3240 Towne Blvd, Middletown, OH 45044

Property Details for 3240 Towne Blvd

Year built

1994

Lot size

1.69 lot acres

Property type

Retail properties & Spaces

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.

Location Insight

City

Middletown

County

Warren

State

Ohio

Longitude

-84.3296

Latitude

39.4915