Address: 6600 West Freeway, Fort Worth, Texas, United States 76116
Cap Rate: 6.25%
Lease Type: Triple-Net (NNN
Annual Rent: $248,970
Net Operating Income: $248,970
Lease Term Remaining: 9 Years
Rental Increases: 10% Every Five Years
Options: Four, Five Year Options
Year Built: 1994
Rentable Sq/Ft: 5,801 SF
Rent Sq/Ft: $42.92
Price Sq/Ft: $687
Lot Size: 1.14 Acres
Marcus & Millichap is pleased to present the market positioning and pricing analysis for the Applebee’s located at 6600 West Freeway in Fort Worth, Texas. The property was built in 1994 and consists of approximately 5,801 rentable square feet on over 1.14 acres of land.
The subject property is subject to a 20-year triple-net (NNN) lease that has approximately 9 years remaining on the lease. The tenant currently pays $248,970 in rent that is schedule to increase by 10% every five years throughout the primary term and four, five year tenant renewal option periods.
The subject investment property is located at 6600 West Freeway in Fort Worth, Texas. Fort Worth is the fifth largest city in the state of Texas and is the sixteenth largest city in the United States. The property is located directly off of Interstate 30, which is a major interstate highway that connects Dallas and Fort Worth. Interstate 30 boasts an average daily traffic count of over 110,250 vehicles while Route 183 has an average daily traffic count of more than 32,120 vehicles per day. There are more than 91,663 individuals residing within a three-mile radius of the property and more than 206,872 individuals within a five-mile radius.
The subject property benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, shopping centers, and hotels all within close proximity of this property. Major national tenants within the immediate area also include Chick-Fil-A, Walmart, Sam’s Club, Albertsons, McDonald’s, Arby’s, Panda Express, Target, Lowe’s, as well as many others. There is a brand new Panera, Raising Cane’s, and 7-Eleven, as well as many other properties that have recently been developed in this area. This Applebee’s benefits greatly from its close proximity to Tarleton State University Fort Worth and Texas Health Harris Methodist Hospital Fort Worth. The University enrolls over 11,000 students and is located less than four miles east of this Applebee’s. The hospital is equipped with 720-beds and is located roughly three miles from the subject property.
Located within one-mile is Naval Air Station Fort Worth Joint Reserve Base (NAS Fort Worth JRB). The base is part of Navy Installation Command’s Navy Region Southeast and is a joint defense facility which plays a pivotal role in training and equipping air crews and aviation ground support personnel. NAS Fort Worth JRB employs over 10,000 individuals including active duty military, Guardsmen, Reservists, and civilians.
Fort Worth is the county seat of Tarrant County and is listed on US News & World Report’s list of “125 Best Places to Live in the USA.” Fort Worth’s main industry is aeronautics, with Lockheed Martin employing over 13,500 individuals. The Naval Air Station Joint Reserve Base and American Airlines also have major operations within the city. The Fort Worth Independent School District has a major presence in the city, with over 86,000 students alone. In addition, Fort Worth is conveniently located 17.5 miles from DFW International Airport. With 1,850 flights daily, DFW Airport serves as a gateway for visitors from around the globe, making Fort Worth an easily accessible international and domestic leisure destination.
Broker of Record: Timothy Speck License #9002994