Listed by Marcus & Millichap
$1,938,400
IHOP | New 10-Yr Abs NNN
Details
Property Type Retail
Sub Type Restaurant
Square Footage 5,096
Cap Rate 6.5%
NOI $126,000
Occupancy 100%
Tenancy Single
Brand/Tenant IHOP
Lease Type Absolute NNN
Lease Term 10
Lease Expiration 02/16/2036
Remaining Term 10
Rent Bumps Yes
Lease Options 2, 5 Year Options
Year Built 2007
Year Renovated 2023
Acreage 1.410
Investment Type Net Lease
Tenant Credit Franchisee
Lease Commencement 02/17/2026
Ground Lease No
2023 Renovation | Kansas City MSA | Rent Increases Every 5 Years
Marketing description
IHOP® competes in the Family Dining segment of the restaurant industry, and all IHOP restaurants are owned by independent franchise operators. For 65 years, the IHOP family restaurant chain has served its world famous pancakes and a wide variety of breakfast, lunch and dinner items that are loved by people of all ages. IHOP offers its guests an affordable, everyday dining experience with warm and friendly service.
Olathe is a city in, and the county seat of, Johnson County, Kansas. A suburb of Kansas City, it is the fourth-most populous city in both the Kansas City metro and the state of Kansas with an estimated population of 149,035.
Investment highlights
- Brand New 10-Year Absolute Triple-Net (NNN) Lease - Recent 2023 Renovation
- Low Rent Factor - Allowing for Future Upside Potential
- 7.5% Rental Increases Every 5 Years with Multiple Renewal Options
- Growing Trade Area in the Kansas City MSA - 135,761 Residents within a 5-Mile Radius
- U.S. News Ranked Olathe the Number One Best Place to Live in Kansas for 2026
- Immediate Proximity to Olathe Medical Center (300 Beds), Ranked in the Top 10 of Large Community Hospitals in the United States
- Adjacent to Target and The Home Depot and Surrounded by National Tenants: ALDI, Chipotle, Red Robin, Panera Bread, and More
- Situated Off Interstate 35 (49,300 Cars per Day) with Excellent Frontage Along South Woodland Street (35,000 Cars per Day)
- Average Household Income Exceeds $140,000 within the Surrounding Area
Listing Contacts
Listed by Marcus & Millichap
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$126,000.00
$10,500.00/mo
Valuation Metrics
0
DSCR
6.5%
Cap Rate
6.5%
ROI
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