$1,011,499
Net Lease IHOP Morris, Illinois
Details
APN 02-28-426-002
Property Type Retail
Sub Type Restaurant
Square Footage 5,008
Net Rentable (SqFt) 5,008
Cap Rate 7.27%
NOI $73,536
Occupancy 100%
Tenancy Single
Brand/Tenant IHOP
Lease Type Absolute NNN
Lease Term 10
Lease Expiration 10/31/2031
Remaining Term 5.4
Rent Bumps Yes
Lease Options 4 (5) Year Options
Pro-Forma Cap Rate 8.00%
Pro-Forma NOI $80,890
Price per SqFt $202
Year Built 1998
Year Renovated 2021
Acreage 0.750
Zoning B2 - Community Shopping District, B3 - Commercial District
Parking Spaces 71 spaces
Parking Per SqFt 14.18
Investment Type Net Lease
Tenant Credit Franchisee
Lease Commencement 11/01/2021
Ground Lease No
Ownership Fee Simple
Retail | 7.27% CAP | 5,008 SqFt
Marketing description
Cushman & Wakefield of California, Inc., as the exclusive advisor to the seller, is pleased to present the absolute net lease investment opportunity in the fee simple interest of an IHOP restaurant located at 60 Hampton Road in Morris, Illinois.
The Property is subject to a ten (10) year NNN Lease that commenced in November of 2021 with ten percent (10%) rental increases every five (5) years throughout the remainder of the Primary Term and at each of the four (4) 5-year Options to Extend.
Investment highlights
- 8% Cap Rate November 1st, 2026
- Purchase Price Well Below Replacement Cost
- Absolute NNN Lease — Zero Landlord Responsibilities
- Approximately 5.5 Years Remaining and four 5-Year Options to Extend
- 10% Rental Increase Nov. 1st, 2026 and Increases Every 5 Years throughout Remainder of Primary Term and Options to Extend
- The Subject Property is located approximately 0.32 miles from Interstate 80, which experiences traffic counts in the amount of ±37,000 vehicles per day
- .75 Acres
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$73,536.00
$6,128.00/mo
Valuation Metrics
0
DSCR
7.27%
Cap Rate
7.27%
ROI
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