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Applebee’s: 2497 Broad Street in Sumter, SC – For Sale (SOLD-CLOSED)

$ 2,975,000
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$2,975,000 Closed Price 8/19/22 (Fee Simple Purchase: Physical Property + Leasehold Interests)

Current NOI: $219,245.16 

Tenant: Applebee’s Corporate (Lease is in an LLC name operated by Dine Brands)

5.5 years remaining on 20 yr lease (Expiration date is March 20, 2028)

  • Monthly rent: $18,270.43 (7.5% increase every 5 years- including option periods)
  • Absolute NNN — Zero LL expenses/exposure (Landlord only receives and forwards Property Tax Bill)
  • Roof/Structure/Taxes/Insurance/CAM: All Tenant’s Responsibility
  • FOUR separate 5-year renewal options (each have a 180 day notice requirement).
  • Year Built: 2008
  • Lot size: 1.25AC
  • Building Size: 4,894sf
  • Avg. Vehicles Per Day: 27k
  • Avg. Household Income (3 Mi. radius) 47k

The City of Sumter is located in central South Carolina. It was named for the American Revolutionary General Thomas Sumter who was nick named the Gamecock . The City of Sumter is the county seat of Sumter County. Sumter is home to three colleges& University of South Carolina at Sumter, Morris College and Central Carolina Technical College.

Sumter is also home to Shaw Air Force Base. Shaw Air Force Base is the headquarters for the 9th Air Force and the 20th Fighter Wing. In June of 2011 The Third Army moved its headquarters from Georgia to Shaw. Shaw Air Force base is one of the largest Air Force bases in the country and one of only two Air Force bases in the U.S. that has rail service.

Sumter s economy is a mix of manufacturing and agriculture. Some of the major manufacturers in Sumter include Continental Tire, Caterpillar, Kaydon Corporation and Eaton Electrical.
8.5% rent to sales ratio.

The Applebee’ s is located on Broad Street (US Hwy 378). Broad Street is a four lane road with a center turning lane for easy ingress and egress into the Applebee’ s. The average daily traffic count along Broad Street is 24,000. This is the main commercial corridor in Sumter. Within a half of a mile from the Applebee’ s there is a Super Wal-Mart, Lowes, Sears, Michaels, T.J. Maxxs, Petco and three car dealerships. There are also eight hotels within that same area. Other restaurants in the immediate vicinity include Chili’ s, Outback, Logan’ s Roadhouse Grill and IHOP.

Area: ,
Zip: 29150
Country: United States
Property Id : 19944
Price: $ 2,975,000
Property Lot Size: 54,450 ft2
List Price: 2975000
Property Type: Single-Tenant Retail NNN Investment
Specific Use: Restaurant
Building SF: 4894
Lot Size: 54450
Clay Durkin Charlotte Real Estate Broker

Clay Durkin

Principal | Broker
(704) 373-2114

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