Cap Rate: 6.25%
Net Operating Income: $189,588
Square Footage: 5,135
Lot Size: 1.39 AC
Year Built: 1999
The subject offering is an Applebee’s Grill + Bar. The assets is located in
Panama City Beach, Florida. The absolute NNN leases will call for annual 1%
increases in rent. The lease also calls for two, 5-year options, with annual 1%
bumps in options.
The lease is owned by a strong and experienced operator. Neighborhood
Restaurant Partners currently owns and operates 119 neighborhood
Panama City Beach is a waterfront town and vacation destination in northwest Florida. It’s known for miles of white-sand beaches fronting the calm, clear waters of the Gulf of Mexico. St. Andrews State Park, one of 2 protected nature preserves nearby, is bordered by the Gulf and has hiking trails and fishing piers. Pier Park is the main shopping hub and a venue for major events.