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Views: 51 DOM: 86 Updated: 11.08.24 Posted: 08.21.24 Status: Active

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 15.11
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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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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