Northern California, CA
Absolute NNN Lease
Sale Price: $4,299,000
CAP Rate: 5.38%
Net Operating Income: $231,114
Building Size: 5,200 SF
Lot Size: 0.79 AC
Market: Northern California
Increases: Rent Increases 10% Every 5 Years
Options: Tenant has Three 5-Year Options to Renew
This is an extremely rare opportunity to acquire an absolute NNN leased Applebee’s. The offering is the fee simple interest, with over 6 years remaining on the initial 15 year lease. The lease provides for increases in rent of 10% every five years. Rent increases carry through the options to renew. The tenant is Apple NorCal LLC, a subsidiary of Apple American Group, a strong operator of Applebee’s restaurant nationwide.
Lodi is a city located in San Joaquin County, California, in the northern portion of California’s Central Valley. The population was 62,134 at the 2010 census. Its estimated population as of July 1, 2013 was 63,338. Lodi is best known for being a center of wine production (the “Zinfandel Capital of the World”). Nearby Woodbridge is the home of the well known winery, Woodbridge by Robert Mondavi. Mondavi grew up in Lodi, and Mondavi Winery is considered one of the most influential in the American wine industry.