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Applebee’s

McPherson, Kansas

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Marcus & Millichap is pleased to present the exclusive net lease offering for an Applebee’s located at 2280 E. Kansas Ave in McPherson, Kansas. The site consists of roughly 4,354 rentable square feet of building space on estimated 1.40-acre parcel of land. This Applebee’s is subject to an absolute (NNN) lease, which has approximately 16.5 years of term remaining. The current annual rent is $143,192 and is scheduled to increase by one and a half percent (1.5%) annually starting in year 7 and continuing into each of the four (4), five (5)-year renewal options.

Optimal Lease Structure
✓ Absolute Triple Net (NNN) Lease with Zero Landlord Responsibilities
✓ Approximately 16.5 Years of Lease Term Remaining
✓ Attractive Rental Increases | 1.50% Annually Starting Year 7
✓ Four (4) Tenant Renewal Periods of Five (5) Years Each
✓ Tenant / Guarantor: Legacy Apple III / Legacy Apple II (40+
Restaurants)
Compelling Location Fundamentals
✓ Centrally Located in the Main Retail Corridor of McPherson, KS |
Immediate Access to Interstate-135
✓ Dense Retail Corridor | Walmart, Walgreens, McDonald’s, Burger King,
KFC, Taco Bell and Many More
✓ Strong Traffic Counts | East Kansas Ave and Interstate 135| Average
9,200 and 15,000 Vehicles Per Day Respectively
✓ Multiple Hospitality Accommodations in the Immediate Area | Holiday
Inn Express, Days Inn By Wyndham, Fairfield Inn & Suites by Marriot,
Best Western, and More
✓ Strong Academic Presence Demographics | Home to McPherson
College and Central Christian College
Strong Brand, Exceptional Operator
✓ Legacy Apple III, LLC | 28 Strong Performing Unit Entity
✓ Part of the Thrive Restaurant Group Family | Experience Operating in
the Restaurant Industry Since 1966
✓ Thrive Restaurant Group Is Comprised of More Than 80 Restaurant
Locations Across 11 States
✓ Long Term Operational History | Restaurant Has Been in Operation
Since 2000

Key Details

Price:
$2,490,304
Cap Rate:
5.75%
Annual Rent:
$143,192
Address:
2280 E Kansas Avenue, McPherson, Kansas 67460
Lease Type:
Triple Net (NNN)

Lease Commencement:
May 24, 2021
Lease Expiration:
May 23, 2038
Lease Term Remaining:
16.5 Years
Rental Increases:
1.50% Annually Starting Year 7
Lot Size:
+/- 1.40 Acres
Building Size:
4,354 SF
Year Built:
2000
Tenant:
Applebee’s

Broker of record

Colby Haugness

License: 00241410


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