|Gross Leasable Area (GLA)||4,909 Sq.Ft.|
|Price Per Square Foot (GLA)||$827|
|Lot Size||0.68 Acres|
Marcus & Millichap is pleased to present for sale this absolute-net leased, fee-simple Applebee’s which is operated by Doherty Enterprises, Inc, a franchisee of seven national restaurant brands with over 140 locations throughout Florida, Georgia, New York, and New Jersey. The lease is guaranteed by Doherty Apple Florida, LLC, a subsidiary of Doherty Enterprises with an estimated 43 locations.
This well-located Applebee’s is near the corner Airport Pulling Road and Pine Ridge Road, a major intersection in Naples. It is an outparcel to a 50,000+ square-foot shopping center anchored by Walmart and across the street from a Publix anchored shopping center and Target anchored shopping center. This restaurant benefits from the heavy traffic of surrounding retailers. Adjacent outparcels include Fifth Third Bank, Boston Market, Wells Fargo, CVS, Arby’s, Taco Bell, Bank of America and Chase Bank.
Pine Ridge Road is the main East-West thoroughfare that connects I-75 and the city of Naples with an average daily traffic count of over 44,000 cars per day. Airport Pulling Road is a major North-South artery within the city of Naples and provides direct access to several dozen planned residential developments, high income golf communities, and is a convenient bypass for locals to avoid the heavy traffic on I-75.
Naples is a principal city of the Naples-Marco Island, Florida MSA, which has a population of 322,000+. With a convenient location in southwest Florida, Naples is known for its world class fishing and average annual temperature of 75 degrees. It is one of the wealthiest cities in the United States, with the second highest proportion of millionaires per capita in the US.
This is an excellent opportunity to acquire a strategically located passive, absolute net leased investment that benefits from Florida’s No State Income Tax.