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Views: 50 DOM: 67 Updated: 11.14.24 Posted: 09.27.24 Status: Active

Summary

Price $3,142,850
Built/Renov 2024
Tenant IHOP
Cap Rate 5.25%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 3,750
Lease Start 12-01-2024
#Units 40
Price/SF $838.09
Expiration 11-30-2039
Tenant Type Casual Dining
NOI $165,000
R. Term 15.0
Ownership Fee Simple
Rent/SF $44.00
Increases 1.0%/1/yrs
Pop 5Mi 74,480
Lot/AC 1.50
Options 6/5yrs/1%
AHHI 5Mi $107,961

Lease Highlights

  • Brand new 2024 construction
  • New 15-year lease with 6 (5-year) option to extend
  • The lease features 1% annual rental increases throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Lease guaranteed by Peak Restaurant Partners (40 units backed)

Location Description

IHOP is strategically located on Brookside Place, with access to 39,573 vehicles passing by daily. The property benefits from direct access to Interstate 94 (34,778 VPD). The first and only Costco within a 100-mile radius recently opened, and a new Mills Fleet Farm store is under construction at the intersection of Highway 83 and 64th Ave, with plans to open in Spring 2025. The immediate area...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

IHOP (acronym for International House of Pancakes) is an American multinational pancake house restaurant chain that specializes in breakfast foods. While IHOP's focus is on breakfast, serving...


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Listing Broker

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