Investment Overview

Marcus & Millichap is pleased to present this 5,070 square foot establishment for IHOP located at 3804 N Belt Hwy, St Joseph, MO 64506. The subject property is a single-tenant restaurant building located across from The Shoppes at North Village - a major 77-acre power center with anchor tenants including Walmart, Target, Home Depot, Sam’s Club, Lowe’s and Kohl’s. Sitting on 43,000+ SF of land, this IHOP is positioned at the intersection of major transportation routes Interstate 29 and US Route 36. Additionally, this location is in close proximity to the East Hills Mall - a historic center with 60-years of operation anchored by JCPenny and containing 50+ smaller shops. St. Joseph’s bustling commercial transportation routes combined with a robust mix of national retailers and shopping complexes attracts significant demand to the area and surrounds this IHOP location with ready to spend consumers day in and day out. The property was constructed in 2009 and has approximately 23-years remaining on the newly established 25-year lease. The lease features an Absolute NNN expense basis with multiple options for renewal and built-in rent escalations, providing secure and predictable income for investors. This IHOP operates 24 hours per day, Thursday-Sunday, and 16 hours per day or more, Monday-Wednesday, allowing this location to absorb demand at all hours of the day. The strength of the IHOP brand, paired with the stability of a long-term Absolute Triple-Net lease and minimal landlord responsibilities, presents a reliable and low-management investment opportunity in a growing regional market. In addition, the lease is guaranteed by an experienced operator that encompasses 16 units.