Applebee’s NNN Properties For Sale: Listings, Cap Rates and 1031 Buyer Guide

32 Applebee's net lease properties are observed for sale across 17 states as of October 23, 2026, at a median asking cap rate of 6.95%. Investment Grade Research tracks each one across publicly marketed offerings and broker materials, checks the tenant against the investment grade threshold, and publishes the observations here: what is on the market, what it is asking, how pricing breaks down by term, state and lease type, and how an acquisition or 1031 exchange buyer should work through it. The corporate credit story is on the Applebee's credit rating and cap rate profile.

Applebee’s NNN Properties For Sale: Latest Listings

Up to twelve of the most recently listed single-tenant Applebee’s properties with published pricing. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.

Showing the 12 most recently listed of 32 observed listings; listings without a published asking price and cap rate are not shown here.

Market observations aggregated from publicly marketed offerings and broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the offering party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.

What You Are Actually Buying

Applebee’s is almost entirely franchised. The obligor on a typical listing is an operator, and casual dining operators have faced more volatility than quick-service peers. Building footprints are larger than drive-thru formats, which raises both the rent and the reuse question.

Buildings typically run roughly 4,500 to 6,000 square feet on freestanding pads with a full parking field and no drive-thru. Because credit is usually at the operator level rather than the brand level, the real estate and the specific operator carry far more of the value here than the logo on the building does.

Across the current inventory, 0% of listings with a reported build year are new construction, with a stated year built of 2026 or later, and about 3% are marketed as NN, NN+ or simply Net, which usually means the landlord retains roof and structure and sometimes parking and HVAC. Read the lease rather than the brochure headline. If the rating framework behind investment grade tenancy is unfamiliar, the investment grade guide explains it.

Applebee’s Cap Rate, Price and Term Distribution

These tables are generated from the live inventory and refresh every few hours. Use them to place any individual listing in context rather than judging an asking cap rate in isolation.

How to read the pricing

The spread inside the Applebee’s inventory runs from 5.54% to 9.50%, against a median of 6.95%. Three variables help explain much of that spread, although these tables describe asking prices and do not isolate any single effect. First, remaining term, shown in the term table above. Second, geography, shown in the state table below. Third, lease structure and real estate quality: longer terms, stronger guarantors, absolute NNN structures and strong access generally ask lower cap rates, while leases with landlord responsibilities (NN) and secondary access generally ask higher ones; ground leases can price on either side, depending on rent and land value. When a listing sits far outside the band its term and state would predict, there is usually a reason in the lease, and it is worth finding before you write the offer rather than after.

Where Applebee’s NNN Properties Are For Sale

Current inventory spans 17 states. Differences between states in the table below can reflect local buyer demand, growth, taxes and the mix of lease terms in each state’s listings as much as anything about the tenant, and small state samples can shift quickly.

Shows the 12 states with the most listings, out of 17 states with Applebee's listings. Use the state filter in the full listing browser above for the rest.

Applebee’s as a 1031 Exchange Replacement Property

The median asking price in the current Applebee’s inventory is $2.43M, and about 84% of listings fall in the middle of the market between 1.5 and 3.5 million dollars. Whether that fits an exchange depends on the equity coming out of the relinquished property and on the debt you need to replace.

• Identify from the live list, not a stale one. Listings move. Identify two or three specific properties under the three-property rule and keep a backup that is realistically still available.
• Debt replacement is the trap. If the relinquished property carried a mortgage, you must replace that debt or add cash to fully defer gain. Where lender pricing sits above the asking cap rate, financed acquisitions run negative leverage.
• Term should match your hold. If you plan to hold through the next exchange or pass the asset to heirs, prioritize term and options over 25 basis points of cap rate.
• Certainty of closing matters more than price. A clean estoppel, a current lease and no pending relocation are worth paying for on a 45-day clock.

For identification mechanics, timelines and the NNN, DST and UPREIT alternatives, see the 1031 exchange into investment grade property guide.

Applebee’s NNN Due Diligence Checklist

These are the items that change the value of an Applebee’s listing and are rarely resolved by the offering memorandum.

• Operator identity and scale. Establish who the franchisee is, how many units they run and whether a parent entity guarantees the lease. A hundred-unit operator and a single-unit operator are not the same credit.
• Financial reporting rights. Confirm whether the lease entitles you to unit-level or operator-level statements, and request them before you remove contingencies.
• Franchise agreement term. Verify the remaining franchise agreement runs at least as long as the lease including options. A lease that outlives the franchise right is a problem.
• Site quality and parking. With operator-level credit the real estate carries the residual. Review traffic counts, access, visibility, parking and competing units nearby.

How Investment Grade Works With Applebee’s Buyers

Investment Grade Income Property, LP is a licensed commercial real estate brokerage providing national advisory on acquisitions and dispositions of net lease property, with Broker of Record co-listing partnerships in all 50 states. On an Applebee’s acquisition we screen the live inventory against your criteria, pull the lease abstract behind any listing you want to pursue, benchmark the asking cap rate against the distribution above, and negotiate on your side of the table through closing. On most transactions there is no separate fee to the buyer because compensation is paid from the transaction by the listing side. Where that is not the case we disclose it in writing before you engage.

Owners of existing Applebee’s properties can use this page as a valuation benchmark. If you are weighing a sale, an off-market disposition to a qualified 1031 buyer often closes faster and with less retrading than a broad marketing process.

Frequently Asked Questions

• Applebee’s Credit Rating and NNN Cap Rate Profile
• NNN Cap Rates 2026: Tenant by Tenant Benchmarks
• 1031 Exchange Into Investment Grade Property
• Investment Grade Credit Tenant Ratings
• Search All Observed NNN Listings