For Sale
$3,651,000 | 7.36% Cap
5928 Southwest 17th Street, Topeka, KS 66604
New OM Download
New OM Download
Broker of Record: Jeremy Halback | Bridgeline Real Estate LLC | KS License #: CO00003865
| Facility Type | Building Area (SF) | Years Remaining | Net Operating Income |
|---|---|---|---|
| Single Tenant | 5,056 Square Feet |
6 Years | $268,697 |
Investment Highlights
Absolute NNN Lease
Tenant is responsible for roof, structure, HVAC, parking, taxes and insurance, with zero landlord responsibilities. Rent is payable without setoff or abatement.
Franchisee Guaranty
Unconditional guaranty of payment and performance from RMH Franchise Holdings, Inc., part of Sun Holdings, a franchise operator with more than 1,200 locations.
Built-In Rent Growth
Rent increases every November 1 by the lesser of 1.50% or 1.25x CPI, continuing through all four 5-year option periods. Rent has stepped up every year since 2018.
Franchisor Cure Rights
The Applebee's Franchisee Lease Rider gives Applebee's Franchisor LLC notice of, and the right to cure, any lease default.
Signalized Corridor | 35,600 VPD
Steps from the lighted SW 17th St and SW Wanamaker Rd intersection, with quick access to I-470 / U.S. 75 and recorded cross access to SW Westport Dr.
Dominant Retail Corridor
Surrounded by Walmart, Kohl's, Best Buy, Lowe's, Target, Sam's Club and West Ridge Mall, with AutoZone, Taco Bell, McDonald's, Chick-fil-A and Wanamaker Square (Petco, Ulta, DSW, Five Below) next door.
| Facility Type | Building Area (SF) | Years Remaining | Net Operating Income |
|---|---|---|---|
| Single Tenant | 5,056 Square Feet |
6 Years | $268,697 |
Overview
Peranich Huffman Net Lease Group is pleased to offer the fee simple interest in a 5,056 SF freestanding Applebee's at 5928 SW 17th St in Topeka, Kansas, offered at $3,651,000, a 7.36% cap rate. The restaurant sits just off the signalized SW 17th St and SW Wanamaker Rd intersection in one of Topeka's main shopping districts.
Lease Term
RMH Franchise Corporation has operated under the lease since March 2018, with the initial term running through October 31, 2032. Rent increases every November by the lesser of 1.50% or 1.25x CPI, and the tenant has four 5-year renewal options with the same annual increases.
Net Lease Structure
Tenant covers the roof, structure, HVAC, parking lot, property taxes, insurance and utilities, plus all repairs and replacements, leaving the landlord with zero obligations.
Franchisee Guaranty
RMH Franchise Holdings, Inc. provides an unconditional guaranty of payment and performance. RMH was running 131 Applebee's in 14 states when Apple Sun LLC acquired it in 2021, making it part of Sun Holdings, the Dallas-based multi-brand franchisee Guillermo Perales founded in 1997. Sun Holdings operates more than 1,200 locations across Arby's, Papa Johns, Burger King, Popeyes, McAlister's, IHOP, Golden Corral, T-Mobile, GNC and its own Mexican brands (as of 2025).