In this article, we prove the existence of a saddle-node bifurcation of limit cycles in continuous piecewise linear systems with three zones. The bifurcation arises from the perturbation of a non-generic situation, where there exists a linear center in the middle zone. We obtain an approximation of the relation between the parameters of the system, such that the saddle-node bifurcation takes place, as well as of the period and amplitude of the non-hyperbolic limit cycle that bifurcates. We consider two applications, first a piecewise linear version of the FitzHugh-Nagumo neuron model of spike generation and second an electronic circuit, the memristor oscillator.2010 Mathematics Subject Classification. Primary: 34C05, 34C23, 34C25; Secondary: 37G15, 37G25.