3240 Towne Blvd Middletown, OH 45044

Property Details for 3240 Towne Blvd

Year built

1994

Lot size

1.69 lot acres

Property size

5,335 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional investment opportunity presents a fee-simple, single-tenant, absolute triple-net (NNN) leased Applebee's Grill + Bar. Located in Middletown, Ohio, this 5,335 square foot restaurant sits on a 1.69-acre lot and boasts a 7.80% cap rate with a strong NOI of $185,557. The 20-year lease, commencing December 20, 2013, and expiring December 19, 2033, has approximately 9.1 years remaining, featuring 10% rent bumps every five years. The property benefits from its prime location in a high-traffic retail corridor near major retailers like Walmart, Lowe's, Kohl's, Meijer, and Kroger, and is less than two miles from Atrium Medical Center, a significant traffic generator. The lease is guaranteed by RMH Franchise Holdings, the largest Applebee's franchisee in the country. The tenant consistently outperforms national sales averages by over 30%, indicating a robust and successful operation. Furthermore, the property's strategic location benefits from its proximity to the new $200 million Renaissance Pointe development and the recently acquired Towne Mall, both poised for significant future growth and increased foot traffic. This investment offers a secure, passive income stream with substantial upside potential due to the tenant's exceptional performance and the area's promising future development. The asking price is $2,379,000. The property's address is 3240 Towne Blvd, Middletown, OH 45044. Built in 1994, this one-story building is situated in a highly trafficked area, with Roosevelt Blvd seeing over 28,000 cars daily and Highway 75 exceeding 115,000.