Applebee’s: Newburgh, NY
ABSOLUTE NNN LEASE WITH ANNUAL RENT INCREASES
The subject property operates under a 20-year Absolute NNN Lease, with approximately 17-years remaining. The lease offers 1.5% annual rent increases during the primary term and the 4, 5-year option periods. There are no landlord management or maintenance responsibilities whatsoever.
WELL-ESTABLISHED LOCATION WITH OFF-PREMISE SERVICES
The Applebee’s Neighborhood Grill & Bar has a 22-year operational history at this location. Dine Brands and their franchisees have taken precautionary measures and swiftly pivoted to an off-premise business model to adapt to local and state government mandates. Carside-To-Go services have also contributed to positive comparable traffic and off-premise sales growth.
MAIN RETAIL CORRIDOR ON NY ROUTE 300 (32,505 ADT)
The subject property is located in a dense retail corridor of Newburgh with average household incomes of $92,842 within a 5-mile radius. The property is situated immediately off of NY Route 300 (32,505 ADT) with excellent visibility and direct street frontage. Nationally recognized retailers in the immediate area include Home Depot, Walmart Supercenter, PetSmart, Sonic Drive-In, McDonald’s, Lowe’s, a Tesla Supercharger station, Dunkin’ Donuts, TGI Friday’s, IHOP, Chase Bank, Burger King, Market Fresh Supermarket, Crystal Run Healthcare Newburgh, Dollar General, Panera Bread, and many more. The Subject Property is located less than one mile from New York Stewart International Airport and across the street from Crystal Run Healthcare, a premier multispecialty group practice with over 400 providers in over 40 medical specialties.
WORLD FAMOUS HUDSON RIVER LOCATION
Conveniently located only 60 miles north of New York City and 20 minutes to the U.S. Military Academy at West Point, Newburgh is a community rich in history and breathtaking views. From the Walkway Over the Hudson, the world’s longest pedestrian bridge, to the Shawangunk Mountains, the Hudson River Valley was recognized as one of the Top 20 Best of the World Destinations by National Geographic Traveler. Propelled by price-conscious buyers of all generations interested in urban living, Newburgh is known for its housing affordability compared to other nearby larger cities, its population density, accessibility, quality of life, commute times, health care costs and vast history.
WELL-ESTABLISHED APPLEBEE’S FRANCHISEE
The Lease is guaranteed by TLC Central, LLC (28 units), which is a part of T. L. Cannon Companies. T.L. Cannon Companies (TLC West, LLC, TLC Central, LLC, TLC East, LLC) is a private franchisee of 60 Applebee’s Neighborhood Grill & Bar restaurants in Upstate New York, Connecticut and Sayre, Pennsylvania. Please see agent for further details.
(1) Lease and financial information has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Individuals are strongly advised to take appropriate measures to verify all of the information set forth herein. Buyer must conduct their own Due Diligence.
(2) All financial data shown above is for Dine Brands Global, Inc., which does not guarantee the Lease. The Guarantor under the Lease for the subject property is TLC Central, LLC, which is comprised of 28 units and part of T. L. Cannon Companies. Buyer is responsible for verifying during their Due Diligence.
NY Broker of Record: John Krueger