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Restaurant

IHOP | NEW 15-YEAR ABSOLUTE NNN LEASE

25619 I-45, Spring (Houston MSA), TX 77380

Listing Price: $4,443,618

Cap Rate
5.61%
Tenant Name
IHOP
Years Remaining On Lease
15.8
Gross SF
5,677
Guarantor
Franchisee Guarantee
Rentable SF
5,677
Price/Gross SF
$782.74
Lease Type
Absolute Net
Rent Per Square Feet
$43.92

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire an IHOP in the Houston metroplex, the fifth-most populous metroplex area in the United States housing more than 7.3 million people. The subject property is a 5,677-square-foot building on approximately 1.2 acres of land.

The property is situated in a dense retail corridor including multiple shopping centers and dozens of national retailers. For Interstate 45 southbound travelers the IHOP exit is the only exit to reach the retail corridor which includes H-E-B, The Woodwinds Mall, Walgreens, Big Lots, Dollar Tree, Hobby Lobby, Golf Galaxy, and much more.

The Tenant is ACG, Texas, a subsidiary of Argonne Capital Group which boasts a portfolio that generates over 1.8 billion in annual sales and is the largest franchisee of IHOP in the country with nearly 300 restaurants across four partnerships. After 20 years of operational history at this location, the tenant recently signed a brand new 15-year lease instead of exercising a 5-year renewal option.

Investment Highlights

  • Largest Franchisee of IHOP in the Country | ±300 Units
  • High-Performing Store Sales Location | Above IHOP's National Average Unit Volume
  • Absolute-Net Lease with 16 Years Remaining | Zero Landlord Responsibilities
  • Houston MSA Five-Mile Population & Average Income of 210,967 & $140,261 Respectively
  • Over 20 Years of Operational History at Location & Tenant Recently Signed a Brand New 15-Year Lease instead of Exercising a 5-Year Renewal Option
  • Excellent Access and Visibility from Interstate 45 with over 238,438 VPD and over 33,237 VPD Directly in front of Subject Property
  • 1% Annual Rent Increases in Initial Term and Throughout Renewal Options | Average Cap Over Initial Term is 5.93%
  • Less than Three Miles from ExxonMobile Houston Campus, the new Exxon HQ, with over 10,000 Current Employees

Exclusively Listed By

Financing By

Restaurant

IHOP | NEW 15-YEAR ABSOLUTE NNN LEASE

Listing Price: $4,443,618

Cap Rate
5.61%
Tenant Name
IHOP
Years Remaining On Lease
15.8
Gross SF
5,677
Guarantor
Franchisee Guarantee
Rentable SF
5,677
Price/Gross SF
$782.74
Lease Type
Absolute Net
Rent Per Square Feet
$43.92

Investment Highlights

  • Largest Franchisee of IHOP in the Country | ±300 Units
  • High-Performing Store Sales Location | Above IHOP's National Average Unit Volume
  • Absolute-Net Lease with 16 Years Remaining | Zero Landlord Responsibilities
  • Houston MSA Five-Mile Population & Average Income of 210,967 & $140,261 Respectively
  • Over 20 Years of Operational History at Location & Tenant Recently Signed a Brand New 15-Year Lease instead of Exercising a 5-Year Renewal Option
  • Excellent Access and Visibility from Interstate 45 with over 238,438 VPD and over 33,237 VPD Directly in front of Subject Property
  • 1% Annual Rent Increases in Initial Term and Throughout Renewal Options | Average Cap Over Initial Term is 5.93%
  • Less than Three Miles from ExxonMobile Houston Campus, the new Exxon HQ, with over 10,000 Current Employees

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire an IHOP in the Houston metroplex, the fifth-most populous metroplex area in the United States housing more than 7.3 million people. The subject property is a 5,677-square-foot building on approximately 1.2 acres of land. The property is situated in a dense retail corridor including multiple shopping centers and dozens of national retailers. For Interstate 45 southbound travelers the IHOP exit is the only exit to reach the retail corridor which includes H-E-B, The Woodwinds Mall, Walgreens, Big Lots, Dollar Tree, Hobby Lobby, Golf Galaxy, and much more. The Tenant is ACG, Texas, a subsidiary of Argonne Capital Group which boasts a portfolio that generates over 1.8 billion in annual sales and is the largest franchisee of IHOP in the country with nearly 300 restaurants across four partnerships. After 20 years of operational history at this location, the tenant recently signed a brand new 15-year lease instead of exercising a 5-year renewal option.

Exclusively Listed By

Financing By

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