2432 Wabash St Frankfort, IN 46041-9429
- Turn key restaurants
- 4,629 SF
- 1.06 lot acres
Current Use by Public Records
- Silvera Carpet / Flooring Store
- Applebee's Grill + Bar / Steak House / Traditional American Restaurant
Property Details for 2432 Wabash St
- Year built
- 2002
- Construction
- WOOD
- Lot size
- 1.06 lot acres
- Property size
- 4,629 SF
- Property type
- Turn key restaurants
- APN
- 12-10-12-100-007.000-021
- APU
- 121012100007000021
Description
This exceptional investment opportunity presents a 4,738 square foot Applebee's restaurant located at 2432 E Wabash St, Frankfort, IN 46041. The property sits on a 1.03-acre lot and boasts a strong 6.40% cap rate, generating a NOI of $115,000. The current lease, an absolute net lease (NNN), features a remaining term of 9 years with a new 10-year extension commencing December 2023, including an 8% rent increase in year 6. Two five-year option periods are included, each with a 10% rental increase. The tenant, a franchisee of Apple American Group (a large franchisee with over 460 locations), recently completed parking lot and landscaping improvements. The property benefits from its outparcel location to a Walmart Supercenter and proximity to other national retailers including Lowe's, Rural King, McDonald's, Taco Bell, and Anytime Fitness. The asking price is $1,797,000, translating to a price per square foot of $379.27. Built in 2002, the property enjoys 100% occupancy and benefits from a strong sales history, with 2023 sales reaching $1,869,000, resulting in a 6.1% rent-to-sales ratio. This is a low-management, high-return investment with a long-term, stable tenant. The lease commenced November 1, 2003, and expires November 30, 2033.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Frankfort
- County
- Clinton
- State
- Indiana
- Longitude
- -86.4794
- Latitude
- 40.2793
- CBSA code
- 23140
- CBSA name
- FRANKFORT, IN MICROPOLITAN STATISTICAL AREA
