Abs NNN IHOP | 11.5 Yrs | Enid, OK
8.59% Cap Rate | Low Price Point | Dense Retail Corridor
Marketing description
Matthews™ is pleased to present the opportunity to acquire a single-tenant net leased IHOP located at 4125 W Owen K Garriott Rd in Enid, OK. The Offering represents an attractive opportunity to acquire an Absolute NNN, fee-simple casual dining restaurant along the main retail corridor in Enid, OK that sees over 21,000 vehicles per day. The property benefits from a long-term Abs NNN lease structure with zero landlord responsibilities, predictable cash flow, and scheduled annual rent increases.
Situated on a 1.08-acre lot, the 24,081 SF Property was recently extended for 10 additional years and has ±11.5 years remaining on the base term of the lease, demonstrating the tenant’s long-term commitment to this location. With an attractive 8.00% cap rate and annual 1% rental increases, this asset provides stable income and built-in growth and is available to be purchased well below replacement cost at an attractive Price/Square Foot (±$356/SF).
Investment highlights
- Absolute NNN Lease Structure: No Landlord Responsibilities. Tenant is responsible for the direct payment of taxes, insurance, maintenance, CAMs, and all upkeep associated with the property.
- Recent 10 Year Extension: IHOP just executed a 10-year lease extension, providing a purchaser with a long-term investment leased to a tenant demonstrating commitment to the location for the long-term.
- Healthy Rent to Sales Ratio: The Property is operating at a healthy rent to sales ratio, ensuring buyers an investment with healthy rent in relation to the market and asset performance.
- Contact Broker for More Details
- Value-Add Opportunity | Naked Lease: By acquiring the asset at an 8.59% cap rate — which is well below replacement cost — investors can enjoy a high return with a tenant that just executed a lease extension while also having the advantage of adding value in the future via raising rents, renegotiating the lease, or re-leasing to a new tenant and ultimately making the property more valuable.
- Strong Retail Synergy | Real Estate Fundamentals | Traffic Counts: The Property is located in a strong retail corridor that sees over 21,000 VPD and is surrounded by other national retailers such as Harbor Freight, Tractor Supply Co., Chick-fil-A, Take 5 Oil Change, Academy Outdoor Sports, McDonald’s, Popeyes, Walgreens, Walmart Supercenter, Lowe’s Home Improvement, and several more.
- Annual Increases: 1% annual rental escalations ensuring consistent NOI growth over the hold period.
- Naked Lease: Allows an investor to add value to the property at the end of the lease term by raising rent and renegotiating a new lease with the tenant or backfilling the location with a brand new tenant on a brand new lease.
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