400 Old Franklin Turnpike - Restaurant FOR SALE


Rocky Mount, VA 24151
$3,106,000 USD
858-822-9811
400 Old Franklin Turnpike, Rocky Mount, VA for Sale
$3,106,000 USD
Restaurant - FOR SALE
1/11
null | 7% Cap Rate

400 Old Franklin Turnpike
Rocky Mount, VA 24151


HIGHLIGHTS

  • Absolute NNN Lease with No Landlord Responsibilities
  • Only Applebee’s Restaurant Within 25-Mile Radius
  • Less than 1/2 mile off Hwy 220 (27,000 VPD), a major thoroughfare from Roanoke to Martinsville
  • Over 9,300 Visits on Average per Month, per Placer.ai
  • Strategically Positioned at a Primary Crossroads, Located at the Center of Franklin County, Virginia
  • Among the World’s Largest Casual Dining Brands; 1,600+ Locations

OVERVIEW

This Absolute NNN Applebee’s asset is an outparcel to Kroger anchored shopping center, Rocky Mount Marketplace, which has over 2MM visits per year, per Placer.ai. The property is less than 1/2 mile off Hwy 220 (27,000 VPD), a major thoroughfare from Roanoke to Martinsville. Applebee’s sits on a 1.32 acre lot with ample parking and is strategically placed in a main retail corridor near several national retailers including CVS, Kroger, Walmart, Holiday Inn, Starbucks, and more. The site is less than 1 mile from Rocky Mount Plaza, a 127,683 SF shopping center with numerous national retailers and is nearby multiple hotels with 130 rooms combined within a 3 mile radius. The property has excellent visibility and frontage on Old Franklin Turnpike with over 17,000 VPD. This location has over 9,300 visits on average per month, per Placer.ai and is the only Applebee’s Restaurant within a 25-mile radius. It’s 40+ year brand operating history places it among the world’s largest casual dining brands with 1,600+ locations. Original 24-year lease in place with ±9 years remaining and four 5-year options. Watch Property Video: https://vimeo.com/944718739?share=copy

FOR SALE DETAILS

PRICE

$3,106,000 USD

PRICE/SF

$775 USD /SF

CAP RATE

7%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Applebee's

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2003

SPRINKLERS

-

PARKING SPACES

60

LAND DETAILS

LAND ACRES

1.32 AC

LAND SF

57,499 SF

ZONING

GB

APN/PARCEL ID

2020001000

ASK ABOUT THIS PROPERTY

Ryan GomezCushman & WakefieldMore Info
858-822-9811

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Ryan GomezCushman & WakefieldMore Info
858-822-9811

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.