Applebee's - Sarasota

5550 Fruitville Rd Sarasota , FL 34232-6405

Applebee's - Sarasota - Retail for sale

Overview


JLL is pleased to offer for sale the fee-simple interest in an absolute NNN leased Applebees located in Sarasota, FL. The property is a freestanding retail building that is tenanted by Doherty Florida Fruitville, LLC (d/b/a Applebees) on an NNN lease with 8.9 years of contractual lease term remaining. The Property is strategically positioned along Fruitville Road (54,000 VPD) a main east/west thoroughfare that connects Sarasota with Interstate 75. The Asset is adjacent to Sarasota Commerce Center I & II which consists of 241,000 SF of office space, and also adjacent to 50 Paramount Drive which is a brand-new, multi-family development built in 2018 consisting of 284 Units/614 Beds. The Asset benefits from strong visibility/frontage along Fruitville Road, as well as being located in the #1 Best Place to Retire in the United States (U.S. News) Sarasota, Florida.

Investment Highlights


• Well-positioned with frontage and visibility to Fruitville Road which sees daily vehicle counts of over 54,000
• Adjacent to 241,000 square feet of office space as well as a brand-new multi-family development constructed in 2018
• The tenant has 8.9 years of lease term remaining
• The tenant is on a NNN lease with no landlord responsibilities
• The tenant is an operator with a portfolio of 150+ stores
• Sarasota, Florida ranked #1 Best Place to Retire in the United States by U.S. News
• No state income tax
General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 5550 Fruitville Rd, Sarasota, FL 34232-6405
Land In Acres 1.15
Building Size 5,152  ft2
Financial
Price $3,190,825
Cap Rate 8.00%
Current NOI $255,266.00
Lease
Lease Type NNN
Lease Expiration Date 07/31/2027
Remaining Term 8.3Yrs