks within the top 9 percent statewide and top 11 percent nationally, according to Placer.ai. Store-level performance is further supported by a low 5.89 percent rent-to-sales ratio, providing meaningful operating cushion and reinforcing the long-term sustainability of the site.
Applebee’s is one of the world’s largest casual dining brands, operating approximately 1,600 restaurants across the United States, two U.S. territories, and 11 international markets. The brand is franchised by subsidiaries of Dine Brands Global Inc. (NYSE: DIN), one of the world’s leading full-service restaurant companies. The subject property is operated by TSFR Apple Venture which is owned by TEAM Schostak Family Restaurants, a family-owned franchise operator headquartered in Livonia, Michigan, operating a substantial multi-brand portfolio statewide, including approximately 60 Applebee’s locations, 23 Olga’s Kitchen restaurants, and a growing MOD Pizza platform. TEAM Schostak has been recognized by USA Today as a Top Workplace for the fifth consecutive year, underscoring the strength, stability, and employee-focused culture of the operator.
The property is located along West Main Street near the Drake Road intersection, one of Kalamazoo’s most established retail corridors, and benefits from immediate proximity to US-131, which carries approximately 55,082 vehicles per day and provides strong regional connectivity. As a highly visible outlot within Maple Hill Pavilion, the site features direct frontage along West Main Street and is surrounded by national retailers including Meijer, Walmart Supercenter, Menards, Lowe’s, Kohl’s, and ALDI, all of which contribute to consistent traffic flow and long-standing retail draw.
Kalamazoo is the largest city in Southwest Michigan and is strategically positioned between Chicago and Detroit. The local economy is supported by a diversified mix of industries including health sciences, higher education, medical devices, and manufacturing. The city is home to Western Michigan University, which enrolls approximately 16,343 students, along with major healthcare providers such as Bronson Methodist Hospital and Beacon Kalamazoo Hospital, each serving as significant employment and economic anchors for the region.
This Applebee’s may be acquired individually or as part of a two-property Applebee’s portfolio that includes an additional location in Adrian, Michigan, which has also been continuously operated by the tenant since September 2012. Together, the portfolio comprises 11,754 square feet of gross leasable area across approximately 1.95 acres. Store-level performance across both locations is supported by low rent-to-sales ratios, with the Kalamazoo location reporting a 5.89% rent-to-sales ratio and the Adrian location reporting a 4.80% rent-to-sales ratio, reinforcing the long-term durability and operating strength of the portfolio.
The property is scheduled to undergo a Greenhouse Remodel in 2026, aligned with current Applebee’s brand standards. Planned improvements include exterior enhancements, updated interior finishes, modernized seating and bar areas, To-Go program enhancements, renovated restrooms, and parking lot improvements, further reinforcing the tenant’s long-term commitment to the site and enhancing the overall quality and competitiveness of the asset.
With strong store-level performance, more than a decade of continuous operation, favorable operating economics, an award-winning franchise operator, a long-term absolute net lease structure, dense national retail adjacency, and placement within one of Southwest Michigan’s most established retail corridors, this offering presents the opportunity to acquire a passive, net-leased investment with durable cash flow characteristics.