Absolute NNN Applebee’s Neighborhood
For Sale
$2,439,000
4040 Lagniappe Way, Tallahassee, FL 32317
Absolute triple-net Applebee’s with long-term corporate-guaranteed lease and strong visibility on a high-traffic retail corridor.
Property Size5,540 SF
Lot Size1.36 Acres
Price / SF$440.25
Days on Market75
Property Features for 4040 Lagniappe Way
General Information
Standard status
Active
Size
5,540 SF
Lot size
1.36 Acres
Property subtype
Restaurant
Occupancy
100%
Lease Type
Absolute Net
Additional Details
Business Included
Yes
Traffic Count
32,000 vehicles/day
Amenities
15+ Year Corporate NNN Lease: Zero Landlord Responsibilities – No State Income Tax – Recent Extension – 15+ Years Remaining
Hedge Against Inflation: Newly Executed Lease Has 1.5% Annual Rental Increases on Primary & Option Terms
Low Rent – Strong Residual Value: Applebee's AUV is 2.9M w/Rent of Only $150,000
Qualifies For 100% Bonus Depreciation: Contact Listing Agent For Estimate of Savings
Affluent Surrounding Areas: 50,000+ People With An AHHI of $90,000+ Within 3 Mile Radius
Excellent Visibility & Access: Frontage on Lagniappe Way & Visibility From Mahan Dr - 40,000+ Combined VPD
Outparcel to Fallschase Village Center: Top 98th Percentile Shopping Center Statewide – Placer Ai
Building Details
Building Size
5,540 SF
Tenancy
Single
Listing Agency:
Marcus & Millichap
Listed By:
Scott C. Sandelin · License #License(s): FL: SL636794
(786) 522-7009
Source:
Marcusmillichap
Added: Jun 23
Changed: Sep 4
Last Checked: Jun 30 at 10:54PM
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
Investment Insights
Based on property information with market context.
This offering is an Applebee’s Neighborhood Grill + Bar net leased investment, structured as an absolute triple net (NNN) lease. The restaurant is housed in a 5,540 SF building on an oversized 1.36-acre parcel, with site features including ample parking and high-visibility signage to support a casual dining use. The property has operated at this location since 2016.
The restaurant is located on Lagniappe Way on a high-traffic retail corridor in Tallahassee, Florida, with 8,000+ VPD along Lagniappe Way and proximity to Mahan Dr (32,000+ VPD) and Buck Lake Rd (10,000+ VPD). The site is positioned within Fallschase Village Center, an open-air retail destination anchored by major national retailers including Costco, Walmart Supercenter, Bass Pro Shops, CMX Cinemas, and Boot Barn. Behind the center, Fallschase residential development is underway, including new single-family homes and townhomes, along with a 288-unit multifamily community (Fallschase Apartments) adjacent to Costco.
The newly executed lease is corporate-guaranteed and absolute, with 15+ years remaining in the current term and four 5-year renewal options. The lease includes 1.5% annual rent escalations, and the structure is designed to provide long-term stability for investors seeking a stabilized, single-tenant NNN restaurant asset on a prominent retail corridor.
The restaurant is located on Lagniappe Way on a high-traffic retail corridor in Tallahassee, Florida, with 8,000+ VPD along Lagniappe Way and proximity to Mahan Dr (32,000+ VPD) and Buck Lake Rd (10,000+ VPD). The site is positioned within Fallschase Village Center, an open-air retail destination anchored by major national retailers including Costco, Walmart Supercenter, Bass Pro Shops, CMX Cinemas, and Boot Barn. Behind the center, Fallschase residential development is underway, including new single-family homes and townhomes, along with a 288-unit multifamily community (Fallschase Apartments) adjacent to Costco.
The newly executed lease is corporate-guaranteed and absolute, with 15+ years remaining in the current term and four 5-year renewal options. The lease includes 1.5% annual rent escalations, and the structure is designed to provide long-term stability for investors seeking a stabilized, single-tenant NNN restaurant asset on a prominent retail corridor.
Key Highlights
- Net leased Applebee’s Neighborhood Grill + Bar built in 2016 with a newly executed, corporate‑guaranteed absolute triple net (NNN) lease.
- Lease features 15+ years remaining plus (4) 5‑year renewal options and 1.5% annual rent escalations.
- 5,540 SF building on a 1.36‑acre parcel (59,242 SF) at Lagniappe Way in Tallahassee, FL.
Property Analytics
Property Profile
Current Use
Lease Details
32,000 VPD
Traffic count
100%
Occupancy
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
585
Businesses Nearby
577k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 41%
Apparel 28%
Shops & Services 23%
Dining 8%
Walmart
Superstores
123,514 visits/mo
0.3 miles
Costco Wholesale
Superstores
110,562 visits/mo
0.4 miles
Bass Pro Shops
Apparel
74,987 visits/mo
0.4 miles
Academy Sports + Outdoors
Apparel
65,770 visits/mo
0.4 miles
Costco Gasoline
Shops & Services
43,229 visits/mo
0.4 miles
Demographics for 32317, FL
14,459
Population
5,817
Households
2.5
Avg Household Size
45
Median Age
56%
College-Educated
97%
High-School Grad
35.6 sq mi
ZIP Area
406
Density / Sq Mi
$121,802
Median Household Income
$59,311
Median Earnings
$1,502
Median Rent
$344,200
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 triple-net Applebee’s with long-term corporate-guaranteed lease and strong visibility on a high-traffic retail corridor.
Where is this conventional restaurant located?
The property is located at 4040 Lagniappe Way Tallahassee, FL.
What is the asking price?
The asking price for this property is $2,439,000.
What are key features of this property?
This property features: Net leased Applebee’s Neighborhood Grill + Bar built in 2016 with a newly executed, corporate‑guaranteed absolute triple net (NNN) lease.; Lease features 15+ years remaining plus (4) 5‑year renewal options and 1.5% annual rent escalations.; 5,540 SF building on a 1.36‑acre parcel (59,242 SF) at Lagniappe Way in Tallahassee, FL.
