IHOP

3495 East Baseline Road, Gilbert, AZ 85234

$2,700,000

Cap Rate 5.00%

Views: 68 DOM: 122 Updated: 12.13.24 Posted: 08.21.24 Status: Contract

Summary

Price $2,700,000	Built/Renov 1999	Tenant IHOP
Cap Rate 5.00%	Lease Type Abs NNN	Guarantor Franchisee
Size/SF 5,049	Lease Start 10-01-2024	#Units 107
Price/SF $534.76	Expiration 10-24-2040	Tenant Type Casual Dining
NOI $135,000	R. Term 15.10	Ownership Fee Simple
Rent/SF $26.74	Increases 7.5%/5/yrs	Pop 5Mi 361,842
Lot/AC 1.07	Options 6/5yrs/7.5%	AHHI 5Mi $102,732

Lease Highlights

Brand-new 16-year lease with 6 (5-year) options to extend
The lease features 7.5% rental increases throughout the initial term and option periods
Absolute NNN lease | Zero landlord responsibilities
Lease guaranteed by Romulus Restaurant Group (107 units backed)

Location Description

IHOP is strategically located on E Baseline Road, with access to 30,200 vehicles passing by daily. The property offers easy access and is in close proximity to HWY 60, which sees 207,938 VPD. It is directly across from Village Square at Dana Park and adjacent to the Val Vista Lakes Community. The immediate area features well-known national tenants, including Circle K, PetSmart, McDonald’s,...

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Key Features

Signalized intersection
Dense retail corridor
Near major nationals
Highway close
Top 100 MSA
Strong demographics
Brand new lease
Long 15+ yr lease
Absolute NNN
100+ unit franchisee backed

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Links

IHOP Wikipedia IHOP Wikipedia Gilbert, Arizona Zip Code 85234 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: IHOP
Guarantor:Franchisee
Company:Romulus Restaurant Group
# Units:107
Stock: NYSE: DIN

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

Mark Ruble

Marcus & Millichap: NLAG

Contact

192 Listings
26089 Views
119 Sold

Chris Lind

Marcus & Millichap: NLAG

Contact

191 Listings
25987 Views
118 Sold

Mark Ruble

Mark Ruble is the co-founder of the Net Lease Advisory Group and a top producing Agent with Marcus & Millichap. Mark has been with Marcus & Millichap for 19 years (2004) and has received numerous accolades for his superior service and outstanding performance. Mark has successfully closed over 1,840 properties totaling in excess of $5.7 Billion in transaction volume across 46 states. The key to Mark’s success has been his dedication to providing clients with market leading information an

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Chris Lind

Chris Lind specializes in advising the Net Lease Advisory Group’s clients in the acquisition and disposition of net-leased investment properties nationally. Chris is solely committed to single-tenant and multi-tenant net leased assets as well as structuring sale/leasebacks and portfolio sales throughout the United States. Chris has been with Marcus & Millichap since 2007 and his experience includes selling hundreds of properties located throughout the country. Chris prides himself on act

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