Applebee's - Waverly, IA_Property for Sale
Applebee's - Waverly, IA_Property for Sale
2500 4th St SW, Waverly, IA, 50677, US

Applebee's - Waverly, IA

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Applebee's (the “Property”) located at 2500 4th St SW in Waverly, Iowa. This single tenant net lease asset is 100% occupied by Thrive Restaurant Group, who will sign a 3 year lease upon sale. The 3,840 SF building was built in 2006 and sits on 1.09 acres of land.


Thrive Restaurant Group, doing business as Applebee's, is a leading restaurant organization that operates a network of over 170 restaurants across 15 states. The company operates a number of successful brands, including Applebee’s, Carlos O’Kelly’s, and HomeGrown. Applebee's has over 1,600 locations across the U.S. and is a subsidiary of Dine Brands (NYSE: DIN), which had a market cap of approximately $712 million as of January 2023. In addition to Applebee’s, Dine Brands includes two other successful national restaurant brands, IHOP and Fuzzy’s.


The property is an outlot to a Walmart Supercenter, the only Walmart in the city of Dubuque. The site is also within close proximity to stop-by customer drivers such as the Hy-Vee, Dollar Tree, Quality Inn, and Kwik Star. Located on a signalized intersection of US-218 BUS, the parcel benefits from a clear, unobstructed view from the roadway. US-218 BUS, carrying approximately 15,000 VPD in the area, is the most highly traveled roadway in the entire city. Within a three-mile radius, average household income approximately equal to the national average and has grown at a solid pace over the last five years. With a relatively highly educated and young population, the surrounding area is primed for continued growth, as evidenced by steady population growth over the last five years.


Please see OM for more information.

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Attributes

Asking price
₹120,234,000
Cap rate
8%
Building area net
357 m²
Land area gross
0.44 ha
Occupancy
100%
WAULT
3 years
Year built
2006

Media

Investment Highlights

SINGLE TENANT SALE LEASEBACK

• The property is occupied by a single tenant on a net lease, minimizing landlord responsibilities

• The property leasing back to existing tenant upon sale eliminates the need for up-front T.I. investment by landlord due to preexisting franchise-spec construction & interior finish


WALMART OUTLOT IN COMMERCIAL CORRIDOR

• The site is an outlot to a steady traffic driver, Walmart Supercenter, the only Walmart in the city

• The location is within close proximity to stop-by customer drivers such as the Hy-Vee, Dollar Tree, Quality Inn, and Kwik Star


REPUTABLE OPERATOR WITH NATIONAL PRESENCE

• Thrive Restaurant Group is a well-known, nationally successful franchise company with a diversified portfolio over 170 restaurants

• Applebee’s, which is a subsidiary of Dine Brands (NYSE: DIN), has over 1,600 locations and a presence in 17 countries


HIGHLY VISIBLE CORNER OF SIGNALIZED INTERSECTION

• The parcel is located on a signalized intersection of US- 218 BUS

• The site benefits from a from a clear, unobstructed view from the roadway

Applebee's - Waverly, IA 4_Property for Sale

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Applebee's - Waverly, IA (0 Properties)

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Last updated
27 Feb 2024