Applebee's Macedonia
7159 Macedonia Commons Boulevard, Macedonia, Ohio
OFFERING PRICE: $3,801,081
MAI Appraisal: $4,300,000
- Cap Rate: 6.75%
- Annual Rent: $256,573
- Year Built: 1994
- Annual Rent: $256,573
Applebee’s is the largest casual dining concept in the world. Each location is designed as an attractive, friendly, neighborhood establishment featuring moderately priced, high-quality food and beverage items, table service and a comfortable atmosphere designed to appeal to all ages.
Macedonia Commons Boulevard, Macedonia, Ohio
Macedonia is located 16 miles southeast of Cleveland in Summit County, Ohio and is part of the surrounding Akron metro area. Population within a 5-mile radius of this site is approximately 75,000.
TENANT
Applebee’s is the largest casual dining concept in the world. Each location is designed as an attractive, friendly, neighborhood establishment featuring moderately priced, high-quality food and beverage items, table service and a comfortable atmosphere designed to appeal to all ages. The decor of each restaurant reflects its local neighborhood with photographs and memorabilia highlighting hometown heroes, local schools and area history. Applebee’s offers a full-service lunch and dinner menu.
PROPERTY
- Land: 89,581 sq. ft.
- Building: 5,400 sq. ft.
- Year Built: 1994
- Lease:Â Triple Net lease; The roof, structure, HVAC and parking lot are the responsibility of the tenant. The primary lease term commenced October 23, 2003 and ends October 31, 2023, with four five-year renewal options.Â
ECONOMICS
- MAI Appraisal: $4,300,000
- Annual Rent: $256,573
- Cap Rate: 6.75%
- Rent increases by 7.5%, fifth lease year and renewal option period thereafter
AREA INFORMATION
Macedonia is located 16 miles southeast of Cleveland in Summit County, Ohio and is part of the surrounding Akron metro area. Population within a 5-mile radius of this site is approximately 75,000. This site is located on the east side of Macedonia Commons Boulevard within the developed Macedonia Commons shopping district and along the west edge of Interstate 271. This excellent site has good visibility from Interstate 271 and Highway 8. Macedonia Commons shopping district includes major retail establishments such as Wal-Mart, Kohl’s, Home Depot, Bath & Body Works, and various other retailers.
president’s message
For real estate owners seeking high-quality replacement properties to complete their 1031 exchanges, net leased retail properties are one of the most sought-after assets. AEI has been specializing in commercial net lease property investments since 1974. In partnership with major american corporations, we’ve developed, owned, and managed more than 300 net lease properties in 36 states, representing the financial interests of more than 18,000 investors nationwide. For TIC investors seeking direct asset ownership, a commercial, income property under long-term net lease to a name-brand corporate tenant is a very attractive choice. AEI is a leader in the TIC industry. We were the first company in America to offer securitized TIC investments in 1992. We were the first company to apply for, and receive, a favorable Private Letter Ruling from the IRS with respect to the qualification of our 1031-TIC offerings as “like-kind” exchanges. Property owners from across the country look to AEI for their 1031 replacement properties and TIC purchases. Since 1992, we’ve completed more than 700 successful 1031-TIC exchanges. AEI is one of the most experienced sources of net lease property TIC offerings in the country.
Whether you choose to acquire part of a property – or all of it – for your 1031 exchange or TIC purchase, I believe that you will find no better source than AEI to meet all of your exchange and investment needs. Experienced, professional, and dependable are terms that apply to the expertise we provide to thousands of commercial property investors and owners across the country. I invite you to contact one of our in-house specialists to see just how efficient and rewarding it is to work with AEI. If you call our toll-free 800 number, and ask for the 1031- TIC department, our receptionist will connect you to an experienced professional who can answer all of your exchange or investment questions and discuss the quality property described in this brochure.
Robert Johnson,Â
President
ABOUT AEI
Founded in 1970, AEI is one of America’s oldest sponsors of net lease real estate investment programs and a leader in the TIC- 1031 exchange industry. AEI is a national source of high quality, commercial real estate for property owners engaged in 1031 tax-deferred property exchanges. AEI has specialized in developing, evaluating and purchasing these types of properties for more than 35 years and offers a portfolio of name-brand, net leased commercial retail properties.
Why come to AEI for your TIC or 1031 properties?
Exceptional service. If this is your first 1031 property exchange or TIC purchase, we make every effort to ensure that you fully understand the transaction. Our experienced professionals are available to assist you at each step.
Stability and quality. AEI offers quality, single tenant properties – freestanding real estate occupied by creditworthy corporate tenants under long-term net leases.
Acquisition expertise. AEI has performed institutional-grade due diligence on every property we own. Acquiring property from AEI can reduce this time-consuming, labor-intensive aspect of your property selection process and provide a higher level of expertise than you may be able to provide yourself.
Post-purchase services. After your property purchase is complete, AEI can provide the following services:
- Accounting and distribution of rental income
- Year-end 1099 forms for tax reporting
- Assisting with any management concerns you may have about your property
- Monitoring lease compliance, tax and insurance payments, and property maintenance by the tenant