CAP Rate: 6.50%
Net Operating Income: $175,800
Lot Size: 1.70 AC
This is an extremely rare opportunity to acquire an absolute NNN leased Applebee’s. The offering is the fee simple interest, with a long term lease. The lease provides for increases in rent of 10% every five years. Rent increases carry through the options to renew. The tenant is Potomac Family Dining Group, an operator of 65 restaurants.
The property benefits from its strategically located along Armory Drive, the main retail corridor in Franklin. The site is adjacent to the Southhampton Shopping Center anchored by Food Lion, Belk, and Roses.
Franklin is an independent city in the Commonwealth of Virginia. The Bureau of Economic Analysis combines the city of Franklin with Southampton County for statistical purposes.
Modern Franklin has two major industrial sectors: agriculture and manufacturing. Franklin is listed as being the 13th-most profitable and 12th-largest farming community in the state. The neighboring areas of Southampton and Isle of Wight counties, along with the city of Suffolk, are all ranked in the 20 most profitable farming counties, with Southampton County being the eighth-largest in the state.