2432 Wabash StFrankfort, IN 46041

Property Details for 2432 Wabash St

Year built

2002

Construction

WOOD

Lot size

1.06 AC

Property size (Sq ft)

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,991,991

  6.5%

  $1,838,761

  7%

  $1,707,421

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,505,214

  Geo Method

  $1,505,214

• Alternative Use

  Use

  Valuation

  Residential

  $1,551,064

  Hospitality

  $1,420,766

  Educational

  $1,182,061

  Medical

  $1,222,714

  Retail

  $1,838,761

Location Insight

City

Frankfort

County

Clinton

State

Indiana

Latitude

40.2793

Longitude

-86.4794

CBSA code

23140

CBSA name

FRANKFORT, IN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].