Listed by Lat Purser & Associates, Inc
$2,166,000
900 Longpine Road
Details
APN 112782
Property Type Retail
Sub Type Restaurant
Square Footage 4,790
Cap Rate 6.00%
NOI $130,000
Tenancy Single
Brand/Tenant IHOP
Lease Type Net
Lease Expiration 12/30/2029
Rent Bumps Yes
Lease Options 2 x 5-year options
Price per SqFt $403
Year Built 1994
Buildings 1
Acreage 1.030
Parking Spaces 68 spaces
Parking per 1,000 SqFt 14.20
Investment Type Net Lease
900 Longpine Road, Burlington, NC 27215
Marketing description
IHOP has been in continuous operation at 900 Longpine Road for 30 years. This freestanding 4,790 SF restaurant was built in 1994 and sits on 1.03 AC of land. The property is located in Burlington, NC just off I-40 at the Huffman Road Exit.
The site has exceptional day time population as it situated near to the region’s medical hub, Alamance Regional Medical Center with more than 280 beds and 2,850 employees.
Investment highlights
- Net Leased IHOP for Sale
- $2,166,000
- Cap Rate: 6%
- I-40, Exit 141 (900 Longpine Rd)
- Open since 1994
- NOI: $130,000
- 15% increases every 5 years
- 5 years remaining
- 2 x 5-year options
- ± 4,790 SF on 1.03 AC
- ± 68 parking spaces
- 2 elevated pylon signs
- Next to Outback Steakhouse, Holiday Inn, Hampton Inn & Tru by Hilton
- Exceptional Daytime Population in the region's medical hub
- Cone Health Alamance Regional Medical Center: 280+ beds & 2,850+ employees
Listing Contacts
Listed by Lat Purser & Associates, Inc
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Loan Amount
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Annual Debt Service
$--
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Annual Cash Flow
$130,000.00
$10,833.33/mo
Valuation Metrics
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DSCR
6%
Cap Rate
6%
ROI
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