Applebees

1268 Highway 9 Bypass Lancaster SC, Lancaster, SC

$2,455,600

Price

8%

Cap Rate

$196,448

NOI

Overview
Cap Rate
8%
NOI
$196,448
Building Size
5,032 sqft
Lot Area
1.33 acres
Occupancy
100%
Year Built
2000
Description

NNN Investment Advisors exclusively presents for sale a free-standing a 5,032-square-foot free standing Applebee’s situated on 1.33 acres in Lancaster, South Carolina. Located just south of the North Carolina state border, the City of Lancaster (Population: 23,979) is approximately 15 miles east of Interstate 77 and just 45 miles south of Charlotte, North Carolina. The City is also the County Seat of Lancaster County and is included within the Charlotte-Concord CSA which has a combined population of approximately 2.5 million. Built in 1994 and renovated in 2014, Applebee’s has been operating at this location for over 20 years and has 15+ years of primary lease term remaining. The property is ideally positioned with excellent frontage on Highway 9 Bypass, which provides direct access to Interstate 77, just 1-mile west of US-521. The property is also situated within the area’s premier retail corridor with more than 3.9 MSF of retail within a 3-mile radius.

Lancaster is located within the Charlotte MSA and 54 minutes south of downtown Charlotte. The Charlotte MSA, with a population over 2.47 million people, is the largest metropolitan area within the Carolinas and is the fourth largest metropolitan area in the southeast United States. Charlotte is headquarters to eight Fortune 500 companies and seven Fortune 1,000 companies

LANCASTER, SC is located near the border between North and South Carolina, 42 miles south of Charlotte and 61 miles north of Columbia. The city offers residents and visitors small town charm and southern hospitality within an hour’s reach of major metropolitan cities. Lancaster, has a vibrant arts culture and is rich in early American, Revolutionary and Civil War history, with numerous landmarks and battlefields. Lancaster has a diverse economy due to it’s proximity to major markets, low costs and high standard of living. Nutramax, one of Lancaster’s top employers, broke ground in March 2019 on an expansion that will bring 225 new jobs, and increase the company’s total investment in the city to more than $60 million.

Highlights
  • Corporate Store - Over 20 Years of Operating History
  • Zero Landlord Responsibilities | Attractive Annual Rent Increases of 1.75%
  • Dine Brands (NYSE: DIN) Purchased 69 Applebee’s Location in the Carolina’s
  • Tenant Paid for a Substantial Complete Store Remodel Including Recent Parking Lot Sealcoating and Restriping Showing Their Dedication to the Location
  • Blended Cap Rate: 8.7%
  • Adjacent to Lancaster Shopping Center - 180,000 SF Shopping Center Anchored by Bi-Lo
  • Estimated Population Growth of Over 10% Throughout the Next 5 Years
  • Excellent Visibly from Lancaster Rd - Average VPD Exceeds 14,000
  • Neighboring National Tenants Include: The Home Depot, Walmart Supercenter, Chick-Fil-A, Walgreens, Food Lion, McDonald’s, Zaxby’s, Kmart, Subway, Murphy USA, Sears, Goody’s, Advance Auto Parts, Sherwin-Williams, ALDI, Waffle House, Verizon, State Farm, GNC, First Citizens Bank and Belk Among Others

Location