CAP Rate: 6.50%
Net Operating Income: $147,276
Square Footage: 5,414
Lot Size: 1.79 AC
Year Built: 2002
This is an opportunity to acquire a long term absolute NNN leased Applebee’s located in Thomasville, Georgia. The offering is the fee simple interest, with over 11 years remaining on the initial term. The lease provides for increases in rent of 1% annually. Rent increases carry through the two, five year options to renew. The tenant is Neighborhood Restaurant Partners Florida Two, LLC, a strong operator of Applebee’s restaurant nationwide.
Thomasville is the county seat of Thomas County, Georgia, United States. The population was 19,340 at the 2013 United States Census, making it the second largest city in southwest Georgia after Albany.
The city deems itself the “City of Roses” and holds an annual Rose Festival. The city features plantations open to the public, a historic downtown, a large farmer’s market, and a 337-year-old oak tree at the corner of Monroe and Crawford streets.