Address: 5609 Highway 10 East, Stevens Point, Wisconsin, United States 54482
Cap Rate: 6.75%
Lease Type: Triple-Net (NNN)
Annual Rent: $119,364
Net Operating Income: $119,364
Lease Term Remaining: 20 Years
Rental Increases: 10 Percent Every Five Years (Starting Year 6)
Options: Four, Five Year Options
Rentable Sq/Ft: 4,671 SF
Rent Sq/Ft: $25.55
Price Sq/Ft: $379
Lot Size: 1.09 Acres
Marcus & Millichap is pleased to present the exclusive listing for an Applebee’s located at 5069 Highway 10 East in Stevens Point, Wisconsin. The property consists of approximately 4,671 square feet of building space and sits on 1.09 acres of land.
The property is subject to a brand new 20-year Triple-Net (NNN) lease. The current rent is $119,364 with 10% increases every five years starting in year six. The increases will continue through the four, five year tenant renewal options. The tenant is Apple Hospitality Group LLC.
Headquartered in Kansas City, Missouri, Applebee’s has been providing customers with great service and even better food since 1980. With over 2,000 locations worldwide, Applebee’s is an iconic chain that has strong brand recognition in not only America, but Europe and Asia as well. Applebee’s prides itself in the commitment it makes to provide not only the best American food possible, but it’s commitment to providing customers with a great dining experience for over 35 years now.
This Applebee’s is located at 5609 Highway 10 East in Stevens Point, Wisconsin. Stevens Point is centrally located in the state on the Wisconsin River encompassing the intersection of interstate 39 and State Highway 10 in Portage County. Stevens Point is the largest city in the county.
The subject property is well-positioned in a dense retail corridor, benefiting from its proximity to major national and local retailers. Target, McDonald’s, Fazoli’s, U.S. Bank, Aldi, Holiday Inn, Arby’s, Amber Grill, Good Will, TFC Bank, Subway, Dunham’s Sports, DQ, Buffalo Wild Wings, Culver’s, Wendy’s, Taco Bell, as well as many other retailers are in the immediate vicinity. Historic Stevens Point Brewery, a local staple since 1857, is located about four miles from the subject property. Bukolt Park, a 56-acre park located along the Wisconsin River, is located within six miles from the subject property. This Applebee’s property benefits from its close proximity to the University of Wisconsin- Stevens Point, which is three miles from the property. The University has over 9,600 students enrolled annually
Stevens Point has approximately 15,380 individuals residing within a three-mile radius of the property and more than 43,203 within a five-mile radius. The Captain D’s property is located on State highway 10 which intersects with Brilowski Road. State Highway 10 has a daily traffic count of approximately 23,500 vehicles. Nearby U.S. Interstate 39 has a daily traffic count of roughly 28,700 vehicles.
Located in Portage County, Stevens Point is the largest city in the county. A number of companies have corporate headquarters in the city, including Delta Dental of Wisconsin, Noel Group, Sentry Insurance, and Travel Guard. Associated Bank and Donaldson Company operate regional headquarters in Stevens Point. Stevens Point has extensive educational opportunities, and is home to a University of Wisconsin campus and a Mid-State Technical College campus. Stevens Point was listed in Relocate-America’s Top 10 Best Places to Live in 2007 and 2008 for the United States and listed in the Top 100 for 2003, 2004, 2007, 2008, 2009 and 2010. It was listed in the Top Ten Recreation cities in America in 2010. In 2009 CNNMoney.com ranked Stevens Point the 18th best place to retire. The magazine stated that there was “plenty for retirees to do in the summertime” as well as the winter, including hiking, biking and skiing the Green Circle Trail.
Broker of Record: Todd Lindblom – License # 56163