Freestanding IHOP
For Sale
$2,749,070
2840 Apalachee Pkwy, Tallahassee, FL 32301
Absolute NNN restaurant leased to a franchised IHOP operator with renewal options and annual rent increases.
Property Size3,996 SF
Price / SF$687.96
Days on Market70
Property Features for 2840 Apalachee Pkwy
General Information
Standard status
Active
Size
3,996 SF
Property subtype
Restaurant
Lease Type
NNN
Amenities
Absolute NNN Lease | Zero Landlord Responsibilities
Long-Term Operator Commitment | Over 14 Years of Continuous Operating History at This Location
Attractive 1.25% Annual Rent Increases
High-Traffic Location | Positioned Along Apalachee Parkway / U.S. Highway 27 With Traffic Counts Exceeding 39,000 Vehicles Per Day
State Capital Market | Tallahassee Anchored by State Government, Florida State University (42,000+ Students), FAMU, and Tallahassee Memorial Healthcare
Dense Trade Area | 5-Mile Population of 142,526 With a Daytime Population of 264,060
Florida | No State Income Tax
Building Details
Building Size
3,996 SF
Listing Agency:
Marcus & Millichap - Miami
(786) 522-7054
Listed By:
Ricardo Esteves · License #License(s): FL: SL3402581, FL: BK3402581
(786) 522-7054
Source:
Marcusmillichap
Added: Jun 22
Changed: Aug 29
Last Checked: Aug 29 at 2:16PM
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 - Miami
Investment Insights
Based on property information with market context.
This freestanding conventional restaurant contains 3,996 square feet on a 0.66-acre parcel and includes dedicated parking. The building is operated as an IHOP location under an absolute NNN lease, placing property-level operating responsibilities with the tenant. The current base term runs through April 19, 2030, with six additional five-year renewal options and 1.25 percent annual increases during the initial term and option periods. The lease is supported by a franchisee guarantee from Sunshine Restaurant Partners, LLC, which has operated at this location for more than 14 years.
The property fronts Apalachee Parkway/U.S. Highway 27 in Tallahassee, with reported exposure to more than 39,000 vehicles per day. Nearby national and regional retailers include McDonald’s, Zaxby’s, Culver’s, Havertys, Bank of America, CVS, Target, and Kohl’s. The surrounding market includes Florida state government, Florida State University, Florida A&M University, and Tallahassee Memorial Healthcare. The 5-mile trade area has a daytime population of 264,060 and a median household income of $63,930.
The property fronts Apalachee Parkway/U.S. Highway 27 in Tallahassee, with reported exposure to more than 39,000 vehicles per day. Nearby national and regional retailers include McDonald’s, Zaxby’s, Culver’s, Havertys, Bank of America, CVS, Target, and Kohl’s. The surrounding market includes Florida state government, Florida State University, Florida A&M University, and Tallahassee Memorial Healthcare. The 5-mile trade area has a daytime population of 264,060 and a median household income of $63,930.
Key Highlights
- 3,996‑square‑foot freestanding restaurant on a 0.66‑acre parcel
- Absolute NNN lease with zero landlord responsibilities
- Base term runs through April 19, 2030, plus six additional five‑year renewal options
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
907
Businesses Nearby
310k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 58%
Shops & Services 25%
Groceries 12%
Hotels & Casinos 3%
Whataburger
Dining
25,761 visits/mo
0.3 miles
Circle K
Shops & Services
23,668 visits/mo
0.2 miles
Culver's
Dining
23,652 visits/mo
0.2 miles
Aldi
Groceries
22,203 visits/mo
0.4 miles
Dollar Tree
Shops & Services
18,507 visits/mo
0.3 miles
Demographics for 32301, FL
29,686
Population
17,029
Households
1.7
Avg Household Size
32
Median Age
45%
College-Educated
92%
High-School Grad
10.2 sq mi
ZIP Area
2,910
Density / Sq Mi
$50,412
Median Household Income
$34,271
Median Earnings
$1,200
Median Rent
$211,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Absolute NNN restaurant leased to a franchised IHOP operator with renewal options and annual rent increases.
Where is this conventional restaurant located?
The property is located at 2840 Apalachee Pkwy Tallahassee, FL.
What is the asking price?
The asking price for this property is $2,749,070.
What are key features of this property?
This property features: 3,996‑square‑foot freestanding restaurant on a 0.66‑acre parcel; Absolute NNN lease with zero landlord responsibilities; Base term runs through April 19, 2030, plus six additional five‑year renewal options
