Applebee's Ground-Leased
874 S State Rd 135 Greenwood, IN 46142
For Sale
Contact for pricing
Applebee's ground lease runs through May 31, 2029, with the property leased to Flynn Group.
Property Size5,058 SF
Price / SF$369.71
Days on Market147
Property Features for 874 S State Rd 135
General Information
Standard status
Active
Size
5,058 SF
Property subtype
LAND
Listing Agency:
SVN Wilson Commercial
(513) 720-1000
Listed By:
Chuck Ciolino, CCIM
(513) 720-1000
Source:
Moodyscre
Added: Mar 2
Changed: Jul 25
Last Checked: Jul 27 at 10:49AM
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 SVN Wilson Commercial
Investment Insights
Based on property information with market context.
This Applebee’s restaurant is offered as a ground-leased asset. The lease commenced on June 1, 2004 and expires on May 31, 2029. The property is leased to Flynn Group, described in the remarks as the world’s largest franchise operator.
The site is positioned in the heart of Greenwood’s core retail and restaurant corridor with excellent visibility and accessibility on State Road 135. The surrounding blue-chip retail area is anchored by Home Depot, Walmart, Super Target, Meijer, and Menards.
The provided information also notes high household incomes and proximity to a Facebook data center currently under construction.
The site is positioned in the heart of Greenwood’s core retail and restaurant corridor with excellent visibility and accessibility on State Road 135. The surrounding blue-chip retail area is anchored by Home Depot, Walmart, Super Target, Meijer, and Menards.
The provided information also notes high household incomes and proximity to a Facebook data center currently under construction.
Key Highlights
- Applebee's ground lease commenced 6/1/04 and expires 5/31/29
- Property leased to Flynn Group, the world's largest franchise operator
- Located on State Road 135 with visibility and accessibility
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $86.2k | $17.04 |
| − Vacancy | −$4.5k | −$0.89 |
| EGI | $81.7k | $16.15 |
| − OpEx | −$20.4k | −$4.04 |
| NOI | $61.3k | $12.12 |
5,058 SF · lease $17.04/SF/yr · vacancy 5.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$875.4K
$766.0K – $1.02M
NOI $61,280 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.12M – $1.49M
NOI $89,223 @ 7.0% cap · market cap 4.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Applebee's ground lease runs through May 31, 2029, with the property leased to Flynn Group.
Where is this conventional restaurant located?
The property is located at 874 S State Rd 135 Greenwood, IN.
What is the asking price?
The asking price for this property is $1,870,000.
What are key features of this property?
This property features: Applebee's ground lease commenced 6/1/04 and expires 5/31/29; Property leased to Flynn Group, the world's largest franchise operator; Located on State Road 135 with visibility and accessibility
