Investment Overview

Marcus & Millichap is pleased to present for sale this absolute net-leased IHOP restaurant, located at 4337 Chouteau Trafficway in Kansas City, Missouri, the largest city in the state and part of a dynamic metro area with a population exceeding 2.25 million. This freestanding, single-tenant property features a 4,387-square-foot building constructed in 2001, situated on a 0.62-acre parcel, and benefits from excellent frontage and visibility along Chouteau Trafficway—a major north-south thoroughfare connecting the surrounding residential communities to downtown Kansas City. Strategically positioned as an outparcel to a Target and grocer-anchored center, the property benefits from strong traffic counts and consistent cross-shopping activity. The surrounding area features a mix of dense residential neighborhoods and national retailers. Nearby apartment communities—including Northpark Apartments, Hidden Hills Apartments, The Retreat at Walnut Creek, and Park Lofts—contribute to a stable and growing customer base. Additionally, multiple new home developments such as Davidson Farms and Homestead Hills are underway in the immediate area, further enhancing long-term demand. The site also offers direct frontage along Interstate 35, one of the region’s primary north-south arteries, which sees daily traffic volumes exceeding 35,568 vehicles—providing excellent regional visibility and access. The immediate trade area includes strong national co-tenancy such as Chipotle, Phillips 66, McDonald’s, Payless, Great Clips, T-Mobile, Sally Beauty, and more, reinforcing the location’s position within a well-established corridor. The property is leased to an experienced multi-unit IHOP franchisee that just recently executed a 21-year absolute triple-net (NNN) lease which commenced August 1, 2025. The lease includes 10% rental increases every five years, enhancing long-term income growth. IHOP®, founded in Toluca Lake, California in 1958 by Al and Jerry Lapin, began as a modest pancake house and quickly grew through franchising—with the “IHOP” name officially adopted in 1973. Today, the brand operates under Dine Brands Global (NYSE: DIN), and has over 1,800 locations worldwide. Known for its world-famous pancakes and wide-ranging breakfast, lunch, and dinner menus, IHOP emphasizes affordability and friendly service as the heart of its culture—symbolized by its smile logo and welcoming brand philosophy . With a presence in all 50 U.S. states, two territories, and more than a dozen countries internationally, IHOP has become a lasting dining fixture valued for consistency, community origin, and accessible everyday dining.