Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

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Key Facts

Year Built 2001
Lease Type NNN
Lease Expiration 2031-07-31
Remaining Term 10 years, 11 months
Tenant Apple American Group LLC
Building Area
Land Area
Last Updated Date 30 Jul 2020

Property Description

Jones Lang LaSalle Americas, Inc. ("JLL")is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Applebee’s (the “Property”) in Ashtabula, OH. The Tenant, who is the largest Applebee’s franchisee and the largest restaurant franchisee in the United States, has been operating at this location since 2001 and recently exercised their first two renewal options. Now, with eleven (11) years left on the lease, investors can benefit from a decade-long, stable cash flow with attractive 8% rental increases every five years. The increases are inclusive of the two (2), five (5) year options that remain.


Applebee’s is situated within the signalized corner of U.S Route 20 (N Ridge Road E) and Vineland Avenue. Route 20 is home to over 21,000 vehicles per day and features a surplus of national retailers such as The Home Depot, Walmart, ALDI, CVS Pharmacy and others, further driving consumers to the area. The Property is also an outparcel to Ashtabula Towne Square – one of the main shopping malls in the city that feature tenants such as JCPenney, Joann Fabrics, AMC Theatres, and outparcels such as Tractor Supply Co., Chipotle, Verizon, Burger King, and Bob Evans. 

Investment Highlights

  • This offering presents an opportunity to acquire a property leased to one of the best operators in the restaurant industry with an extremely low rent to sales ratio; Additionally, Applebee’s has been operating at this location for nearly 20 years and recently exercised their first two renewal options, resulting in 11 years of remaining term.
  • Nearby schools such as Edgewood Senior High School, Braden Middle School, Ridgeview Elementary School, and Kent State University, Ashtabula campus, are home to over 4,000 students, creating a strong consumer presence all within a few miles of the Property.  
  • The Tenant, Apple American Group, is the largest Applebee’s franchisee, operating 460 restaurants across 23 states.
  • Nationally recognized retailers such as The Home Depot, ALDI, Tractor Supply Co., Burger King, Bob Evans, Red Lobster, and Mattress Firm are all located nearby, helping identify U.S. Route 20 and Ashtabula Towne Square as a retail destination.
  • The NNN Ground Lease is inclusive of attractive, 8% rental increases every 5 years throughout the term. These increases will continue during the two (2) five (5) year options that remain.
Marc Mandel
Marc Mandel
Managing Director, Capital Markets
License details
PA - AB068236 DE - RS-0019936 NJ - 0894218
Steve Schrenk
Steve Schrenk
Director, Capital Markets
License details
NJ-1433421

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