Hampton , Virginia
$1,000,000 Starting Bid
8.3 Years Remaining
3,567 Sq. Ft.
1988 / 2009
(201) 742-6119 | Email
- Property Being Listed Through Ten-X
- Absolute Net Lease – No Landlord Responsibility
- 10% Rent Increases Every 5 Years
- Strong Franchisee Guarantee – 65+ Unit Operator
- High Traffic Location – 20k+ VPD
- Located in a Dense Retail Corridor
- Excellent Demographics – Over 204k People within 5 Miles
- Located Just off I-64 (170K+ VPD)
Marcus and Millichap is pleased to exclusively present a net leased Applebee’s in Hampton, VA. The property is subject to an absolute net lease guaranteed by a 65 unit franchisee. There are 8.8 years remaining on the base term and four 5 year option periods. The lease calls for rental increases of 10% every 5 years throughout the base term and options.
Applebee’s is a leading casual dining brand with over 1,800 locations worldwide and $3.53 Billion in annual revenue. The franchisee for the subject property is Potomac Family Dining Group, the sixth largest franchisee in the Applebee’s system. Potomac Family Dining Group operates 65 restaurants across the Southeast and Mid-Atlantic.
The subject property is located in the Virginia Beach–Norfolk–Newport News MSA which has more than 1.7 million people. Coliseum Drive is a dense retail corridor where the average traffic counts are over 20k vehicles per day. There are many national tenants surrounding the property such as Chick-fil-a, Barnes and Noble, Kroger, Target, Planet Fitness, and more. I-64 is located only 2.5 miles away with average traffic counts exceeding 170k vehicles per day.
Ten-X Property Website: https://www.ten-x.com/commercial/listing/2159-coliseum-dr-hampton-va-23666/1000013033/
Ten-X Starting Bid: $1,000,000
Ten-X Auction: April 20-22, 2020