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Applebee's Net Lease Investment Opportunity | 6.3% Cap Rate

2095 Pleasant Hill Road
Duluth, GA 30096
PRICE : $3,169,050
CAP RATE: 6.3%
PROPERTY TYPE: Retail
SITE SIZE: 0.80 Acres
BUILDING SIZE: 4,414 SF
YEAR BUILT: 1986

Highlights

  • Consistent store performance with 11 years remaining on NNN lease with two 5-year options remaining
  • Rare annual rent increases of 1.45%
  • Strong retail corridor just off Interstate-85 in Gwinnett County, GA with over 39,000 VPD and major retailers in the surrounding area
  • Unique and well-established multi-cultural area with continued growth anticipated
  • Across from Gwinnett Place Mall just purchased for mixed use re-development
  • Strong corporate guaranty with Atlanta based private equity firm, Argonne Capital

Description

This corporate Applebee’s is located in Duluth, Georgia (Atlanta MSA) across from Gwinnett Place Mall on the signalized corner of the Mall Corners Shopping Center. Traffic counts on Pleasant Hill are approaching 40,000 VPD, and the major North/South Interstate-85 is less than half a mile away.

The ± 4,414 SF building sits on a ± 0.8-acre site and is located in a dense and robust retail trade area. Other neighboring retail establishments include Petco, CitiTrends, Olive Garden, Taco Bell, Chipotle, Panda Express, Wendy’s, McDonald’s, Chili’s, Hooters, Staples, IHOP, Marshalls and T.J. Maxx.

This Applebee’s is operated by Atlanta-based Neighborhood Restaurant Partners, a subsidiary of the private equity firm Argonne Capital, which has 30,000 employees and owns several restaurant groups, including IHOP and On the Border, with annual sales of over $1.6B. This absolute NNN lease was recently extended through April 2032 and has two 5-year options remaining. There are also annual rent increases through the extended term and the renewal options.

Gwinnett County is recognized as a very strong multi-cultural area that supports a broad variety of retail and eating establishments. Gwinnett Place Mall, across from Applebee’s, was recently purchased and plans are underway to repurpose it as a major mixed use development, intending to meet the future needs and anticipated growth in the area.

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