Chili's Restaurant with NNN
For Sale
$2,528,909
2299 N Morton St, Franklin, IN 46131
Occupied by Chili’s under a triple-net ground lease with renewal options.
Property Size5,856 SF
Price / SF$431.85
Days on Market50
Property Features for 2299 N Morton St
General Information
Standard status
Active
Size
5,856 SF
Property subtype
Restaurant
Amenities
Over Four Years Remaining on Triple-Net Ground Lease
10 Percent Rent Increase in Each of Four Five-Year Renewal Options
Generous 1.56-Acre Outpad in Lowe's-Anchored Retail Center Along Over 27,300 AADT U.S. Route 31
Strong Local Manufacturing Economy With 700-Employee KYB, 298-Employee Caterpillar, 260-Employee NSK and 250-Employee Grayson
Located 25.7 Miles South of Downtown Indianapolis in the 2,205,695-Person Indianapolis-Carmel-Greenwood, IN, Metro Area
Corporately Guaranteed by Brinker International Inc. (NYSE: EAT), Which Reported $5.8 Billion in Annual Sales Revenue at the End of 4Q FY26
Building Details
Building Size
5,856 SF
Listing Agency:
Marcus & Millichap - Chicago Downtown
Listed By:
Nicholas Kanich · License #License(s): IL: 475.147401
(312) 327-5422
Source:
Marcusmillichap
Added: Aug 28
Changed: Oct 8
Last Checked: Oct 14 at 7:41PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Chicago Downtown
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Investment Insights
Based on property information with market context.
This 5,856-square-foot conventional restaurant at 2299 N Morton St features an operating Chili’s Grill & Bar location. The property is subject to a triple-net ground lease with more than four years remaining, followed by four five-year renewal options. Each option includes a 10 percent rent increase at commencement. Brinker Restaurant Corporation, a Brinker International subsidiary, is the tenant, and the lease is corporately guaranteed.
The restaurant occupies a 1.56-acre outpad within the U.S. Route 31 retail corridor, where traffic is reported at 27,300+ AADT. Lowe’s is the adjacent anchor, with a Walmart Supercenter north of the property and a Meijer supermarket across the corridor. Manufacturers including KYB, Caterpillar, Amcor Rigid Plastics, and DualTech are located south of the restaurant. Franklin is connected to Indianapolis, Greenwood, and Columbus through Interstate 65 and U.S. Route 31.
The restaurant occupies a 1.56-acre outpad within the U.S. Route 31 retail corridor, where traffic is reported at 27,300+ AADT. Lowe’s is the adjacent anchor, with a Walmart Supercenter north of the property and a Meijer supermarket across the corridor. Manufacturers including KYB, Caterpillar, Amcor Rigid Plastics, and DualTech are located south of the restaurant. Franklin is connected to Indianapolis, Greenwood, and Columbus through Interstate 65 and U.S. Route 31.
Key Highlights
- 5,856‑square‑foot Chili’s Grill & Bar restaurant at 2299 N Morton St
- 1.56‑acre outpad along the U.S. Route 31 retail corridor
- 27,300+ AADT reported on U.S. Route 31
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$70,948
Cap Rate
2.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,418,960
$1.4M
Cap Rate 7%
$1,013,543
$1.0M
Cap Rate 9%
$788,311
$788.3K
Market Conditions
NOI Build-Up for 5,856 SF
Gross rent
$99.8K $17.04/SF
− Vacancy
−$5.2K −$0.89/SF
EGI
$94.6K $16.15/SF
− OpEx
−$23.6K −$4.04/SF
NOI
$70.9K $12.12/SF
Area
Johnson County, IN
Vacancy
5.20%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,418,960
Cap Rate 7%
$1,013,543
Cap Rate 9%
$788,311
Alternative Uses
Best Use
Specialty Retail
$1.01M
$886.9K – $1.18M
NOI $70,948 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,300 @ 7.0% cap · market cap 4.08%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
1k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Enterprise Rent-A-Car
Shops & Services
1,039 visits/mo
0.5 miles
Demographics for 46131, IN
32,869
Population
13,151
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
92%
High-School Grad
126.0 sq mi
ZIP Area
261
Density / Sq Mi
$81,914
Median Household Income
$44,797
Median Earnings
$1,114
Median Rent
$227,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Similar Off Market Nearby
- King Buffet — 2239 N Morton St F, Franklin, IN 46131
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Occupied by Chili’s under a triple-net ground lease with renewal options.
Where is this conventional restaurant located?
The property is located at 2299 N Morton St Franklin, IN.
What is the asking price?
The asking price for this property is $2,528,909.
What are key features of this property?
This property features: 5,856‑square‑foot Chili’s Grill & Bar restaurant at 2299 N Morton St; 1.56‑acre outpad along the U.S. Route 31 retail corridor; 27,300+ AADT reported on U.S. Route 31
