Net Operating Income: $160,000
CAP Rate: 6.50%
Lot Size: 1.42 AC
The subject property is a 5,031 square foot Applebee’s restaurant located in North Port, Florida. The NNN lease has over nine years remaining on the initial term and is guaranteed by Doherty Apple Florida GE, LLC (a 10 unit operator of Applebee’s). There are scheduled 1% annual increases in rent and calls for zero landlord obligations. This asset is situated in a major retail trade area and surrounded by national retailers including Home Depot, Walmart and a retail strip center.
North Port is a city in southern Sarasota County, Florida. The population was 57,357 at the 2010 census. It is part of the North Port–Bradenton–Sarasota Metropolitan Statistical Area. It was originally developed by General Development Corporation as the northern or Sarasota County part of its Port Charlotte development. GDC dubbed it North Port Charlotte, and it was incorporated under that name through a special act of the Florida Legislature in 1959. By referendum in 1974 the city’s residents approved a change to simply North Port to proclaim its separate identity.