Property details
Net Properties, Southeast Region
Property Description
• Net Properties with a Corporate Guaranty from IHOP Corp.
• 12% Rent Increases
• True triple net properties with high volume sales and low rent to sales
This IHOP sits just north of a 658,012 square feet Shopping Center with Kohls, Sams Club, Burlington Coat Factory, Office Depot, Media Play, and Furniture Row Outlet. The immediate area is heavily retailed and continues to grow with new development occurring up and down Independence Blvd.
About the Tenant
IHOP is one of Americas favorite restaurant chains. IHOP restaurants are best known for their award-winning pancakes, omelettes and other breakfast specialties, IHOP restaurants are open throughout the day and evening hours and offer a broad array of lunch, dinner and snack items as well.
Images
Highlights
- Status:
- Letter of intent
- Price:
- $2,234,500
- PSF:
- $477
- Cap Rate:
- 6.40%
- Annual Rent:
- $155,513
- Rent Increases:
- 12% every 5 yrs.
Property Information
- Building Size:
- 4,686 sq.ft.
- Property Type:
- Net Lease
- Industry Type:
- Restaurant
- Units/Spaces:
- 1
- Land Area:
- 1.16 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- IHOP
- Lease Type:
- NNN
- Lease Commencement:
- 12/31/1993
- Lease Expiration:
- 12/30/2018
- Lease Term:
- 25 years
- Years Remaining:
- 10 years
- Landlord Responsibilities:
- None - Net Properties
- Options:
- Two 5-Year
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.